Zheng Quan Zhi Xing·2025-05-12 10:28Core Points - The company will pay interest on its convertible bonds on May 20, 2025, for the period from May 20, 2024, to May 19, 2025 [1][4] - The interest rate for the third year is set at 1.0%, resulting in a payment of RMB 1.00 per bond with a face value of RMB 100 [4][6] - The bonds were issued on May 20, 2022, with a total issuance amount of RMB 4 billion (40 million bonds) [3][4] Bond Details - The bonds are convertible into the company's A-shares, with an initial conversion price of RMB 43.94 per share, currently adjusted to RMB 41.71 per share [4] - The bonds have a six-year term, maturing on May 19, 2028, with annual interest payments [1][3] - The bonds are rated AA by a credit rating agency, indicating a strong credit quality [4] Payment Schedule - The bondholders' record date for interest payment is May 19, 2025, with the interest payment date also set for May 20, 2025 [5][6] - The company has appointed a custodian for the bond interest payments, ensuring timely distribution to bondholders [5][6] Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net payment of RMB 0.80 per bond after tax [6][8] - Non-resident institutional investors are exempt from corporate income tax on the bond interest [7][8]