TGC(SZ:300265) Zheng Quan Zhi Xing·2025-07-31 16:15Core Viewpoint - The company has decided not to exercise the early redemption rights of its convertible bonds, "Tongguang Convertible Bonds," despite triggering the conditional redemption clause due to the stock price exceeding 130% of the conversion price for 15 trading days [1][6][8]. Group 1: Convertible Bond Details - The company issued 2.97 billion yuan worth of convertible bonds on November 4, 2019, with a face value of 100 yuan per bond [1][2]. - The initial conversion price was set at 7.98 yuan per share, which has been adjusted multiple times due to equity distribution plans, with the latest adjustment bringing it to 7.88 yuan per share [2][3][4][5]. - The conversion period for the bonds is from May 8, 2020, to November 3, 2025 [2]. Group 2: Redemption Clause and Conditions - The conditional redemption clause allows the company to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 trading days [5][6]. - As of July 31, 2025, the stock price was 10.82 yuan per share, meeting the condition for redemption [6][8]. Group 3: Board Decision and Future Plans - The company's board of directors held a meeting on July 31, 2025, and decided not to exercise the early redemption rights, planning to redeem the bonds at maturity instead [6][8]. - There are no current plans from major shareholders or executives to reduce their holdings in the convertible bonds in the next six months [7]. Group 4: Compliance and Verification - The underwriting institution has verified that the decision not to redeem the bonds early complies with relevant regulations and internal procedures [7].