Core Points - The actual controller of Shenzhen Zhongzhuang Construction Group Co., Ltd. experienced a passive dilution of shareholding due to the conversion of convertible bonds, resulting in a decrease in shareholding percentage from 16.44% to 15.75% [1][3] - This change in equity does not involve any change in the number of shares held by the controlling shareholder or their concerted parties [2] - The company issued 116,000 million yuan of convertible bonds, which can be converted into shares at an initial price of 6.33 yuan per share, currently adjusted to 3.79 yuan per share [3] Equity Change Details - From September 15 to September 18, 2025, a total of 1,523,579 bonds were converted, resulting in an increase of 40,171,181 shares, raising the total share capital from 920,907,012 shares to 961,078,193 shares [3] - The equity change touches the 1% integer multiple threshold, indicating a significant adjustment in the actual controller's shareholding [3] - The company confirms that this equity change will not lead to any change in control or affect the governance structure and ongoing operations [2][3]

中证鹏元资信评估股份有限公司 中证鹏元公告【2025】446 号 中证鹏元关于下调深圳市中装建设集团股份有限公司主体 信用等级和"中装转 2"信用等级事项的公告 中证鹏元资信评估股份有限公司（以下简称"中证鹏元"）对深 圳市中装建设集团股份有限公司（以下简称"*ST 中装"或"公司"， 股票代码：002822.SZ）及其发行的下述债券开展评级。除评级委托 关系外，中证鹏元及评级从业人员与公司不存在任何足以影响评级行 为独立、客观、公正的关联关系。 | | | | | | 主体等级 债项等级 | 评级展望 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称 中装转 2 | 上一次评级时间 2025 27 日 | 年 | 8 | 月 | 上一次评级结果 B- B- | | 稳定 | 综合考虑公司现状，中证鹏元决定下调公司主体信用等级为CC， 评级展望维持为稳定，"中装转 2"信用等级下调为 CC，评级结果有 效期为 2025 年 9 月 19 日至"中装转 2"存续期。同时中证鹏元将密 切关注公司重整进展及债务在相关程序中的清偿情况，并持续跟踪 ...

Group 1 - The core point of the article is that the actual controllers of *ST Zhongzhuang, Zhuang Xiaohong and Zhuang Zhannuo, have seen their combined shareholding ratio decrease from 20.96% to 15.75% due to convertible bonds conversion and judicial auction [1] - The judicial auction resulted in a reduction of 2.6 million shares, while the convertible bonds conversion led to passive dilution of shareholding [1] - There are no clear plans for increasing or decreasing shareholding in the next 12 months [1]

| 证券代码：002822 | 中装 证券简称：*ST | 公告编号：2025-128 | | --- | --- | --- | | 债券代码：127033 | 债券简称：中装转2 | | 深圳市中装建设集团股份有限公司 关于实际控制人持股比例变动触及1%整数倍的权益 变动公告 特别提示： 1、本次权益变动属于深圳市中装建设集团股份有限公司（以下简称"中装 建设"或"公司"）实际控制人庄小红女士、庄展诺先生因公司可转换公司债券 转股使公司总股本增加而持股比例被动稀释的情况，不涉及控股股东及其一致行 动人持股数量的变化。 2、本次权益变动后，公司实际控制人庄小红女士、庄展诺先生持有的公司 股份比例由16.44%变更为15.75%，权益变动触及1%整数倍。 3、本次权益变动不会使公司控股股东及实际控制人发生变化。 一、本次权益变动情况 经深交所审核同意，公司116,000.00万元可转换公司债券于2021年5月24日起 在深交所挂牌交易，债券简称"中装转2"，债券代码"127033"。 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 根据有关规定和《深圳市中装建设集 ...

信息披露义务人2：庄展诺 住所：深圳市南山区 通信地址：深圳市深南东路4002号鸿隆世纪广场四-五楼 联系电话：0755-83599233 证券代码：002822 证券简称：*ST 中装 债券代码：127033 证券简称：中装转 2 深圳市中装建设集团股份有限公司 简式权益变动报告书 上市公司名称：深圳市中装建设集团股份有限公司 股票上市地点：深圳证券交易所 股票简称：*ST中装 股票代码：002822 信息披露义务人1：庄小红 住所：深圳市福田区 通信地址：深圳市深南东路4002号鸿隆世纪广场四-五楼 联系电话：0755-83599233 股份变动性质：司法拍卖致股份减少、可转债转股导致持股比例被动稀释 签署日期：2025 年 9 月 19 日 1 信息披露义务人声明 一、信息披露义务人根据《中华人民共和国公司法》《中华人民共和国证券法》 《公开发行证券的公司信息披露内容与格式准则第15号——权益变动报告书》（以 下简称"《准则15号》"）及相关法律、法规和规范性文件编制。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违反 信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依 ...

Core Viewpoint - The market is experiencing heightened expectations for a small amount of cash repayment for the convertible bond "Zhongzhuang Zhuan 2" as its last conversion day approaches on September 18 [2][4]. Group 1: Convertible Bond Details - The conversion period for "Zhongzhuang Zhuan 2" will officially end after the market closes on September 18, and any unconverted bonds will be treated as ordinary debt, with repayment amounts and timing pending the company's restructuring plan [4]. - The current conversion price for "Zhongzhuang Zhuan 2" is 3.79 yuan, while the stock price of *ST Zhongzhuang was 3.53 yuan at the close on September 17, indicating a conversion value of 93.14 yuan [4]. - The unconverted balance of "Zhongzhuang Zhuan 2" has decreased from 764 million yuan on September 1 to 266 million yuan by September 16, with the unconverted proportion dropping from 66.85% to 22.93% [4]. Group 2: Restructuring and Debt Repayment - The company is currently negotiating with industrial investors and is actively preparing the draft of the restructuring plan, which is in its basic framework stage [4]. - To protect creditor interests, the company plans to fully repay small ordinary creditors' claims in cash for amounts below 30,000 yuan, while amounts exceeding this will be settled in non-cash ways, with the specifics to be clarified in the restructuring plan [5]. - The company has entered a restructuring process as per the court's ruling, but there remains a risk of bankruptcy if the restructuring fails, which would lead to the termination of the company's stock listing [8]. Group 3: Historical Context and Investor Composition - Historically, companies undergoing restructuring have provided special treatment to small bondholders, ensuring full repayment for small claims while larger claims may be treated differently [7]. - The composition of "Zhongzhuang Zhuan 2" holders has changed significantly, now including large foreign institutions like UBS AG and various private equity products, indicating a shift in investor profile [8].

Core Viewpoint - The market is increasingly optimistic about the small amount of redemption expectations for the convertible bond "Zhongzhuang Zhuang 2" from *ST Zhongzhuang, as the last conversion day approaches on September 18 [1][3]. Summary by Sections Convertible Bond Conversion - The conversion period for Zhongzhuang Zhuang 2 will officially end after the market closes on September 18. If investors do not complete the conversion by then, the bonds will be treated as ordinary debts, with repayment amounts and timing pending the company's restructuring plan [3]. - The current conversion price for Zhongzhuang Zhuang 2 is 3.79 yuan, while the stock price of *ST Zhongzhuang was 3.53 yuan at the close on September 17, peaking at 3.66 yuan during the day. Based on the closing price, the conversion value of Zhongzhuang Zhuang 2 is 93.14 yuan [3]. Changes in Unconverted Bonds - As the final conversion date approaches, the unconverted balance of Zhongzhuang Zhuang 2 has decreased significantly, from 764 million yuan on September 1 to 266 million yuan on September 16, with the unconverted proportion dropping from 66.85% to 22.93%. This indicates that many investors have opted to convert their bonds into company stock before the restructuring [3]. Restructuring and Debt Repayment - Some investors are waiting for small amount redemption, passively accepting the restructuring repayment. According to the company's announcement, holders of unconverted Zhongzhuang Zhuang 2 can claim their debts after the last conversion day, based on their legal rights [3][4]. - The company expects to fully cash redeem small ordinary debts below a certain amount (estimated to be no less than 30,000 yuan) after consulting with creditors, but there is uncertainty regarding the final repayment plan [4]. Historical Context and Comparisons - Historically, companies undergoing restructuring have provided special treatment to small bondholders, often prioritizing full repayment of their debts. Examples include Zhengbang Convertible Bonds and Quanzhu Convertible Bonds, which had similar situations [6]. - The success of *ST Zhongzhuang's restructuring will determine future potential returns for investors, with the court having accepted the company's restructuring application. However, there remains a risk of bankruptcy if the restructuring fails [6]. Changes in Bondholder Composition - There has been a significant change in the composition of Zhongzhuang Zhuang 2 holders, with the latest reports indicating the presence of large foreign institutions like UBS AG and various private equity products among the bondholders [7].

| 证券代码：002822 | 证券简称：*ST 中装 | 公告编号：2025-127 | | --- | --- | --- | | 债券代码：127033 | 债券简称：中装转2 | | 深圳市中装建设集团股份有限公司 关于中装转2即将停止转股的重要提示性公告 bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 重要风险提示： 1、"中装转2"的最后一个转股日：2025年9月18日（星期四）。 2025年9月18日收市前，持有"中装转2"的投资者仍可进行转股，为避免 损失，敬请广大投资者注意及时转股。 2025年9月19日起，债券持有人不再享 有转股的权利。 2、2025 年 9 月 18 日收市后，仍未转股的"中装转 2"持有人可基于依法享 有的债权进行债权申报。公司被深圳市中级人民法院（以下简称"深圳中院"） 裁定受理重整后，鉴于公司债务结构复杂、债权人数众多、债权申报尚未结束， 公司正在与产业投资人进行协商，目前仍在积极编制《重整计划草案》，整体 框架已 ...

股票代码:002822 债券代码:127033 股票简称:ST 中装 债券简称:中装转 2 深圳市中装建设集团股份有限公司 公开发行可转换公司债券 第七次临时受托管理事务报告 (2025 年度) 债券受托管理人 乐兴证券股份有限公司 DONGXING SECURITIES CO.,LTD. 二〇二五年九月 1 重要声明 本报告依据《公司债券发行与交易管理办法》(以下简称"《管理办法》")、《深圳 市中装建设集团股份有限公司与东兴证券股份有限公司关于公开发行可转换公司债 券之受托管理协议》(以下简称"《受托管理协议》")、《深圳市中装建设集团股份有限 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》") 等相关公开 信息披露文件,由本次可转债受托管理人东兴证券股份有限公司(以下简称"东兴证 券")编制。东兴证券对本报告中所包含的从上述文件中引述内容和信息未进行独立 验证,也不就该等引述内容和信息的真实性、准确性和完整性做出任何保证或承担任 何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见,投资者应对相关事宜 做出独立判断,而不应将本报告中的任何内容据以作为东兴证券所作的承诺或声明。 ...

Group 1 - The core viewpoint of the article indicates that the decoration and renovation sector experienced a decline of 0.75% on September 17, with Mingdiao Co. leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] - A detailed table of individual stocks in the decoration and renovation sector shows various closing prices and percentage changes, with ST Mingjia Hui at 3.98, up 2.05%, and ST Jianyi at 9.50, down 0.73% [1] Group 2 - The net capital flow in the decoration and renovation sector showed a net outflow of 135 million yuan from main funds, while retail investors contributed a net inflow of 135 million yuan [3] - The table of capital flow indicates that while main funds and speculative funds saw outflows, retail investors were the primary contributors to the inflow [3]