KINGSOFT (03888): Conversion of Convertible Bonds

KINGSOFT (03888) announced that it has issued HK$3.1 billion of 0.625% Convertible Bonds due in 2025 to subscribers. The company has received conversion notices from holders of outstanding convertible bonds exercising their conversion rights. On April 16, 2025, following the receipt of conversion notices from bondholders, the company issued a total of 31.924 million shares to the bondholders. The convertible bonds represent approximately 35.81% of the initial principal amount of the convertible bonds and were converted and cancelled at a conversion price of HK$34.77 per share in accordance with the terms and conditions of the convertible bonds. The shares issued in connection with the conversion represent approximately 2.35% of the total number of shares issued by the company prior to the conversion, as well as approximately 2.30% of the total number of shares issued by the company after the issuance of 31.924 million additional shares. Following the cancellation of the converted convertible bonds, the outstanding principal amount of the convertible bonds that have not been repaid is HK$1.256 billion, representing approximately 40.52% of the initial principal amount of the convertible bonds.