Zheng Quan Zhi Xing·2025-05-09 09:46Group 1 - The core point of the report is the issuance of A-share convertible bonds by Great Wall Motor Company, with a total face value of RMB 3.5 billion approved for public offering [2][18][23] - The bonds were issued on June 10, 2021, with a maturity period of 6 years, and the actual funds raised amounted to RMB 3,490 million after deducting issuance costs [2][23] - The bonds are named "Changqi Convertible Bonds" with a code of "113049" and were approved for trading on the Shanghai Stock Exchange starting July 8, 2021 [3][4] Group 2 - The bond has a tiered interest rate structure, starting at 0.2% in the first year and increasing to 2.0% in the sixth year [4][5] - The initial conversion price for the bonds is set at RMB 38.39 per share, with provisions for adjustments based on various corporate actions [6][8] - The bondholders have the right to convert their bonds into shares during the conversion period from December 17, 2021, to June 9, 2027 [5][6] Group 3 - The funds raised from the bond issuance are intended for new model development projects, with a total investment of RMB 630,970.81 million allocated from the bond proceeds [18] - The company has established a special account for the management of the raised funds, which has been verified by Deloitte Huayong [23][24] - As of December 31, 2023, the company has utilized the raised funds in accordance with the specified purposes, totaling RMB 3,592,595,657.45 [23][24] Group 4 - The company maintains a credit rating of AAA for both its corporate entity and the convertible bonds, with a stable outlook as confirmed by China Chengxin International Credit Rating Co., Ltd. [19][27] - The bond does not provide any guarantees, as the company's net assets exceed RMB 1.5 billion, exempting it from the requirement [25] - The bondholders have specific rights, including interest payments, conversion rights, and the ability to attend bondholder meetings [15][16]