TH International Limited (NASDAQ: THCH), parent company of Tim Hortons franchises in China, announced the appointment of Kwok Wah Cheung as chief executive officer effective June 15, 2026. The company also disclosed plans to issue up to $55 million in additional senior secured convertible notes.

Cheung brings over 20 years of executive experience in Chinese consumer businesses, having previously served as CEO of Supor, a cookware manufacturer, and holding senior positions at China Feihe Limited, Nestle's Greater China Region, Wyeth Nutrition, Coca-Cola, and Procter & Gamble.

Current CEO Yongchen Lu will transition to chairman, while current chairman Peter Yu will step down from that role but remain as a director. Under Lu's leadership since 2019, the company expanded to 1,026 stores across 93 cities in mainland China and built a loyalty program with over 35 million members.

The additional convertible notes will consolidate with existing $89.9 million floating rate senior secured convertible notes due 2029, issued in December 2025. The notes carry identical terms including interest rate, conversion price, and maturity date.

The company plans to use proceeds from the note issuance for store network expansion and working capital requirements. The transaction will execute in four tranches, beginning with $15.8 million in the third quarter of 2026 and concluding in the first quarter of 2027.

Each tranche remains subject to closing conditions including regulatory approvals in China and business performance milestones. The company will file additional transaction details in a Form 6-K with the Securities and Exchange Commission.