Echo International Holdings Group Limited announced a best efforts private placement of convertible bonds for gross proceeds of HKD 10,000,000 on January 5, 2018. The transaction takes place through the placing agent to not less than six institutional, corporate or individual investors, who and whose ultimate beneficial owners, will be Independent third parties. The bonds carry a fixed coupon of 7% per annum payable on a monthly basis and would mature in fifth anniversary of the date of issue. The bonds are 100% convertible into 50,761,421 common shares of the company at a conversion price of HKD 0.197 per share. The company is entitled to voluntarily redeem the whole or any part of the convertible bonds after the first anniversary of the issue date of the convertible bonds. The company will receive net proceeds of HKD 9,630,000.