Daisy Ho Buys US$3M in SJM Senior Notes
Daisy Ho Chiu Fung, chairwoman of SJM Holdings Limited, has increased her exposure to the company’s debt by purchasing US$3 million worth of newly issued senior unsecured notes. The acquisition relates to the recent bond issuance completed by SJM International Limited, a wholly owned subsidiary of SJM Holdings.
According to filings submitted to the Hong Kong Stock Exchange, the transactions were executed on March 6, 9 and 10 as part of the group’s US$540 million senior unsecured notes offering concluded earlier this year.
The notes are a central element of SJM’s latest financing activities and are part of the company’s broader capital structure. They do not convert into equity, meaning Ho’s purchase represents a direct investment in the fixed-income instrument rather than a change in her shareholding position.
The move comes as SJM continues managing its debt profile following a period of operational pressure and recent asset-related transactions.
Details of the US$540 Million Notes
The US$540 million senior unsecured notes issued by SJM International are not backed by collateral and rank equally with other senior unsecured obligations. The bonds carry a fixed annual interest rate of 6.500% and mature in January 2031.
The instruments are transferable but cannot be converted into shares of either SJM Holdings or its subsidiary. The company previously indicated that the issuance was designed to extend the maturity timeline of its outstanding debt obligations.
At the time of the announcement, SJM explained that proceeds from the bond sale would support refinancing efforts, including the repurchase of existing 4.500% senior notes that were due to mature in January.
Debt Levels and Refinancing Strategy
The new issuance occurs amid rising leverage at SJM Holdings. By the end of December 2025, the group’s net debt had climbed approximately 12% year-on-year to HKD27.2 billion (around US$3.5 billion).
Analysts have linked the increase to several factors, including recent asset acquisitions, capital expenditures and reduced operating cash flow in a lower-profit environment. These developments have influenced the company’s financial position and reinforced the importance of its ongoing refinancing measures.
Singapore-based credit research firm Lucror Analytics noted in a recent commentary that acquisitions including a casino hotel previously operating as a satellite property contributed to the higher debt figure. The firm also referenced weaker profitability and investment activity as additional pressures on the balance sheet.
Liquidity Improvements After Refinancing
Despite reporting softer results for both the fourth quarter and full-year 2025, Lucror Analytics observed that SJM has improved its liquidity following the January refinancing of its US dollar notes. The replacement of earlier 4.500% notes with the new 6.500% bonds, along with the extended maturity to 2031, has provided the group with additional financial flexibility.
Ho’s US$3 million purchase further connects the company’s leadership to its updated debt structure. While no official explanation was provided for the investment, the transaction aligns her position with the group’s refinancing framework as SJM works through elevated debt levels and ongoing financial adjustments.
