AsianFin -- Hong Kong-based jewelry company Chow Tai Fook announced on Monday night that the company entered into a subscription agreement with underwriters over a convertible bond issuance, with a total principal of HKD 8.8 billion and a coupon rate of 0.375%.

The company intends to use the net proceeds of about HKD 8.715 billion from the bond issuance for the development and financing of its gold jewelry business, upgrading of stores, strategic expansion in domestic and international markets, as well as for general working capital.