BSBE(SZ:300406) Zheng Quan Zhi Xing·2025-09-02 08:16Core Viewpoint - The report outlines the management of the convertible bond "Jiukang Convertible Bond" issued by Beijing Jiukang Biotechnology Co., Ltd., detailing its issuance, terms, and adjustments to the conversion price due to dividend distributions and share repurchases [3][4][20]. Group 1: Bond Issuance Details - The total issuance amount of the convertible bond is RMB 1.139 billion, with 11,390,000 bonds issued at a face value of RMB 100 each [4][12]. - The bond has a maturity period of 6 years, from June 30, 2022, to June 29, 2028 [5][9]. - The bond's interest rates are structured to increase over the years, starting from 0.3% in the first year to 3.0% in the sixth year [5][9]. Group 2: Conversion Price Adjustments - The initial conversion price was set at RMB 17.63 per share, which was adjusted to RMB 17.53 following a cash dividend distribution [11][12]. - Subsequent adjustments were made to the conversion price due to further cash dividends, resulting in a new conversion price of RMB 17.35 and then RMB 16.95 [15][19]. - The latest adjustment brought the conversion price down to RMB 16.68, effective from September 5, 2025, due to the latest dividend distribution [20]. Group 3: Credit Rating and Management - The bond has been rated AA- by China Chengxin International Credit Rating Co., Ltd., with a stable outlook [9]. - The management of the bond is overseen by China International Capital Corporation, which is responsible for ensuring the interests of bondholders are protected [20].