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通光线缆: 长城证券股份有限公司关于江苏通光电子线缆股份有限公司不提前赎回“通光转债”的核查意见

Core Viewpoint - The company, Jiangsu Tongguang Electric Cable Co., Ltd., has decided not to exercise the early redemption rights of its convertible bonds, known as "Tongguang Convertible Bonds," after a thorough review by its board of directors and in consideration of current market conditions and the company's actual situation [5]. Summary by Sections Convertible Bond Basic Information - The total amount raised from the issuance of convertible bonds in 2019 was 297 million yuan, with a net amount of 286.972 million yuan after deducting issuance costs of 10.028 million yuan [1]. - The bonds were listed on the Shenzhen Stock Exchange on November 28, 2019, under the name "Tongguang Convertible Bonds" and the code "123034" [2]. - The conversion period for the bonds started six months after the issuance date, which was November 8, 2019, and will last until the maturity date [2]. Conversion Price Adjustment - The conversion price has been adjusted multiple times due to equity distribution, with the latest adjustment on July 19, 2023, changing the price from 7.91 yuan to 8.00 yuan per share [3]. - Future adjustments are scheduled, with the conversion price expected to decrease to 7.92 yuan on July 4, 2024, and further to 7.88 yuan on July 4, 2025 [3]. Conditional Redemption Terms and Triggering Conditions - The bonds have a conditional redemption clause that allows the company to redeem them if the stock price exceeds 130% of the conversion price for at least 15 trading days within a 30-day period [4]. - As of July 31, 2025, the stock price has met the condition for redemption, reaching 10.25 yuan, which is 130% of the conversion price of 7.88 yuan [4]. Reasons for Not Exercising Early Redemption - The board of directors held a meeting on July 31, 2025, and decided not to exercise the early redemption rights, considering market conditions and the company's situation [5]. - The company plans to redeem the bonds at maturity and delist them after the conversion period ends on November 3, 2025 [5]. Shareholder Trading Activity - There have been no transactions of "Tongguang Convertible Bonds" by major shareholders or executives in the six months prior to the redemption condition being met, and there are no plans for future reductions in holdings [5]. Sponsor's Opinion - The sponsor, Changcheng Securities, has reviewed the decision not to redeem the bonds early and found that the company followed necessary decision-making procedures and complied with relevant regulations [5].