Zheng Quan Zhi Xing·2025-08-14 09:14Core Viewpoint - The report outlines the issuance of convertible bonds by Puyang Puna High Temperature Materials (Group) Co., Ltd., detailing the approval process, terms, and current status of the bonds [2][3][4]. Summary by Sections Issuance Approval - The issuance plan for the convertible bonds was approved by the company's board on April 17, 2020, and subsequently by the shareholders on May 7, 2020 [2]. - The application for the public issuance was approved by the China Securities Regulatory Commission (CSRC) on November 23, 2020 [3]. Bond Details - The total face value of the convertible bonds issued is RMB 626,390,300, with a net amount raised of RMB 617,648,279.22 after deducting issuance costs [4]. - The bonds have a term of 5 years, from May 26, 2021, to May 25, 2026 [5]. Key Terms of the Bonds - The bonds are convertible into A-shares of the company, with an initial conversion price set at RMB 4.43 per share [6][19]. - The bonds will pay interest annually, with rates of 0.6% for the first year, 0.8% for the second year, and 1.0% for the third year [6]. Conversion and Redemption - The conversion period for the bonds is from December 1, 2021, to May 25, 2026 [19]. - As of August 6, 2025, a total of 105,082,078 shares have been converted, representing 10.40% of the company's total shares prior to the bond issuance [18][21]. Current Status and Adjustments - The latest conversion price has been adjusted to RMB 4.20 per share as of July 11, 2025, following previous adjustments [20]. - There are still 1,845,752 bonds unconverted, which is 29.47% of the total issued bonds [21]. Fund Utilization - The funds raised will be allocated to specific projects, including the intelligent manufacturing of refractory materials and high-performance environmental protection products [16][17]. Management and Oversight - Guotai Junan Securities serves as the trustee manager for the bonds, ensuring the protection of bondholders' rights and interests [2][21].