Chunqiu ET(SH:603890) Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2025-10-23 00:53Core Viewpoint - The company has announced the early redemption of its convertible bonds, "Chunqiu Convertible Bonds," due to the stock price meeting the conditions for redemption, which will take effect on November 7, 2025, following the last trading day on November 3, 2025 [5][18]. Redemption Details - The last trading day for "Chunqiu Convertible Bonds" is November 3, 2025, and the last conversion day is November 6, 2025 [1][2][17]. - The redemption price is set at 101.701 CNY per bond, which includes the face value of 100 CNY and accrued interest of 1.701 CNY [10][12]. - The redemption will be executed on November 7, 2025, and the bonds will be delisted from the Shanghai Stock Exchange on the same day [3][18]. Conditions for Redemption - The redemption was triggered as the stock price of the company was above 130% of the conversion price (13.65 CNY) for at least 15 trading days within a 30-day period [5][8]. - The company has the right to redeem all or part of the unconverted bonds if the total amount of unconverted bonds is less than 30 million CNY [7]. Accrued Interest Calculation - The accrued interest is calculated using the formula: IA = B × i × t / 365, where B is the total face value of the bonds held, i is the annual coupon rate of 3.0%, and t is the number of days from the last interest payment to the redemption date [10][11]. Tax Implications - Individual investors are subject to a 20% tax on the interest income from the bonds, resulting in a net redemption amount of 101.361 CNY per bond after tax [13]. - Non-resident enterprises are exempt from corporate income tax on the interest income from these bonds [14]. Investor Advisory - The company advises bondholders to convert or sell their bonds within the specified time frame to avoid forced redemption at the lower price [4][20].