Shuangliang Eco-Energy(SH:600481) Zheng Quan Zhi Xing·2025-07-03 16:27Core Viewpoint - The report outlines the issuance of convertible bonds by Shuangliang Energy Systems Co., Ltd., detailing the bond's approval process, terms, and credit rating changes [2][3][6]. Group 1: Bond Issuance Details - The convertible bonds, named "Shuangliang Convertible Bonds" with code 110095, have a total issuance size of RMB 2.6 billion (260,000,000 million) and consist of 26 million bonds [3][4]. - The bonds have a maturity period of 6 years, starting from the issuance date, with an annual interest rate that increases from 0.2% in the first year to 2.0% in the sixth year [3][4]. - The initial conversion price is set at RMB 12.13 per share, while the current conversion price is RMB 6.18 per share [5][6]. Group 2: Approval and Rating Information - The bond issuance has been approved by the Shanghai Stock Exchange and registered with the China Securities Regulatory Commission [3]. - The credit rating agency, United Ratings, has downgraded the company's long-term credit rating to AA- and the bond's rating to AA-, with a stable outlook [6][7]. - The previous credit rating was AA, indicating a decline in the company's creditworthiness [7]. Group 3: Management and Oversight - China International Capital Corporation (CICC) serves as the sponsor, lead underwriter, and trustee for the bond issuance, ensuring the protection of bondholders' rights [2][6]. - CICC will continue to monitor the issuer's ability to repay the principal and interest of the bonds, as well as any significant matters affecting bondholders [7].