Zhuzhou Kibing (SH:601636) Zheng Quan Zhi Xing·2025-06-06 09:43Group 1 - The issuer of the convertible bonds is Zhuzhou Qibin Group Co., Ltd., with a total issuance scale of RMB 1.5 billion, consisting of 15 million bonds [2] - The bonds have a maturity period of 6 years, from April 9, 2021, to April 8, 2027, with an annual interest rate that increases from 0.20% in the first year to 1.00% in the fifth year [2] - The initial conversion price is set at RMB 13.15 per share, while the current conversion price is RMB 6.16 per share [2] Group 2 - The issuer's credit rating is AA+, as confirmed by Shanghai New Century Credit Rating Co., Ltd., and this rating is maintained throughout the bond's duration [3] - The bond trustee, Yongxing Securities Co., Ltd., is responsible for monitoring significant matters affecting bondholders' rights [3][4] - The board of directors of the issuer is undergoing a change, with a total of 1 non-independent director and 3 independent directors being replaced, which constitutes more than one-third of the board [4][6] Group 3 - The new non-independent director is Guan Ming, who has extensive experience in financial and managerial roles within the company [4][5] - The newly elected independent directors include Jean François M. Heris, Xia Yanzhen, and Xu Wuyi, all of whom bring significant industry experience [5][6] - The board changes are considered normal personnel adjustments and are not expected to adversely affect the issuer's daily management, operational performance, or debt repayment capability [6]