China Leon Inspection Holding Limited (SEHK:1586) announced that it has signed a subscription agreement for the private placement of convertible bonds for the gross proceeds of HKD 50,000,000 on May 12, 2021. The transaction will include participation from Asian Equity Special Opportunities Portfolio Master Fund Ltd., a fund managed by RAYS Capital Partners Limited. The convertible bonds are convertible into 30,674,846 shares at initial conversion price of HKD 1.63 per share, representing approximately 7.67% of the issued share capital of the company as at the date of this announcement and approximately 7.12% of the issued share capital of the company as enlarged by the allotment and conversion shares which will be listed on stock exchange. The bonds will bear interest of 2% per annum, payable annually in arrears, and will mature after five years from the issue date. The bonds are issued at par. The bonds can be converted from the date falling six months of the date of issue up to the close of business on the date falling 3 business day prior to the maturity date or on the date of a bondholder redemption notice after an event of default under the convertible bond. The conversion price is subject to adjustment. The transaction is subject to approval of the Listing Committee of the Stock Exchange, any necessary approvals, consents and/or waivers by the relevant governmental or regulatory authorities or bodies, whether in Hong Kong or elsewhere.