Marssenger Kitchenware(SZ:300894) Zheng Quan Zhi Xing·2025-07-14 08:21Core Viewpoint - Mars Man Kitchenware Co., Ltd. is expected to trigger the downward adjustment of the conversion price for its convertible bonds due to the stock price being below 85% of the current conversion price for 10 trading days from July 1 to July 14, 2025 [1][7]. Convertible Bond Issuance Overview - The company issued 5,289,990 convertible bonds with a total fundraising amount of RMB 528,999,000, after deducting related expenses of RMB 10,246,255.72 [1]. - The bonds were approved by the China Securities Regulatory Commission and began trading on August 23, 2022, under the code "123154" [2]. Conversion Price Adjustment - The initial conversion price was set at RMB 34.59 per share and has undergone several adjustments, currently standing at RMB 32.95 per share as of October 22, 2024 [3][4][6]. - The conversion price adjustments are based on the company's profit distribution and stock issuance events, as outlined in the prospectus [3][4][6]. Conditions for Downward Adjustment of Conversion Price - The conversion price can be adjusted downward if the company's stock price is below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [6][7]. - The adjustment requires approval from two-thirds of the voting rights at a shareholders' meeting, excluding bondholders from voting [7]. Expected Trigger for Price Adjustment - As of July 14, 2025, the stock price has been below RMB 28.01 per share, indicating a potential trigger for the downward adjustment of the conversion price [7]. - The company will convene a board meeting to decide on the adjustment and will disclose the decision the next trading day [7].