Xtep Int'l (01368) announced that the preconditions of the Xtep subscription agreement have been met, and therefore issued the Xtep convertible bonds on November 1, 2024. On the delivery date of the Xtep convertible bonds, issued a total principal amount of 0.5 billion Hong Kong dollars of Xtep convertible bonds to investors, raising approximately 0.499 billion Hong Kong dollars net, intending to provide funds for the redemption of the redemption price for the Global Wealth convertible bonds.

In addition, the preconditions set forth in the Geswell convertible bond redemption agreement have been met, so the delivery of the Geswell convertible bond redemption was completed on November 1, 2024.

After the redemption and delivery of the Global Wealth convertible bonds, KP Global owes the company 0.154 billion US dollars (equivalent to (i) the cumulative losses since the acquisition in 2019, along with the value of its capital expenditures and working capital as of end of March 2024; and (ii) the amount paid by the company for the early redemption of the Global Wealth convertible bonds).

Upon completion of the sale, KP Global will issue KP convertible bonds to the company to replace the amounts owed to the company.