Advised China Fordoo Holdings Limited (stock code: 2399) (“China Fordoo”) on issue of convertible bond in the principal amount of HK$60,000,000 at the rate of 8% per annum due 2024. Upon the exercise of right to convert all of the outstanding principal amount of the convertible bond at the initial conversion price of HK$0.60 per conversion share, the investor will receive 100,000,000 shares, representing approximately 4.56% of the issued share capital of China Fordoo as enlarged by the subscription. China Fordoo intends to use the net proceeds from the subscription for (i) future business development; (ii) repayment of debts; and (iii) general working capital.
China Fordoo is a company listed on the Main Board of The Stock Exchange of Hong Kong Limited (stock code: 2399) and is principally engaged in (i) the sales of menswear apparel and brand licensing in the PRC; and (ii) the sales of industrial products to customers located in Saudi Arabia.
The deal was led by the partners of Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, Ernest Chung and Stephen Kei, and supported by the team members including Adrian Mak, Fiona Kam, Edwin Wong and Alex Tsoi.