Shenglan Technology (SZ:300843) Zheng Quan Zhi Xing·2025-08-25 17:27Core Viewpoint - The company, Shenglan Technology Co., Ltd., is issuing convertible bonds totaling RMB 450 million, approved by the China Securities Regulatory Commission, to raise funds for its operations and development [1][2][3]. Group 1: Issuance Details - The total amount of the convertible bonds is RMB 450 million, with a total of 4.5 million bonds issued at a face value of RMB 100 each [2][3]. - The bonds will have a maturity of 6 years, from August 28, 2025, to August 27, 2031, with annual interest rates starting at 0.20% in the first year and increasing to 2.30% in the sixth year [2][3][4]. - The initial conversion price is set at RMB 54.56 per share, which is based on the average trading price of the company's stock over the previous 20 trading days [4][5]. Group 2: Subscription and Allocation - Original shareholders will have priority in subscribing to the bonds, with the subscription period starting on August 27, 2025, and any remaining bonds will be offered to the public through the Shenzhen Stock Exchange [1][13]. - The maximum number of bonds that original shareholders can subscribe to is approximately 4,499,919, accounting for 99.9982% of the total issuance [14][15]. - Public investors can subscribe online, with a minimum subscription of 10 bonds (RMB 1,000) and a maximum of 10,000 bonds (RMB 1 million) per account [16][17]. Group 3: Redemption and Buyback Provisions - The company will redeem the bonds at 113% of the face value, including the last interest payment, within five trading days after maturity if they remain unconverted [9][10]. - If the stock price exceeds 130% of the conversion price for at least 15 trading days within a 30-day period, the company has the right to redeem the bonds [10][12]. - Holders of the convertible bonds have the right to sell back their bonds to the company at face value plus accrued interest under certain conditions, such as significant changes in the use of raised funds [12][10]. Group 4: Regulatory and Compliance - The bonds are rated AA- by China Chengxin International Credit Rating Co., Ltd., indicating a stable outlook [18]. - The issuance plan has been approved by the company's board and is valid for 12 months from the date of shareholder approval [18][19]. - The company will ensure compliance with all relevant regulations and will disclose necessary information through appropriate channels [1][19].