According to the Zhito Finance APP, Apollo fmg (00860) announced that on December 6, 2024, the company plans to issue convertible bonds with a principal amount of HKD 0.3 billion to subscriber Ningxing (Group) Limited.

After the full conversion of the convertible bonds at the initial conversion price of HKD 1.54 per share, the company will allocate and issue up to 0.1948 billion convertible shares, equivalent to approximately 19.05% of the company's existing issued shares as of the announcement date; and about 16.00% of the total issued shares after the allocation and issuance of the convertible shares (assuming there is no change in the total issued shares from the announcement date until the date of full conversion of the convertible bonds).

The total proceeds from the issuance of convertible bonds will be HKD 0.3 billion and the net proceeds will be approximately HKD 0.299 billion. The intended use of the net proceeds from the subscription is: approximately 90.01% for research and development of top supercars and electric autos; and approximately 9.99% for general working capital, including salary payments, legal and professional fees, and other general corporate purposes.