Core Viewpoint - The incident involving Jiang Jingyi, a former representative of Jingwang Electronics, raises legal and ethical concerns regarding the company's treatment of pregnant employees and its compliance with labor laws [2][4][5]. Group 1: Incident Details - Jiang Jingyi publicly stated that her employment was unlawfully terminated during her pregnancy, leading to a miscarriage after a confrontation with her superiors [2][3]. - On June 26, Jingwang Electronics announced Jiang's removal from her position without prior confirmation, and she was informed of her non-renewal on June 28, despite submitting her pregnancy proof [3][5]. - Following a series of communications, Jiang was told on July 21 that her contract was ready for signing, but upon her visit to the office on July 31, she faced confrontational treatment from HR and legal staff [3][5]. Group 2: Legal Implications - Legal experts indicated that under labor laws, a pregnant employee's contract should be extended until the end of her pregnancy, and failure to provide a contract could warrant a complaint to labor authorities [4][5]. - Jiang's claims, if substantiated, suggest that Jingwang Electronics failed to fulfill its legal obligations regarding her employment status during her pregnancy [4]. Group 3: Company Performance and Market Reaction - Jingwang Electronics reported a revenue of 21.287 billion yuan for the first half of 2023, a year-on-year increase of 10.62%, but the net profit slightly decreased by 1.06% to 650 million yuan [6]. - Following the incident, the company's stock price dropped by over 12%, with a closing price of 63.28 yuan on September 26, down from 72.64 yuan on September 19 [6].

Core Points - Jingwang Electronics announced that the "Jing 23 Convertible Bond" will stop trading on September 26, 2025 [2] - The last conversion date for the "Jing 23 Convertible Bond" is September 30, 2025, which is only two trading days after the trading halt [2] - After the early redemption, the "Jing 23 Convertible Bond" will be delisted from the Shanghai Stock Exchange on October 9, 2025 [2] - Investors can either convert the bond at a conversion price of 23.91 CNY per share or face forced redemption at a value of 100 CNY per bond plus accrued interest, totaling 100.515 CNY per bond [2] - Forced redemption may lead to significant investment losses for investors [2]

| 证券代码：603228 | 证券简称：景旺电子 | 公告编号：2025-114 | | --- | --- | --- | | 债券代码：113669 | 债券简称：景 转债 23 | | 深圳市景旺电子股份有限公司 关于实施"景 23 转债"赎回暨摘牌的第七次提示性 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 自 2025 年 9 月 26 日起，"景 23 转债"停止交易。 自 2025 年 1 月 20 日至 2025 年 2 月 19 日，深圳市景旺电子股份有限公司（以 下简称"公司"）股价已有十五个交易日的收盘价格不低于"景 23 转债"当期转 股价格 24.71 元/股（实施 2024 年度权益分派前）的 130%（即 32.13 元/股），根 据公司《公开发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）的 相关约定，已触发"景 23 转债"的有条件赎回条款。公司于 2025 年 2 月 19 日 召开董事会，决定不行使"景 23 转债"的提前赎回权，且在未来 6 个月内（ ...

Market Performance - As of September 26, the AI PC concept index declined by 4.01%, ranking among the top declines in concept sectors, with leading companies such as Lingyi iTech, Geling Deep Vision, and Jingwang Electronics experiencing significant drops [1][2] - The top gainers in the market included soybean (+1.02%) and other sectors, while the AI PC sector and related indices like China AI 50 saw declines of -4.01% and -3.94% respectively [1] Capital Flow - The AI PC concept sector experienced a net outflow of 7.475 billion yuan, with 37 stocks seeing net outflows, and 17 stocks exceeding 100 million yuan in outflows [1] - The stock with the highest net outflow was Shenghong Technology, with a net outflow of 2.121 billion yuan, followed by Lingyi iTech (-1.154 billion yuan) and Changying Precision (-675 million yuan) [1][2] Stock Performance - Notable stocks in the AI PC concept with significant declines included Shenghong Technology (-4.68%), Lingyi iTech (-7.60%), and Changying Precision (-4.77%) [1][2] - Conversely, stocks with net inflows included Yidao Information (+2.366 million yuan), Haopeng Technology (+1.768 million yuan), and Anfu Technology (+1.019 million yuan) [2]

Market Overview - The component sector experienced a decline of 4.47% on September 26, with Zhongfu Circuit leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers included: - Tianjin Pulin (002134) with a closing price of 21.00, up 4.37% on a trading volume of 143,100 shares and a turnover of 301 million [1] - ST Dongjing (002199) closed at 10.01, up 3.52% with a trading volume of 44,000 shares [1] - Major decliners included: - Zhongfu Circuit (300814) closed at 48.52, down 8.61% with a trading volume of 137,800 shares and a turnover of 689 million [2] - Dongshan Precision (002384) closed at 68.58, down 7.44% with a trading volume of 862,600 shares [2] Capital Flow - The component sector saw a net outflow of 6.765 billion in institutional funds, while retail investors contributed a net inflow of 5.702 billion [2] - The table of capital flow indicates varying levels of net inflow and outflow among individual stocks, with notable movements in Tianjin Pulin and ST Dongjing [3]

Core Viewpoint - The company announces the redemption and delisting of the "Jing 23 Convertible Bonds" effective from September 26, 2025, with the last conversion date set for September 30, 2025 [2][3][19] Redemption Details - The last trading day for "Jing 23 Convertible Bonds" is September 25, 2025, and the bonds will be redeemed at a price of 100.515 CNY per bond, which includes accrued interest [3][11][15] - The redemption date is set for October 9, 2025, and the bonds will be delisted from the Shanghai Stock Exchange on the same day [3][15][18] Conversion and Redemption Conditions - The company has triggered the conditional redemption clause as the stock price has been above 130% of the conversion price for 15 trading days [5][9] - Investors must convert their bonds at the conversion price of 23.91 CNY per share before the last conversion date to avoid forced redemption [3][4][17] Interest Calculation - The accrued interest for the bonds is calculated using the formula: IA = B × i × t / 365, resulting in an interest of 0.515 CNY per bond [12][11] - The total redemption amount per bond is 100.515 CNY, which is the sum of the face value and accrued interest [11][12] Tax Implications - Individual investors are subject to a 20% tax on the interest income from the bonds, resulting in a net redemption amount of 100.412 CNY after tax [13] - Non-resident enterprises are exempt from corporate income tax on the interest income from these bonds [14] Investor Advisory - The company advises bondholders to be aware of the conversion deadline and to take necessary actions to avoid forced redemption [4][17] - Investors are encouraged to understand the relevant regulations regarding convertible bonds and associated risks [5][17]

Core Points - The company has announced that the "Jing 23 Convertible Bond" will stop trading on September 26, 2025, with the last conversion date being September 30, 2025 [1][14] - The bond will be forcibly redeemed at a price of 100.515 CNY per bond if not converted by the deadline, which may lead to significant investment losses for holders [1][16] Redemption Details - The redemption date is set for September 30, 2025, with the redemption price being 100.515 CNY per bond, which includes accrued interest [4][9] - The accrued interest is calculated based on a formula involving the bond's face value, interest rate, and the number of days since the last interest payment [6][9] - The redemption payment will be issued on October 9, 2025, through the Shanghai Clearing House [13] Conditional Redemption Trigger - The conditional redemption clause was triggered as the company's stock price was above 130% of the conversion price for 15 trading days from August 20 to September 9, 2025 [4][7] - The company’s board decided not to exercise the early redemption right previously but has now opted to do so based on current market conditions and financial strategy [3][4] Trading and Conversion - Trading of the "Jing 23 Convertible Bond" will cease on September 26, 2025, with only three trading days left until the final conversion date [1][14] - Investors are urged to convert their bonds within the specified timeframe to avoid forced redemption [2][15] Tax Implications - Individual investors will be subject to a 20% tax on the interest income from the bonds, affecting the net amount received upon redemption [10][11]

Core Viewpoint - Jingwang Electronics announced that investors holding "Jing 23 Convertible Bonds" can only convert at a price of 23.91 CNY per share or face mandatory redemption at a face value of 100 CNY plus accrued interest, potentially leading to significant investment losses [1] Group 1 - The conversion price for "Jing 23 Convertible Bonds" is set at 23.91 CNY per share [1] - In case of mandatory redemption, investors will receive 100.515 CNY per bond, which includes accrued interest [1] - The announcement indicates a risk of substantial investment losses for those unable to convert their bonds [1]

| 证券代码：603228 | 证券简称：景旺电子 | 公告编号：2025-113 | | --- | --- | --- | | 债券代码：113669 | 债券简称：景 转债 23 | | 深圳市景旺电子股份有限公司 关于实施"景 23 转债"赎回暨摘牌的第六次提示性 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 自 2025 年 9 月 26 日起，"景 23 转债"停止交易。 最后转股日：2025 年 9 月 30 日 截至 2025 年 9 月 25 日收市后，距离 9 月 30 日（"景 23 转债"最后转股日， 含当日）仅剩 3 个交易日，9 月 30 日为"景 23 转债"最后一个转股日。 本次提前赎回完成后，"景 23 转债"将自 2025 年 10 月 9 日起在上海证 券交易所（以下简称"上交所"）摘牌。 投资者所持的"景 23 转债"除在规定时限内按照 23.91 元/股的转股价格 进行转股外，仅能选择以 100 元/张的票面价值加当期应计利息（即 100.515 元/ 张）被强 ...

Core Viewpoint - The PCB (Printed Circuit Board) industry is a crucial component of modern electronic products, with China leading the global market in production value and growth rate [1][3]. Industry Overview - The global PCB market is projected to reach $73.565 billion in 2024, with a year-on-year growth of 5.8%, while China's market is expected to reach $41.213 billion, growing at 9.0% [1]. - Guangdong province accounts for approximately 60% of China's PCB production capacity, housing a cluster of listed companies with a combined market value exceeding one trillion yuan [3][6]. Historical Development - China's PCB industry has evolved from limited production capabilities in the 1950s to becoming the world's largest producer by the mid-2000s, with significant contributions from Taiwan and Japan [5][6]. - The industry is concentrated in the Pearl River Delta and Yangtze River Delta regions, with Guangdong being the primary production base [5]. Market Dynamics - As of September 2025, there are 43 listed PCB companies in China's A-share market, with a total market capitalization of 1.46 trillion yuan, representing 1.27% of the total A-share market [6]. - Major cities for PCB companies include Shenzhen, Huizhou, Changzhou, and Shanghai, with Guangdong's listed companies valued at 1.03 trillion yuan [6]. Regional Development - The PCB industry is experiencing a shift towards midwestern cities, with regions like Jiangxi and Anhui emerging as new hubs due to favorable policies and cost advantages [8][10]. - Xinfeng County in Jiangxi has attracted over 200 electronic enterprises, achieving a production value of 22.887 billion yuan in 2024, marking a 23.2% increase [9]. - Guangde County in Anhui has developed into a significant PCB production area, with over 92 electronic circuit companies and an annual output exceeding 10 billion yuan [10]. Technological Advancements - The rise of AI technology is driving demand for high-performance PCBs, particularly for applications in AI servers and smart driving, necessitating advanced manufacturing processes [12]. - Leading companies in the PCB sector are increasing investments in high-end production capabilities, particularly in Zhuhai, which is becoming a new center for high-end PCB manufacturing [12][14]. Investment Trends - Major PCB manufacturers are planning significant expansions, with investments in advanced PCB production facilities across various cities, including Zhuhai and Huizhou [13][14]. - For instance, Jingwang Electronics is investing 5 billion yuan in a high-end HDI production project in Zhuhai, while Dongshan Precision has a total investment plan of $1 billion for its operations [13][14].