Core Points - The company issued convertible bonds on August 8, 2023, with a total amount of RMB 260 million, consisting of 26 million bonds at a face value of RMB 100 each [1][2] - The bonds have a maturity period of six years with a tiered interest rate starting from 0.2% in the first year to 2.0% in the sixth year [1] - The bond's conversion price was initially set at RMB 12.13 per share, which has been adjusted to RMB 11.93 and will further adjust to RMB 11.81 due to dividend distributions [3][4] Convertible Bond Issuance Overview - The company received approval from the China Securities Regulatory Commission for the issuance of convertible bonds [1] - The bonds were listed on the Shanghai Stock Exchange on September 8, 2023, under the name "双良转债" and code "110095" [2] Conversion Price Adjustments - The conversion price of the bonds will be adjusted based on the company's dividend distributions, with the first adjustment occurring on September 26, 2023, and the second on June 12, 2024 [3][4] - A further downward adjustment to RMB 7.20 per share was approved on October 25, 2024, and subsequently to RMB 6.18 per share on March 25, 2025 [4][5] Interest Payment Plan - The bonds will pay interest annually, with the first interest payment scheduled for August 8, 2025, covering the period from August 8, 2024, to August 7, 2025 [9][10] - The interest rate for the second year is set at 0.5%, resulting in an interest payment of RMB 0.50 per bond (before tax) [9][15] Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net payment of RMB 0.40 per bond after tax [15] - Non-resident investors are exempt from corporate income tax on interest income until December 31, 2025 [16]
双良节能系统股份有限公司关于“双良转债”2025年付息公告