Tianyun International Holdings Limited (SEHK:6836) announced that it has entered into a subscription agreement for a private placement of convertible unconditional, unsecured, and unsubordinated notes for principal gross proceeds of HKD 31,000,000 with Guotai Junan Finance (Hong Kong) Limited on January 22, 2018. The notes carry 6% interest per annum and will mature on the 364th day from the date of issue of the notes. The notes can be redeemed on the maturity date at 100% of the principal amount of the note together with any interest accrued on the relevant note. The initial conversion price is HKD 1.58 per conversion share, subject to the adjustments as set out in accordance with the terms and conditions of the instrument. The initial conversion price represents a premium of approximately 26.4% to the closing price of HKD 1.25 per share as quoted on the stock exchange on the date of the subscription agreement, a premium of approximately 25.6% of the average of the closing prices of HKD 1.258 per share as quoted on the stock exchange for the five consecutive trading days immediately preceding the date of the subscription agreement and a premium of approximately 25.1% of the average of the closing prices of HKD 1.263 per share as quoted on the stock exchange for the 10 consecutive trading days immediately preceding the date of the subscription agreement. Based on the initial conversion price of HKD 1.58, a maximum number of 19,620,253 conversion shares may fall to be allotted and issued upon exercise by the note holders of the conversion rights attaching to the notes in full. The notes can be converted any time from immediately following the date of issue of the notes and up to the close of business on the tenth day prior to the maturity date.