Core Viewpoint - Luye Pharma Group Limited has completed the issuance of 1.5 million exchangeable preferred shares, which can be exchanged for existing shares of Boan Biotechnology, representing approximately 16.15% of Boan's total issued shares [1] Group 1 - The issuer, Luye Geneora Holding Limited, a wholly-owned subsidiary of the company, has allocated and issued 1.5 million exchangeable preferred shares to the subscribers [1] - The exchangeable preferred shares can be converted into shares of Boan Biotechnology without the issuance of any new shares by Boan [1] - Based on the initial exchange price of HKD 11.718, the total number of Boan shares deliverable upon the exchange of all preferred shares is up to 100,486,431 shares [1]

Core Viewpoint - Luye Pharma Group has completed the issuance of 1.5 million exchangeable preferred shares, which can be exchanged for existing shares of Boan Biologics, representing approximately 16.15% of Boan Biologics' total issued shares [1] Group 1 - The issuance of exchangeable preferred shares was finalized on December 12, 2025, according to the terms of the subscription agreement [1] - The issuer, Luye Geneora Holding Limited, a wholly-owned subsidiary of Luye Pharma, allocated and issued the 1.5 million exchangeable preferred shares to the subscribers [1] - The initial exchange price is set at HKD 11.718, allowing for a maximum delivery of 100,486,431 shares of Boan Biologics upon the exchange of all preferred shares [1]

Core Viewpoint - Luye Pharma's subsidiary, Luye Geneora, has issued exchangeable preferred shares amounting to approximately $150 million, which can be exchanged for up to 100 million shares of Boan Biologics, potentially affecting its subsidiary status [1] Group 1 - Luye Pharma's stock price decreased by 3.58%, trading at HKD 2.96 [1] - Boan Biologics' stock price fell by 2.92%, trading at HKD 10.63 [1] - The funds raised from the issuance will be used for general operational purposes of the group [1] Group 2 - The exchangeable preferred shares have a coupon rate of 4.75% [1] - If fully exchanged, Boan Biologics will no longer be a subsidiary of Luye Pharma [1]

Core 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]

Core Viewpoint - Green Leaf Pharmaceutical (02186) announced the issuance of exchangeable preferred shares worth $150 million, which will provide immediate cash flow while maintaining strategic flexibility [1] Group 1: Issuance Details - The company has entered into a subscription agreement with a subscriber for the issuance of exchangeable preferred shares, with a total subscription price of $150 million [1] - The exchangeable preferred shares can be converted into shares of Boan Biotechnology according to the terms outlined in the subscription agreement [1] Group 2: Strategic Implications - The board believes that issuing exchangeable preferred shares will allow the company to obtain cash funding immediately while retaining strategic flexibility [1] - The exchange mechanism enables the company to monetize its investment in Boan Biotechnology 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: Use of Proceeds - The proceeds from the subscription will be used for the general working capital purposes of the group [1] Group 4: Subscriber Information - The subscriber is a company incorporated under the laws of the Cayman Islands and is a wholly-owned subsidiary of RRJ Capital Master Fund IV, L.P., which holds 100% of the issued share capital of the subscriber [1] - The primary business of the subscriber is investment holding activities [1]

Group 1 - The company announced the issuance of 1.5 million exchangeable preferred shares at a total subscription price of $150 million, equivalent to $100 per share, with the right to exchange for shares of Boan Biologics [1] - Upon full exercise of the exchange rights, Boan Biologics will no longer be a subsidiary of the company, which currently holds approximately 361 million shares of Boan Biologics, representing about 57.94% of its issued share capital [1] - The company has agreed to guarantee the issuer's obligations under the subscription agreement [1] Group 2 - The board believes that issuing exchangeable preferred shares will provide an immediate source of cash while maintaining strategic flexibility [2] - 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 [2] - Proceeds from the subscription will be used for general working capital purposes [2]