Zheng Quan Zhi Xing·2025-08-27 15:14Core Viewpoint - China General Nuclear Power Corporation (CGN) is issuing A-share convertible bonds to unspecified investors, with a total fundraising amount of RMB 490 million, net proceeds expected to be RMB 489.784 million after deducting issuance costs [2][4][20]. Summary by Sections Bond Issuance Overview - The issuance of 49 million convertible bonds, each with a face value of RMB 100, has been approved by the China Securities Regulatory Commission [2][4]. - The funds raised will be deposited in a special account and managed under a tripartite supervision agreement [3]. Key Terms of the Convertible Bonds - The bonds will have a term of six years, with interest rates increasing from 0.2% in the first year to 2.0% in the sixth year [4][5]. - Interest will be paid annually, and the principal will be repaid at maturity [5][6]. Conversion and Redemption Features - The initial conversion price is set at RMB 3.67 per share, with adjustments possible based on stock price changes and corporate actions [6][8]. - The company has the right to redeem the bonds at 106% of the face value after the maturity period if certain conditions are met [10][11]. Use of Proceeds - The total investment for the projects funded by the raised capital is estimated at RMB 4.086 billion, with the company planning to use self-raised funds until the bond proceeds are available [20]. Governance Changes - The company plans to revise its articles of association and governance rules, including the cancellation of the supervisory board, which will be replaced by an audit and risk management committee [22][24]. - These changes are aligned with the bond issuance and are not expected to impact the company's operational or debt repayment capabilities [24]. Bondholder Rights and Meetings - Bondholders have the right to propose meetings and make decisions on significant matters affecting their interests [18][19]. - The company will ensure that bondholders' rights are protected and will communicate any significant developments [24].