Zheng Quan Zhi Xing·2025-05-30 08:10Core Points - Zhejiang Yonggui Electric Co., Ltd. is issuing convertible bonds to unspecified investors, with a total issuance scale of RMB 980 million [3][4] - The bonds will have a maturity period of six years, from March 13, 2025, to March 12, 2031, with a tiered interest rate structure [4][5] - The initial conversion price for the bonds is set at RMB 18.29 per share, which has been adjusted to RMB 18.23 following a cash dividend distribution [8][9] Group 1: Bond Issuance Details - The bond issuance has been approved by the board and shareholders in multiple meetings held in 2023 and 2024 [2][3] - The bonds will be listed on the Shenzhen Stock Exchange after receiving approval from the China Securities Regulatory Commission [3] - The bonds will be issued in denominations of RMB 100 each, totaling 9.8 million bonds [3][4] Group 2: Interest and Payment Terms - The interest rates for the bonds will increase progressively from 0.20% in the first year to 2.30% in the sixth year [4][5] - Interest payments will be made annually, with the first payment occurring one year after the issuance date [5][6] - Holders of the bonds will not receive interest for the year if they convert their bonds into shares before the interest payment date [5][6] Group 3: Conversion and Adjustment Mechanism - The conversion period for the bonds will start six months after issuance and last until maturity [5][6] - The conversion price can be adjusted based on corporate actions such as stock dividends or cash distributions [7][8] - The adjusted conversion price of RMB 18.23 will take effect from June 4, 2025, following a cash dividend distribution [8][9] Group 4: Credit Rating and Management - The bonds have been rated AA- by China Chengxin International Credit Rating Co., Ltd. [6] - The bonds are not secured by any collateral [6] - Oriental Securities is acting as the sponsor, lead underwriter, and trustee for the bond issuance, ensuring the protection of bondholders' rights [2][9]