WuXi AppTec agrees to issue RMB6,780 million convertible bonds

WuXi AppTec Co., Ltd. said that on May 14, 2026, after trading hours, it signed a subscription agreement to issue bonds in a principal amount of RMB6,780 million. The Managers agreed, severally and not jointly, to subscribe for the bonds or procure subscribers to take them up. The Managers are Morgan Stanley Asia Limited, Citigroup Global Markets Limited and Goldman Sachs (Asia) L.L.C., which act as joint global coordinators, joint bookrunners and underwriters of the bonds.

The bonds convert into H shares at an initial conversion price of HK$153.00 per H share, subject to adjustments. That price is a premium of approximately 17.60% over the last closing price of HK$130.10 per H share on May 14, 2026. It is also a premium of approximately 11.05% over the average closing price of HK$137.78 for the five trading days before the agreement was signed.

If the bonds were fully converted at that price, they would convert into about 51,146,959 H shares. The announcement puts that at approximately 10.02% of the total issued H share capital and approximately 1.71% of the total issued share capital as at the date of the announcement. On an enlarged basis, the figures are approximately 9.11% and 1.69%.

The announcement estimates net proceeds from the subscription at approximately US$1,023 million. It gives a net issue price of approximately HK$156.68 per conversion share. The conversion shares will rank pari passu in all respects with the H shares then in issue.

Report an error