Zhuzhou Kibing (SH:601636) Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2025-11-28 00:33Core Viewpoint - The company announces the redemption and delisting of its convertible bonds, "Qibin Convertible Bonds," effective from November 28, 2025, with the last conversion date set for December 2, 2025 [1][3][14]. Group 1: Redemption Details - "Qibin Convertible Bonds" will stop trading from November 28, 2025, and will be redeemed at a price of 101.1737 CNY per bond, which includes accrued interest [2][4][8]. - The redemption date is set for December 3, 2025, with the redemption registration date on December 2, 2025 [4][13]. - Investors must convert their bonds at the conversion price of 5.43 CNY per share before the last conversion date to avoid forced redemption [2][14]. Group 2: Conditions for Redemption - The conditional redemption clause was triggered as the company's stock price met the requirement of being at least 130% of the conversion price for 15 out of 30 consecutive trading days [3][6]. - The total amount of unconverted "Qibin Convertible Bonds" as of November 26, 2025, is 162.491 million CNY, accounting for 10.83% of the total issuance [30][32]. Group 3: Impact on Shareholding - The conversion of "Qibin Convertible Bonds" has led to a dilution of the controlling shareholder's stake from 38.97% to 37.97%, which touches the 1% threshold but does not trigger a mandatory takeover bid [19][20][33]. - The total share capital of the company increased to 2,929,539,887 shares following the conversion of 246,146,539 shares from the bonds [29][32].