MAN SANG INT'L (00938) plans to implement a share capital restructuring.

MAN SANG INT'L (00938) announces that the company proposes to implement a share capital restructuring, involving share capital reduction and share subdivision as follows: (i) By cancelling the fully paid-up share capital of HK$0.40 per existing issued share, reducing the company's issued share capital to decrease the face value of each existing issued share from HK$0.50 to HK$0.10; and (ii) Following the share capital reduction, the unissued existing shares with a face value of HK$0.50 will be subdivided into 5 new unissued shares with a face value of HK$0.10 each. After the share capital restructuring takes effect, the new shares will have equal status in all respects. On March 25, 2026, the company, the first subscriber, the second subscriber, and the third subscriber entered into a subscription agreement. The company intends to issue convertible bonds in the principal amount of HK$5.9426 billion, with a coupon rate of 2% and a maturity date of December 31, 2029, convertible into no more than 1.486 billion shares of convertible shares. The first subscriber, the second subscriber, and the third subscriber intend to subscribe for convertible bonds in the principal amount of approximately HK$4.62 billion, HK$1.176 billion, and HK$14.889 million respectively. If all conversion rights are fully exercised at the initial conversion price of HK$0.40 per share, the company will issue a total of 1.486 billion shares of convertible shares, equivalent to approximately 229.55% of the total number of existing issued shares as of the subscription agreement date; and taking into account the impact of the share capital restructuring, the total number of issued shares after the issuance of convertible shares will be approximately 69.66% (assuming no other changes in the total number of issued shares from the date of the subscription agreement until the full conversion of the convertible bonds).