Xinjiang Communications Construction (SZ:002941) Shang Hai Zheng Quan Bao·2025-09-01 21:45Core Viewpoint - The announcement details the passive dilution of a major shareholder's stake in Xinjiang Transportation Construction Group Co., Ltd. due to the conversion of convertible bonds into shares, which will not affect the company's control structure or governance [1][3]. Group 1: Shareholder Dilution - The major shareholder, TBEA Group, has seen its ownership percentage diluted by 1% due to the increase in total share capital from the conversion of convertible bonds [1]. - This dilution does not lead to a change in the controlling shareholder or actual controller of the company [1]. Group 2: Convertible Bond Redemption - The company has triggered the conditional redemption of its convertible bonds ("Jiaojian Convertible Bonds") as the stock price has exceeded 130% of the conversion price for 15 consecutive trading days [5][12]. - The redemption price is set at 100.044 yuan per bond, including accrued interest, with a redemption date of September 23, 2025 [4][15]. - The bonds will stop trading on September 18, 2025, and the redemption registration date is September 22, 2025 [6][19]. Group 3: Bond Issuance and Terms - The company issued 8.5 million convertible bonds at a face value of 100 yuan each, totaling 850 million yuan, with the initial conversion price set at 18.57 yuan per share [7][8]. - The conversion price has been adjusted multiple times, with the latest adjustment bringing it down to 10.00 yuan per share as of June 25, 2025 [10][11]. - The bond's conversion period is from March 22, 2021, to September 14, 2026 [4][8].