Guosen Securities(SZ:002736) Zheng Quan Zhi Xing·2025-06-12 09:27Core Viewpoint - The company has decided not to exercise the early redemption option for its convertible bonds, "Nuitai Convertible Bonds," despite meeting the conditions for redemption, in order to protect the interests of bondholders [1][5]. Group 1: Convertible Bond Issuance - The company issued convertible bonds totaling 350 million yuan on June 27, 2023, with a net fundraising amount of approximately 344.08 million yuan after deducting issuance costs [1][2]. - The bonds were listed for trading on the Shenzhen Stock Exchange starting July 18, 2023, under the name "Nuitai Convertible Bonds" and code "123201" [2]. Group 2: Conversion Terms - The conversion period for the bonds is from January 3, 2024, to June 26, 2029, with an initial conversion price set at 29.88 yuan per share [2]. - The conversion price has been adjusted multiple times, with the latest adjustment bringing it down to 15.04 yuan per share effective May 26, 2025 [3]. Group 3: Redemption Terms - The bonds have a conditional redemption clause that allows the company to redeem them if the stock price exceeds 130% of the conversion price for at least 15 trading days within a 30-day period, or if the unconverted balance falls below 30 million yuan [3][4]. - The redemption condition was triggered between May 20, 2025, and June 12, 2025, as the stock price met the required threshold [4]. Group 4: Decision Against Early Redemption - The company's board of directors decided not to redeem the bonds early, considering the short conversion period and current market conditions, aiming to protect bondholder interests [5]. - The company will reassess the situation after September 12, 2025, should the redemption conditions be met again [5]. Group 5: Shareholder Transactions - There have been no transactions of the bonds by major shareholders, including the actual controller and board members, in the six months prior to the redemption condition being met [5]. - No plans for future reductions in holdings of the bonds have been reported by these stakeholders [5]. Group 6: Sponsor's Review - The sponsor has confirmed that the decision not to redeem the bonds early has been approved by the board and complies with relevant regulations and the terms outlined in the offering document [5].