PRCO(SZ:002225) Shang Hai Zheng Quan Bao·2025-08-11 20:14Core Viewpoint - The company, Puyang Puna High-Temperature Materials (Group) Co., Ltd., has announced the early redemption of its convertible bonds, "Puna Convertible Bonds," due to the fulfillment of specific redemption conditions [2][20]. Group 1: Redemption Details - The redemption price for "Puna Convertible Bonds" is set at 100.906 CNY per bond, which includes accrued interest at an annual rate of 3.80% [1][13]. - The redemption conditions were met as the company's stock price was above 130% of the conversion price for at least 15 trading days within a 30-day period [11][12]. - Key dates for the redemption process include: - Redemption condition satisfaction date: July 28, 2025 - Last trading day: August 18, 2025 - Redemption registration date: August 20, 2025 - Redemption date: August 21, 2025 - Funds credited to the company’s account: August 26, 2025 - Redemption funds credited to bondholders: August 28, 2025 [3][15][17]. Group 2: Bond Issuance and Conversion - The company issued a total of 6,263,903 convertible bonds with a total value of 62,639.03 million CNY, with an initial conversion price of 4.43 CNY per share [2][5]. - The conversion price has been adjusted multiple times due to annual equity distributions, with the latest adjustment setting the price at 4.20 CNY per share as of July 11, 2025 [6][7]. - The bonds were first listed on June 18, 2021, and the conversion period is from December 1, 2021, to May 25, 2026 [5][6]. Group 3: Compliance and Governance - The board of directors approved the early redemption of the bonds during a meeting held on July 28, 2025, ensuring compliance with relevant regulations and internal governance procedures [20][21]. - The company has not received any plans from major shareholders or executives to reduce their holdings in the bonds within the next six months [18]. Group 4: Additional Information - Bondholders must process conversion requests through the securities company that holds their bonds, with a minimum conversion unit of one bond [19]. - The company will publish redemption announcements daily leading up to the redemption date [15].