BRIEF: Kingsoft convertible bondholders exercise partial conversion

3888.HK

Software developer Kingsoft Corp. Ltd. (3888.HK) said on Tuesday that holders of its maturing one-year convertible bonds exercised partial conversion rights to receive 10.12 million shares, representing about 0.75% of the company’s enlarged share capital and about 11.35% of the original principal amount of the bonds.

Kingsoft issued the HK$3.1 billion ($400 million) in bonds last April with a 0.625% coupon rate and adjusted conversion price of HK$34.77 per share.

Shares of Kingsoft opened down 3.4% at HK$ 35.70 on Wednesday. The shares are up nearly 50% over the past year.

By Lau Chi Hang

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