HMT(SH:603306) Zheng Quan Zhi Xing·2025-08-18 16:17Summary of Key Points Core Viewpoint - The company, Huamao (Xiamen) New Materials Technology Co., Ltd., has decided not to redeem its convertible bonds early, following a thorough review by its board of directors and in consideration of current market conditions [5][8]. Group 1: Convertible Bond Issuance - The company issued 10.5 million convertible bonds on September 14, 2023, with a total value of 1.05 billion yuan and a maturity of six years [1][2]. - The initial conversion price was set at 34.18 yuan per share, which was later adjusted to 34.15 yuan, 33.95 yuan, 33.85 yuan, and finally to 33.76 yuan due to various factors including stock options and profit distribution [2][3]. Group 2: Redemption Terms and Conditions - The convertible bonds have conditional redemption terms, which can be triggered if the stock price exceeds 130% of the conversion price for at least 15 trading days within a 30-day period, or if the remaining unconverted bonds are less than 30 million yuan [3][4]. - The stock price met the redemption condition between July 17, 2025, and August 14, 2025, prompting the company to consider its redemption options [5]. Group 3: Decision Against Early Redemption - On August 14, 2025, the company’s board decided not to exercise the early redemption option for the convertible bonds, citing current market conditions and future considerations [5][6]. - The company will not propose a conditional redemption plan even if the redemption conditions are met again within the next three months [5]. Group 4: Shareholder Transactions - The actual controller and major shareholders have reduced their holdings of the convertible bonds in the six months leading up to the redemption condition being met [6][7]. - The total amount of convertible bonds held by key stakeholders decreased significantly during this period [7]. Group 5: Underwriter's Review - The underwriter, ShenGang Securities, confirmed that the decision not to redeem the bonds early was made following proper procedures and in compliance with relevant regulations [8].