TH International Limited announced the closing of the second tranche of Senior Secured Convertible Notes due 2029 on September 10, 2026. The issuance was made to Tim Hortons Restaurants International GmbH with an aggregate principal amount of US$14,539,026.00 and total proceeds of US$15 million, including accrued interest. These notes consolidate into a single series with the existing Original Notes and rank pari passu. The company expects to issue two additional tranches, subject to closing conditions, with the final tranche anticipated in the first quarter of 2027. TH International Limited operates in the food service industry as the franchisee for Tim Hortons in China.

TH International Limited reported unaudited second quarter 2026 financial results showing total revenues of RMB273.4 million, a 21.7% decrease from the prior year period. System sales fell 15.1% to RMB347.8 million as same-store sales growth declined to -17.8%. The company recorded a net loss of RMB97.4 million compared to RMB75.9 million in the previous quarter, driven by an operating loss of RMB58.1 million and a RMB34.9 million loss from changes in fair value of convertible notes. Company owned store contribution margin contracted to 5.7% from 9.6%. Net new store openings totaled two, with 15 made-to-order stores opened against 13 non-made-to-order closures. The company also announced the launch of a joint membership campaign with China Southern Airlines on August 13, 2026. TH International Limited operates as the exclusive master franchisee for Tim Hortons coffee shops in mainland China, Hong Kong and Macau.

On July 7, 2026, TH International Limited closed the issuance of the first tranche of Senior Secured Convertible Notes due 2029 to Tim Hortons Restaurants International GmbH. The aggregate principal amount is US$15,623,304, with total proceeds including accrued interest amounting to US$15.8 million. These notes rank pari passu with existing floating rate senior secured convertible notes due 2029. The company plans to issue three additional tranches, with the final issuance expected in the first quarter of 2027. The company operates in the food and beverage industry as a coffee and bakery chain operator.

TH International Limited announced leadership changes effective June 15, 2026, including Peter Yu stepping down as Chairman and Yongchen Lu being designated as Chairman while remaining CEO, and Kwok Wah Cheung being appointed as the new CEO. Additionally, the Company entered into a definitive agreement to issue up to $55.0 million in Senior Secured Convertible Notes in four tranches through early 2027, which will be used for store network expansion and working capital. The Company also plans to amend its Certificate of Designation to update its board appointment rights for Series A-2 Convertible Preferred Shares and Class A-1 Special Voting Shares to a three-tier structure. TH International Limited operates in the restaurant industry, specifically managing the Tim Hortons brand in China.