WANNIANQING(SZ:000789) Zheng Quan Shi Bao Wang·2025-02-23 18:11Summary of Key Points Core Viewpoint - The company announces the activation of the conditional redemption clause for its convertible bonds, "Wanqing Convertible Bonds," due to the stock price being below 70% of the conversion price for 30 consecutive trading days, allowing bondholders to redeem their bonds at a specified price [1][2]. Redemption Overview - The conditional redemption clause allows bondholders to redeem their bonds at face value plus accrued interest if the stock price falls below 70% of the conversion price for 30 consecutive trading days [1][2]. - The current conversion price is 8.67 CNY per share, with the threshold for redemption set at 6.07 CNY per share [2]. Redemption Price and Period - The redemption price is set at 101.430 CNY per bond, inclusive of interest and tax [3][4]. - The redemption period is from February 19, 2025, to February 25, 2025 [3][8]. Interest Calculation - The accrued interest for the bonds is calculated using the formula: IA = B × i × t / 365, where the interest rate (i) is 2.00% for the current year [4]. - The calculated accrued interest amounts to 1.430 CNY per bond [4]. Tax Implications - Individual investors will have a 20% tax rate on interest income, resulting in a net redemption amount of 101.144 CNY per bond [5]. - Qualified foreign institutional investors (QFII and RQFII) are exempt from corporate income tax and value-added tax, receiving the full redemption amount of 101.430 CNY per bond [5]. Redemption Process and Payment - The company will announce the redemption results and its impact after the redemption period ends [9]. - Bondholders must submit their redemption requests through the Shenzhen Stock Exchange during the specified period [7]. - The payment for redeemed bonds will be processed on March 4, 2025 [8]. Trading and Conversion During Redemption Period - The "Wanqing Convertible Bonds" will continue to trade during the redemption period but will not allow conversion into shares [10].