Lijun International cancels RMB 20 million zero-coupon convertibles

By Angela McDaniels

Tacoma, Wash., June 8 - Lijun International Pharmaceutical (Holding) Co., Ltd. said it cancelled RMB 20 million principal amount of its RMB 160 million Hong Kong dollar-settled zero-coupon convertible bonds due 2010.

Potent Holdings Ltd., the holder of the RMB 20 million convertibles, agreed on Monday to the cancellation of the convertibles in exchange for HK$21.2 million, according to a company news release.

The price was determined based on the prevailing market conditions and the terms of the convertibles.

Potent Holdings continues to hold RMB 10 million of the convertibles.

Lijun is a Hong Kong-based pharmaceutical manufacturer.

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