DAYUAN PUMP(SH:603757) Zheng Quan Zhi Xing·2025-08-22 08:15Core Viewpoint - Zhejiang Dayuan Pump Industry Co., Ltd. has triggered the conditional redemption clause for its convertible bonds due to the stock price meeting the required threshold, leading to the decision to redeem all outstanding bonds at face value plus accrued interest [1][6]. Group 1: Convertible Bond Issuance Overview - The company issued 450,000 convertible bonds on December 5, 2022, with a total amount of 450 million yuan and a maturity of 6 years [2]. - The coupon rates for the bonds are structured to increase over the years, starting from 0.4% in the first year to 3.0% in the sixth year, with a redemption price of 115 yuan [2]. - The bonds began trading on the Shanghai Stock Exchange on January 4, 2023, under the name "Dayuan Convertible Bonds" with the code "113664" [2]. Group 2: Redemption Clause and Trigger Conditions - The conditional redemption clause allows the company to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 trading days within a 30-day period [5]. - The stock price from August 4 to August 22, 2025, met the condition, as it was above 26.77 yuan (130% of the conversion price of 20.59 yuan) for 15 trading days [6]. Group 3: Decision on Early Redemption - The company's board of directors approved the early redemption of the convertible bonds on August 22, 2025, with a unanimous vote of 9 in favor [6]. - The redemption will be executed at the face value plus accrued interest for all registered bondholders on the redemption date [6]. Group 4: Related Party Transactions - There were no transactions involving the convertible bonds by major shareholders or executives in the six months leading up to the redemption trigger [7]. Group 5: Sponsor's Verification Opinion - The sponsor confirmed that the early redemption process has been properly approved by the board and complies with relevant regulations [7].