Kingsoft expects to lower conversion prices of 3% and 1.25% bonds

By Marisa Wong

Madison, Wis., April 28 – Kingsoft Corp. Ltd. announced upcoming adjustments to the conversion prices of its HK$1,356,000,000 3% convertible bonds due 2018 and HK$2,327,000,000 1.25% convertible bonds due 2019.

The conversion price for the 3% convertibles will be lowered to HK$16.70 per share from HK$16.9363, and the conversion price for the 1.25% bonds will be lowered to HK$43.29 per share from HK$43.89 per share.

The price adjustment is due to a final dividend of HK$0.12 for the year 2013, a distribution in May 2014 and a final dividend of HK$0.13 for the year 2014. The 2014 final dividend is subject to shareholders’ approval at an upcoming general meeting. If approved, the dividend will be paid to shareholders of record on June 1.

The new conversion prices are expected to take effect on June 2.

As of April 28, the principal amount outstanding under the 3% and 1.25% bonds is HK$1,103,000,000 and HK$2,327,000,000, respectively.

Beijing-based Kingsoft is an investment holding company for a business that includes entertainment software and online games, information security software and other application software.

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