LING STEEL(SH:600231) Zheng Quan Zhi Xing·2025-03-25 10:19Core Viewpoint - The company announces the potential for a downward adjustment of the conversion price for its convertible bonds due to recent stock price performance, which may trigger conditions outlined in the offering prospectus [1][5]. Summary by Sections Convertible Bond Issuance Overview - The company issued 4.4 million convertible bonds with a total value of RMB 440 million, maturing in six years with a tiered interest rate starting from 0.40% in the first year to 2.20% in the sixth year [2]. Conversion Price Adjustment Conditions - The current conversion price is set at RMB 2.59 per share, with the conversion period running from October 19, 2020, to April 12, 2026 [1]. - The conversion price has been adjusted multiple times due to equity distribution plans, with the latest adjustment reducing it from RMB 2.69 to RMB 2.59 per share effective April 27, 2022 [3]. Triggering Conditions for Downward Adjustment - From March 12 to March 25, 2025, the company's stock price has closed below 85% of the current conversion price (RMB 2.20) for 10 trading days, indicating a potential trigger for a downward adjustment [5]. - If the stock price continues to close below the conversion price for five out of the next twenty trading days, the adjustment clause will be activated [5]. Adjustment Procedure - If the conditions for adjustment are met, the board will convene to decide on the adjustment and will disclose the decision the following trading day [4][5].