DAYUAN PUMP(SH:603757) Zheng Quan Zhi Xing·2025-09-01 12:18Core Viewpoint - Zhejiang Dayuan Pump Industry Co., Ltd. has announced the early redemption of its convertible bonds, "Dayuan Convertible Bonds," which will be delisted from the Shanghai Stock Exchange after the redemption is completed on September 17, 2025 [1][2]. Redemption Details - The redemption price is set at 100.7836 CNY per bond, which includes the face value and accrued interest [2][4]. - The last trading day for the bonds is September 11, 2025, and the last conversion day is September 16, 2025 [1][7]. - Investors can either trade the bonds in the secondary market or convert them at a conversion price of 20.59 CNY per share before the deadlines [2][8]. Conditions for Redemption - The redemption was triggered as the company's stock price was above 130% of the conversion price for 15 out of 30 consecutive trading days from August 4 to August 22, 2025 [2][4]. - The company has the right to redeem all or part of the unconverted bonds if the total face value of unconverted bonds is less than 30 million CNY [2][4]. Accrued Interest Calculation - The accrued interest is calculated using the formula: IA = B × i × t ÷ 365, where IA is the accrued interest, B is the total face value held, i is the annual coupon rate, and t is the number of days from the last interest payment to the redemption date [3][4]. Tax Implications - Individual investors are subject to a 20% tax on the interest income from the bonds, resulting in a net redemption amount of 100.6269 CNY per bond after tax [4][5]. - Non-resident enterprises are exempt from corporate income tax on the interest income from these bonds until December 31, 2025 [5]. Redemption Process - The company will issue a notice regarding the redemption process before the redemption period ends, and all bonds will be frozen after the redemption registration date [6][8]. - Redemption payments will be distributed through the designated trading institutions on the redemption payment date [6][8].