Core Viewpoint - The announcement from Da Cheng Sugar Industry (03889) details a subscription option agreement involving major shareholders and Mr. Gao, allowing for the issuance of convertible bonds totaling RMB 27 million, convertible at an initial price of HKD 0.1 per share [1][2]. Group 1: Subscription Option Agreement - Major shareholders have agreed to grant Mr. Gao a subscription option for the second batch of convertible bonds amounting to RMB 27 million, with a conversion price of HKD 0.1 per share [1]. - The subscription options can be exercised in five tranches, with amounts of RMB 6 million for the first four tranches and RMB 3 million for the last tranche [2]. - The exercise period for the subscription options starts on May 12, 2025, with the first tranche expiring on November 11, 2025, and the last tranche expiring on June 24, 2027 [2]. Group 2: Shareholder Holdings Post-Exercise - If Mr. Gao fully exercises the subscription options, the major shareholders will hold specific amounts of convertible bonds, with Mr. Kong holding RMB 9 million and RMB 11 million in the first and second batches respectively, Mr. Wang holding RMB 11 million in the second batch, and Mr. Hua holding RMB 9 million and RMB 11 million in the first and second batches respectively [3].