PRCO(SZ:002225) Shang Hai Zheng Quan Bao·2025-08-07 18:15Core Viewpoint - The company, Puyang Pona High Temperature Materials (Group) Co., Ltd., has announced the early redemption of its convertible bonds, "Pona Convertible Bonds," due to the fulfillment of specific redemption conditions set forth in the bond issuance agreement [3][20]. Group 1: Redemption Details - The redemption price for "Pona Convertible Bonds" is set at 100.906 CNY per bond, which includes accrued interest at an annual rate of 3.80% [2][10]. - The redemption process includes key dates: trading will stop on August 18, 2025, and the redemption will occur on August 21, 2025 [3][17]. - The company will fully redeem all unconverted "Pona Convertible Bonds" as of the redemption registration date, August 20, 2025, after which the bonds will be delisted from the Shenzhen Stock Exchange [3][17]. Group 2: Bond Issuance and Conversion - The "Pona Convertible Bonds" were issued on May 26, 2021, with a total issuance of 6,263,903 bonds, amounting to 626.39 million CNY, and an initial conversion price of 4.43 CNY per share [4][27]. - The conversion price has been adjusted multiple times due to annual profit distribution, with the latest adjustment reducing the price to 4.20 CNY per share as of July 11, 2025 [5][29]. - As of August 6, 2025, a total of 105,082,078 shares have been converted from the bonds, representing 10.40% of the total shares issued before the bond conversion period [26][31]. Group 3: Conditions for Redemption - The company has the right to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days or if the remaining unconverted bonds are less than 30 million CNY [7][9]. - The stock price conditions were met between July 8 and July 28, 2025, triggering the redemption clause [9]. Group 4: Additional Information - The company will provide daily announcements regarding the redemption process leading up to the redemption date [14]. - Bondholders must handle conversion requests through their respective securities firms, and the minimum conversion unit is one bond [19].