Jiangsu Huachen(SH:603097) Zheng Quan Zhi Xing·2025-06-20 10:36Meeting Overview - The 16th meeting of the third Supervisory Board of Jiangsu Huachen Transformer Co., Ltd. was held on a specified date, with all three supervisors present, ensuring compliance with relevant laws and regulations [1] Convertible Bond Issuance - The Supervisory Board approved the proposal for the issuance of convertible bonds, with a total issuance scale of RMB 460 million, equivalent to 4.6 million bonds at a face value of RMB 100 each [2] - The bonds will have a term of 6 years, from June 20, 2025, to June 19, 2031, with a tiered interest rate starting at 0.20% in the first year and increasing to 2.50% in the sixth year [2] - The initial conversion price is set at RMB 23.53 per share, based on the average trading price of the company's stock over the previous 20 trading days [3][4] Credit Rating - The company has engaged a credit rating agency, with the long-term credit rating for the company set at A+ and the convertible bonds also rated A+ [3] Conversion and Redemption Terms - The conversion period for the bonds will start six months after issuance and last until the maturity date [2] - The company has outlined conditions for adjusting the conversion price, including adjustments for stock dividends and other corporate actions [4][5] - Upon maturity, the company will redeem the bonds at 114% of the face value, including the last interest payment [7] Shareholder Rights - Existing shareholders will have priority in subscribing to the convertible bonds based on their shareholding as of the record date, with a specific allocation ratio [12][13] - The bonds will not be secured, and the company will manage the funds raised through a dedicated account [15] Governance Changes - The company plans to abolish the Supervisory Board and amend its Articles of Association to enhance governance and compliance with legal requirements [15][16]