Zheng Quan Zhi Xing·2025-07-08 16:19Summary of Key Points Core Viewpoint - The company, Xiamen Songlin Technology Co., Ltd., has decided not to exercise the early redemption option for its convertible bonds, known as "Songlin Convertible Bonds," to protect investor interests despite meeting the conditions for redemption [1][4]. Group 1: Convertible Bond Issuance Overview - The company issued 6.1 million convertible bonds with a face value of 100 RMB each, totaling 610 million RMB, approved by the China Securities Regulatory Commission on July 20, 2022 [1][2]. - The bonds have a fixed interest rate of 1.00% in the first year, increasing to 2.00% in the sixth year [1]. Group 2: Redemption Terms and Trigger Conditions - The redemption clause allows the company to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 out of 30 trading days [2][3]. - The current conversion price is set at 16.58 RMB per share, with the recent trading price being 15.41 RMB per share [2]. Group 3: Decision on Early Redemption - The board of directors has unanimously decided not to redeem the bonds early, even though the stock price has met the redemption conditions from June 18 to July 8, 2025 [3][4]. - The company will reassess the situation after October 8, 2025, should the redemption conditions be triggered again [3]. Group 4: Related Party Transactions - The company's major shareholders and executives have not held or traded the convertible bonds in the six months leading up to the redemption conditions being met [4]. Group 5: Underwriter's Review - The underwriter, Guotai Junan Securities, has confirmed that the decision not to redeem the bonds early complies with relevant regulations and internal decision-making processes [4][5].