Zheng Quan Zhi Xing·2025-07-03 16:27Core Viewpoint - The company, Shanghai Xiangfenghua Technology Co., Ltd., has successfully issued convertible bonds totaling RMB 800 million, with a maturity of six years and a structured interest rate that increases over time [2][3][16]. Section 1: Bond Overview - The company has received approval from the China Securities Regulatory Commission to issue 8 million convertible bonds at a face value of RMB 100 each, amounting to a total of RMB 80 million [2][3]. - The net proceeds from the bond issuance, after deducting issuance costs of RMB 9,271,542.41, will be used for the construction of an integrated production base [3][16]. - The bonds will be listed on the Shenzhen Stock Exchange starting October 26, 2023, under the name "Xiangfeng Convertible Bonds" and code "123225" [2][3]. Section 2: Bond Terms - The bonds have a fixed interest rate structure: 0.30% for the first year, increasing to 3.00% by the sixth year [3][4]. - Interest payments will be made annually, with the first payment occurring one year after the issuance date [4]. - The initial conversion price for the bonds is set at RMB 33.63 per share, subject to adjustments based on stock performance and corporate actions [5][6]. Section 3: Conversion and Redemption - The conversion period for the bonds begins six months after issuance and lasts until the maturity date [4][5]. - The company has the right to redeem the bonds at 118% of the face value after five years or under certain conditions, such as stock price performance [8][9]. - Holders of the convertible bonds have the option to sell them back to the company if specific conditions regarding stock price are met [10][11]. Section 4: Management Changes - The company held a shareholder meeting on June 30, 2025, to elect a new board of directors and appoint senior management, including the chairman and general manager [17][18]. - The new board consists of both independent and non-independent directors, ensuring compliance with corporate governance standards [18][19]. - The changes in management are part of a normal cycle and are not expected to adversely affect the company's operations or financial stability [19].