Grand Field Group Holdings Limited entered into a subscription agreement with returning individual investor Tsang Tsz Nok Aleen for issuing a convertible bond at a price of HKD 96,500,000 but no less than HKD 95,500,000 on September 5, 2022. The bond is unsecured, and unsubordinated; and bears an interest rate of 6% payable every six months, and matures at the end of 18 months from the issue date. The bond is convertible in whole or in part into common shares of par value HKD 0.01 in an integral multiple of HKD 1,000,000 at an initial conversion price of HKD 0.38 per share subject to certain conditions.

Assuming full conversion of the maximum principal amount at the conversion price, a total of maximum 253,947,368 shares will be issued by the company. The transaction is subject to approval from authorities including but not limited to government or regulatory authorities. The transaction is expected to close on or around October 31, 2022.