Hongfa(SH:600885) Shang Hai Zheng Quan Bao·2025-12-01 19:00Core Points - The company announced the early redemption and delisting of "Hongfa Convertible Bonds" effective December 12, 2025 [1][3][13] Summary by Sections Important Content Reminder - As of the market close on December 1, 2025, there are 5 trading days left until the last trading day on December 8, 2025, for "Hongfa Convertible Bonds" [2] - The last conversion date is December 11, 2025, with 8 trading days remaining [2] Redemption Details - After the early redemption, "Hongfa Convertible Bonds" will be delisted from the Shanghai Stock Exchange starting December 12, 2025 [3][13] - Investors can either trade the bonds in the secondary market within the specified time or convert them at a conversion price of 22.72 CNY per share, or face forced redemption at 100 CNY per bond plus accrued interest of 0.2219 CNY per bond, totaling 100.2219 CNY per bond [3][5] Conditions for Early Redemption - The company triggered the conditional redemption clause as the stock price was above 130% of the conversion price (29.536 CNY) for 15 trading days from October 31 to November 20, 2025 [4][7] - The redemption registration date is December 11, 2025, with a redemption price of 100.2219 CNY per bond [5][9] Redemption Process - The company will notify bondholders of the redemption details before the redemption period ends [10] - Redemption funds will be distributed on December 12, 2025, through the designated trading institutions [11] Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net redemption amount of 100.1775 CNY per bond after tax [14] - Qualified foreign institutional investors will receive the full pre-tax redemption amount of 100.2219 CNY per bond [15]