Shimao Group (00813.HK): Proposes Issuance of Approximately 71.54 Million New Shares to Settle Medium-term Note Debts

NewTimeSpace News: Shimao Group Holdings Limited (00813.HK) issued an announcement on May 15, 2026, disclosing the debt capitalisation and the proposed issuance of new shares under the general mandate.

According to the announcement, the Company and Shanghai Shimao have entered into two debt settlement agreements with relevant creditors. Under the first agreement, the Company will issue an aggregate of 35,864,620 capitalised shares to the first creditor (25,741,542 shares) and the second creditor (10,123,078 shares), to settle the outstanding principal of RMB 190 million under 21 Hu Shanghai Shimao MTN002. Under the second agreement, the Company will issue 35,675,859 capitalised shares to the third creditor, settling the outstanding principal of RMB 189 million under the same medium-term note. The two agreements involve a total issuance of 71,540,479 new shares.

The issue price of each capitalised share is fixed at HK$6.00, representing a premium of approximately 3,770.97% over the closing price of HK$0.1550 per share quoted on the Stock Exchange on the agreement date, and a premium of around 3,659.40% compared with the average closing price over the last five trading days. The issue price is determined with reference to the share pricing under the Company’s offshore debt restructuring.

The capitalised shares will be issued pursuant to the general mandate granted by shareholders at the annual general meeting held on June 12, 2025. Upon completion of the debt capitalisation, the principal and interest of approximately RMB 420 million payable by the Group under 21 Hu Shanghai Shimao MTN002 will be fully settled and discharged. None of the creditors will become a substantial shareholder or connected person of the Company.

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