It is poorly formulated. I read it as the smallest of the two, but that could be wrong. That way he's secured to get no less than 2 666 666 stocks if he choose to convert. Might have been a demand from his side if they were desperate on cash.
Edit: I just re-read it again, and I think you're right. Because of the price of conversion would be the price for SIAF, and the lesser would be the one that cost SIAF the least. So yes, he can max get 2 666 666 stocks.
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