.prtranscript file - Can caption (SRT) be imported as a transcript instead of as captions

I understand current beta is allowing transcript data to percolate up from nested sequences.

Am working with Chinese audio and SRT caption data... I can't re-transcrtibe this.

Since captions can't percolate up... (they can only be baked in visually)...is there any way to convert prtranscript to SRT ? I understand the format is intended for word-by-word timing, and also to indentify speakers. But if the format can allow entire sentences to be given a single timecode, I can imagine some sort of tranlation tool could allow this. 

Then I could try percolate the transcript up through the nested sequences, and ultimately have an edit that doesn't just have baked-in captions but could also export SRT.