Jiangsu Expressway Co (HK:0177) has released an update.
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Jiangsu Expressway Co’s subsidiary, Guangjing Xicheng Company, has exercised its rights to convert Jiangsu Leasing Convertible Bonds into 128,431,475 ordinary A shares of Jiangsu Financial Leasing, increasing its stake to approximately 9.45%. This transaction is deemed connected under Hong Kong Listing Rules since it involves the controlling shareholder, Jiangsu Communications Holding, and is exempt from independent shareholder approval as it falls below the 5% threshold. The conversion, part of a larger RMB 5 billion bond issue with a six-year maturity, further solidifies Guangjing Xicheng’s investment in Jiangsu Financial Leasing.
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