According to the Zhitong Finance App, Olefite Electric Vehicle New Materials (06128) issued an announcement. The company received a notice from Shashi Doni (as the note holder) to transfer the share exchange rights attached to the convertible stock notes with a principal amount of 50,000 US dollars to exercise the initial exchange price of HK$0.65 per common share. As a result, the company allotted and issued 596,200 shares to Shashi Doni on January 30, 2024.

After the share exchange, the 596,200 shares of the issued shares enjoyed the same rights in all aspects as all other existing issued common shares, and was equivalent to about 0.07% of the total number of common shares issued by the company before the conversion and about 0.07% of the total number of common shares issued by the company which was expanded by allocating and issuing 596,200 shares after the conversion.