China CBM Group (00578.HK) announced that a deed of assignment was executed on 24 November 2011 between its former co-chairman, Wang Ruiyun, and Ringfit Investment Group Limited whereby Wang agreed to assign all of its rights under a subscription agreement (in relation to the subscription of zero-coupon convertible notes (CNs) in a maximum aggregate principal amount of HK$1.2 billion to be issued by China CBM Group to Wang) to Ringfit.

Pursuant to the deed of assignment, in consideration of the nominal sum of HK$1, Wang irrevocably assigned the assignee all of Wang's rights of the subscription agreement.

Wang has subscribed the CNs in the total principal amount of HK$500 million, leaving a balance of HK$700 million CNs to be subscribed and issued.

Based on the conversion price of HK$0.1 per conversion share, a maximum number of 7 billion conversion shares will be allotted and issued upon exercise of the conversion rights attached to the CNs in full if the assignee subscribed the HK$700 million CNs in full, which represent approximately 49.55% of the enlarged issued share capital of China CBM Group.