Zhi Tong Cai Jing·2025-11-20 23:23Core Viewpoint - Green Leaf Pharmaceutical (02186) announced the issuance of exchangeable preferred shares worth $150 million, which will be exchanged for shares of Boan Biologics (600201) under specific terms outlined in the subscription agreement [1] Group 1: Financial Details - The total subscription price for the exchangeable preferred shares is $150 million [1] - The proceeds from the subscription will be used for general working capital purposes of the group [1] Group 2: Strategic Implications - The issuance of exchangeable preferred shares provides the company with immediate cash funding while maintaining strategic flexibility [1] - The exchange mechanism allows the company to monetize its investment in Boan Biologics over a longer period at a price above the current market level, which is expected to yield better results compared to bulk disposals at discounted prices [1] Group 3: Investor Information - The subscriber is a company registered under the laws of the Cayman Islands, with RRJ Capital Master Fund IV, L.P. as its direct shareholder, holding 100% of the issued share capital [1] - The main business of the subscriber is investment holding activities [1]