HNPOLY(SZ:300630) Zheng Quan Zhi Xing·2025-05-09 12:39Core Viewpoint - The company, Hainan Puli Pharmaceutical Co., Ltd., has announced a potential downward adjustment of the conversion price for its convertible bonds due to the stock price falling below a specified threshold over a recent trading period [1][10]. Group 1: Convertible Bond Details - The company issued 8.5 million convertible bonds with a face value of 100 RMB each, raising a total of 850 million RMB, netting approximately 837.86 million RMB after fees [2][4]. - The conversion period for the bonds started on August 23, 2021, and will last until the bonds mature [4]. - The initial conversion price was set at 46.22 RMB per share, which has been adjusted multiple times due to various corporate actions [6][7]. Group 2: Price Adjustment Conditions - According to the bond's offering document, if the stock price falls below 85% of the conversion price for at least 15 out of 30 consecutive trading days, the board can propose a downward adjustment of the conversion price [10][11]. - As of the period from March 17, 2025, to May 9, 2025, the stock has recorded 10 trading days where the closing price was below 2.55 RMB, indicating a potential trigger for the price adjustment [1][10]. Group 3: Future Implications - If the downward adjustment condition is triggered, the company will follow the necessary procedures for board review and shareholder voting as outlined in the offering document [11][12]. - The company has a timeline for the delisting of its stock, with a trading suspension expected to last for 15 days, concluding on May 21, 2025 [1].