QIFAN(SH:605222) Shang Hai Zheng Quan Bao·2025-09-09 21:06Core Viewpoint - The company has announced a downward adjustment of the conversion price for its convertible bonds, "起帆转债," from 19.55 yuan per share to 17.35 yuan per share, effective from September 11, 2025 [5][11][15]. Group 1: Convertible Bond Issuance and Adjustment - The company issued 10 million convertible bonds with a total value of 1 billion yuan on May 24, 2021, with a maturity of six years and a tiered interest rate structure [2][3]. - The initial conversion price was set at 20.53 yuan per share, which has undergone several adjustments due to stock incentive plans and profit distributions [4][6]. - The conversion price was adjusted to 19.86 yuan per share after a cash dividend distribution in 2022 and further adjusted to 19.75 yuan per share in 2023 [6][4]. Group 2: Triggering Conditions for Price Adjustment - The downward adjustment of the conversion price was triggered as the company's stock price fell below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [9][10]. - The average stock price for the 20 trading days prior to the shareholder meeting was 16.62 yuan per share, and the price on the last trading day before the meeting was 17.33 yuan per share [11][14]. Group 3: Board and Shareholder Meeting Decisions - The company's board of directors approved the proposal to adjust the conversion price on August 21, 2025, and the proposal was subsequently ratified by the shareholders on September 8, 2025 [10][14]. - The board's decision to lower the conversion price aims to optimize the company's capital structure and enhance its competitive position [14].