IRAY TECHNOLOGY(SH:688301) Zheng Quan Zhi Xing·2025-06-17 10:29Core Viewpoint - The report outlines the issuance of convertible bonds by Yirui Technology, detailing the bond's characteristics, terms, and the management of the bondholder's rights by China International Capital Corporation (CICC) [2][3][9] Group 1: Bond Issuance Overview - The bond issuance was approved by the company's board on January 13, 2022, and by the shareholders on February 15, 2022, with a validity period until February 14, 2023 [3] - The China Securities Regulatory Commission approved the bond registration on September 15, 2022 [3] Group 2: Bond Details - The bond is named "Yirui Convertible Bonds" with a code of 118025, issued at a scale of RMB 1,435.01 million, consisting of 14,350,100 bonds [3][4] - The bonds have a face value of RMB 100 each and are issued at par [4] - The bond has a six-year term from October 24, 2022, to October 23, 2028, with a tiered interest rate starting from 0.2% in the first year to 2.0% in the sixth year [4][5] Group 3: Conversion and Pricing - The conversion period for the bonds starts on April 28, 2023, and ends on October 23, 2028, with an initial conversion price of RMB 499.89 per share, adjusted to RMB 162.64 per share [5][6] - Following a profit distribution and capital increase plan, the conversion price was adjusted to RMB 115.50 per share effective June 19, 2025 [8] Group 4: Credit Rating and Management - The bonds received a credit rating of AA from Dongfang Jincheng International Credit Rating Co., Ltd., with a stable outlook [6] - CICC, as the bond's trustee, will monitor significant matters affecting bondholders' rights and ensure compliance with relevant regulations [9]