PDH(SH:600048) Shang Hai Zheng Quan Bao·2025-08-13 18:10Core Points - The company announced an adjustment to the conversion price of its convertible bonds based on the 2024 profit distribution plan, reducing the price from 16.09 CNY to 15.92 CNY per share [2][5] - The adjustment will take effect on August 20, 2025, following the company's cash dividend distribution of 1.70 CNY per 10 shares [3][5] Summary of Convertible Bonds - The company issued 85 million convertible bonds with a face value of 100 CNY each, raising a total of 850 million CNY, netting 847.875 million CNY after deducting issuance costs [2] - The initial conversion price was set at 16.09 CNY per share, with the conversion period starting six months after the issuance [2] Basis for Conversion Price Adjustment - The adjustment is based on the company's profit distribution plan approved at the third extraordinary general meeting on July 1, 2025, which includes a cash dividend of 1.70 CNY per 10 shares [3][4] - The adjusted conversion price formula is P1 = P0 - D, where D is the cash dividend per share [4] Results of Conversion Price Adjustment - The adjusted conversion price is calculated to be approximately 15.92 CNY per share, effective from the ex-dividend date of August 20, 2025 [5] - The cash dividend per share, after considering the total share capital, is approximately 0.1685 CNY [5][9] Profit Distribution Plan - The profit distribution plan for the fiscal year 2024 includes a cash dividend of 0.17 CNY per share, totaling approximately 2.017 billion CNY [7][9] - The distribution will be made to all shareholders registered by the close of trading on August 19, 2025 [8] Tax Implications - For individual shareholders, the cash dividend will not be subject to withholding tax at the time of distribution, with tax calculated based on the holding period upon sale of shares [13] - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net cash dividend of 0.153 CNY per share [14]