SHHG(SH:603131) Zheng Quan Zhi Xing·2025-07-10 16:21Summary of Key Points Core Viewpoint - Shanghai Huguang Welding Group Co., Ltd. is set to pay interest on its convertible bonds, issued on July 20, 2020, starting from July 21, 2025, for the period from July 20, 2024, to July 19, 2025 [1][6]. Group 1: Bond Issuance Overview - The convertible bonds, named "Huguang Convertible Bonds," were issued on July 20, 2020, with a total issuance of 4 million bonds, amounting to 400 million RMB [1][2]. - The bonds have a face value of 100 RMB each and were issued at par [1][2]. - The interest rates for the bonds are structured to increase over the years, starting from 0.40% in the first year to 2.80% in the sixth year [1][2]. Group 2: Bond Terms and Conditions - The bonds have a maturity period of 6 years, from July 20, 2020, to July 19, 2026 [2]. - The initial conversion price was set at 21.32 RMB per share, adjusted to 21.09 RMB per share due to profit distribution plans [2][3]. - Interest payments will be made annually, with the first payment scheduled for July 21, 2025, following a registration date of July 18, 2025 [4][6]. Group 3: Interest Payment Details - The interest for the fifth year is set at 2.40 RMB per bond (before tax), resulting in a net payment of 1.92 RMB after a 20% personal income tax [7][8]. - The payment process involves the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, which will handle the distribution of interest payments to bondholders [6][7]. Group 4: Credit Rating and Guarantee - The bonds have received a credit rating of A, with a stable outlook, as per the report from United Ratings Co., Ltd. [5][6]. - The actual controller of the company, Shu Hongrui, has provided an unconditional and irrevocable joint liability guarantee for the repayment of the bonds [5][6].