QPL International Holdings Limited (SEHK:243) announced that it has entered into a subscription agreement with new individual investor Hui Sau King Florence for a private placement of convertible bonds for gross proceeds of HKD 9,400,000 on October 16, 2020. The company will raise net proceeds of HKD 9,380,000 in the transaction after the deduction of the professional and other related expenses. The bonds will be issued at par, will bear no interest, will mature on the date falling on the second anniversary from the date of issuance, and are convertible, in whole or in part, into maximum 37,600,000 shares, representing 16.67% stake, at a fixed conversion price of HKD 0.25 per share. The conversion period starts on the date that is six months after the date of the issuance and ends before the maturity date. On the maturity date, the company shall fully redeem at 100% of any outstanding principal amount of the bonds not yet converted. The company may at any time from the date of issuance and before the maturity date redeem the bonds. The transaction is subject to all necessary consents and approvals, including the approval of Listing Committee of The Stock Exchange of Hong Kong Limited for listing and trading of shares to be issued upon conversion of bonds. The transaction is expected to close on or before November 16, 2020.