KHB(SZ:002022) Zheng Quan Zhi Xing·2025-08-15 16:14Core Viewpoint - The company, Shanghai Kehua Bio-engineering Co., Ltd., has announced a potential trigger for the downward adjustment of the conversion price of its convertible bonds, "Kehua Convertible Bonds," based on stock performance criteria outlined in its prospectus [2][6]. Group 1: Convertible Bond Basic Information - The company issued 7.38 million convertible bonds with a total value of 738 million yuan, each with a face value of 100 yuan, starting from August 20, 2020 [3]. - The initial conversion price was set at 21.50 yuan per share, with the conversion period running from February 3, 2021, to July 27, 2026 [3]. - The conversion price has been adjusted multiple times due to various corporate actions, with the latest adjustment reducing it to 20.64 yuan per share effective from May 10, 2023 [5]. Group 2: Downward Adjustment Conditions - The company’s board can propose a downward adjustment of the conversion price if the stock price closes below 90% of the current conversion price for at least 10 out of 20 consecutive trading days [6]. - Any proposed adjustment must be approved by at least two-thirds of the voting rights at a shareholders' meeting, excluding those holding the convertible bonds [6]. Group 3: Upcoming Trigger Period - The period for potential triggering of the downward adjustment starts from August 11, 2025, and the company has already observed that the stock price has closed below the conversion price threshold for 5 trading days [7]. - If the conditions are met, the company will hold a board meeting to decide on the adjustment and will disclose the decision the following trading day [7].