Cinda Securities(SH:601059) Zheng Quan Zhi Xing·2025-07-21 16:23Summary of Key Points Core Viewpoint - The company, Celis Medical Technology Group Co., Ltd., has decided not to exercise the early redemption rights of its convertible bonds, known as "Celis Convertible Bonds," despite meeting the conditions for redemption. This decision is made to protect investor interests and will be reassessed after a specified period [7][9]. Group 1: Convertible Bond Issuance and Terms - The company issued 5.4331 million convertible bonds on August 21, 2020, with a total amount of RMB 543.31 million and a maturity of 6 years [1][2]. - The coupon rates for the bonds are structured to increase over the years, starting from 0.50% in the first year to 3.00% in the sixth year [1]. - The initial conversion price for the bonds was set at RMB 16.98 per share, with the conversion period from March 1, 2021, to August 20, 2026 [2][3]. Group 2: Redemption Terms and Conditions - The bonds have conditional redemption terms, which can be triggered if the stock price exceeds 130% of the conversion price for at least 15 out of 30 trading days or if the remaining unconverted bonds are less than RMB 30 million [6]. - The redemption condition was met between July 1, 2025, and July 21, 2025, as the stock price was above RMB 15.60 per share [7]. Group 3: Decision on Early Redemption - The board of directors decided not to exercise the early redemption rights for the bonds, considering current market conditions and the company's situation. This decision will remain in effect for three months, after which the board will reassess if the redemption conditions are met again [7][9]. - The company has ensured that major stakeholders have not traded the bonds in the six months prior to the redemption condition being met and have no plans to reduce their holdings in the near future [7]. Group 4: Sponsor's Review - The sponsor, Xinda Securities, has reviewed the decision and confirmed that the company has followed the necessary decision-making procedures and complied with relevant regulations and the terms outlined in the bond prospectus [8][9].