HFCC(SZ:002806) Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2025-07-29 23:49Summary of Key Points Core Viewpoint The announcement details the redemption of "HuaFeng Convertible Bonds" (华锋转债) by Guangdong HuaFeng New Energy Technology Co., Ltd., including the conditions for redemption, the redemption price, and the subsequent delisting of the bonds from the Shenzhen Stock Exchange. Group 1: Convertible Bond Issuance and Listing - The company issued 3.524 million convertible bonds with a total value of 352.40 million yuan, each with a face value of 100 yuan, approved by the China Securities Regulatory Commission on December 4, 2019 [2][22]. - The bonds were listed on the Shenzhen Stock Exchange on January 6, 2020, under the name "HuaFeng Convertible Bonds" with the code "128082.SZ" [3][25]. - The conversion period for the bonds is from June 10, 2020, to December 3, 2025 [4][25]. Group 2: Conversion Price Adjustments - The initial conversion price was set at 13.17 yuan per share, which was adjusted to 13.09 yuan on May 29, 2020, and further reduced to 11.71 yuan on July 2, 2020 [5][26]. - Subsequent adjustments brought the conversion price down to 9.13 yuan on March 23, 2021, and finally to 8.70 yuan on July 10, 2024 [6][7][26]. Group 3: Redemption Conditions and Implementation - The redemption was triggered as the stock price exceeded 130% of the current conversion price (11.31 yuan) for at least 15 trading days between June 9 and June 27, 2025 [7][27]. - The board approved the early redemption of the bonds on June 27, 2025, allowing for the redemption of all unconverted bonds at their face value plus accrued interest [7][27]. Group 4: Redemption Price and Payment - The redemption price is set at 101.764 yuan per bond, which includes accrued interest calculated based on a 2.80% annual interest rate [10][30]. - A total of 4,181 bonds will be redeemed, amounting to a total payment of 425,475.13 yuan, excluding redemption fees [16][35]. Group 5: Delisting and Share Capital Structure - Following the redemption, the bonds will be delisted from the Shenzhen Stock Exchange on July 30, 2025 [18][36]. - The total share capital increased by 39,420,343 shares due to the conversion of bonds, which may dilute earnings per share in the short term [17][19].