On June 18th, Zijin Mining Group's H shares fell 4.6% to HKD 15.56, hitting a new low since March-end. Its A shares also fell nearly 4% to CNY 16.38, reaching a new low since March-end. On the news front, the company announced its plan to issue USD 200 million of 1.00% guaranteed exchangeable bonds due in 2029, as well as to distribute 251.9 million new H shares at HKD 15.5 per share, raising HKD 3.904 billion. The two plans involve a total of HKD 19.504 billion. The company stated that the initial conversion price of the bonds is HKD 19.84 per H share, with a 21.57% premium over yesterday's closing price of HKD 16.32. If fully converted, they can be converted into about 787 million H shares, equivalent to approximately 12.07% of the enlarged H share capital and approximately 2.9% of the total issued share capital. The net proceeds from the bonds issuance will be approximately USD 1.979 billion, with the purpose of refinancing the group's offshore debts. The new H shares to be issued in distribution would represent about 4.21% of the enlarged H share capital and approximately 0.95% of the total issued share capital. The distribution price of HKD 15.5 represents a 5.02% discount from yesterday's closing price of HKD 16.32. The net proceeds from the distribution will be approximately HKD 3.871 billion, which will be used for overseas business operations and development, including, but not limited to, mergers and acquisitions, working capital and general corporate purposes.