ECOVACS(SH:603486) Zheng Quan Zhi Xing·2025-07-08 16:08Core Viewpoint - The report outlines the adjustment of the conversion price for the convertible bonds issued by Ecovacs Robotics Co., Ltd., reflecting changes in the company's stock structure due to the repurchase and cancellation of restricted stocks, ensuring compliance with the relevant regulations and protecting the interests of bondholders [2][15][16]. Summary by Sections Bond Issuance Overview - The total amount of the convertible bonds issued is capped at 1.04 billion yuan, with 10.4 million bonds issued at a face value of 100 yuan each, raising a net amount of approximately 1.03 billion yuan after deducting issuance costs [3][4]. - The bonds have a maturity of six years, from November 30, 2021, to November 29, 2027, with a tiered interest rate starting at 0.3% in the first year and reaching 2.0% in the sixth year [4][5]. Conversion Price Adjustment - The initial conversion price was set at 178.44 yuan per share, which is subject to adjustments based on stock dividends, capital increases, and other corporate actions [6][12]. - Following the repurchase of 489,300 restricted stocks, the conversion price was recalculated from 174.72 yuan to 174.85 yuan per share, effective from July 8, 2025 [15][16]. Bondholder Rights and Protections - Bondholders have the right to convert their bonds into shares during the conversion period, which lasts from June 6, 2022, to November 29, 2027 [5][9]. - The company has provisions for bond redemption at 110% of the face value plus accrued interest if certain stock price conditions are met [10][11]. Credit Rating and Management - The bonds have been rated AA by China Chengxin International Credit Rating Co., Ltd., indicating a stable outlook for the issuer [12]. - The report emphasizes the commitment of the underwriter, China International Capital Corporation, to monitor the issuer's compliance with bondholder interests and obligations [17].