Zibo Qixiang Tengda Chemical (SZ:002408) Shang Hai Zheng Quan Bao·2025-12-09 20:18Core Viewpoint - The company, Zibo Qixiang Tengda Chemical Co., Ltd., has announced the potential for a downward adjustment of the conversion price for its convertible bonds due to recent stock price performance, which may trigger the conditions for such a revision [2][11]. Group 1: Convertible Bond Issuance and Terms - The company issued 29.9 million convertible bonds with a total value of 299 million yuan, approved by the China Securities Regulatory Commission on August 20, 2020 [3]. - The bonds were listed on the Shenzhen Stock Exchange on September 15, 2020, under the name "Qixiang Zhuang 2" and code "128128" [4]. - The initial conversion price was set at 8.22 yuan per share, which has been adjusted multiple times due to various corporate actions [5][6][8]. Group 2: Conversion Price Adjustment Mechanism - According to the prospectus, the conversion price can be adjusted downward if the company's stock price closes below 90% of the current conversion price for at least ten out of twenty consecutive trading days [9]. - The adjustment requires approval from two-thirds of the voting rights at a shareholders' meeting, excluding those holding the convertible bonds [9]. - The adjusted conversion price must not be lower than the higher of the average stock price over the twenty trading days prior to the shareholders' meeting and the latest audited net asset value per share [9]. Group 3: Recent Stock Performance and Potential Adjustment - From November 27 to December 9, 2025, the company's stock has recorded five trading days where the closing price was below 90% of the current conversion price, indicating a potential trigger for a downward adjustment [11]. - If the conditions for adjustment are met, the company will hold a board meeting to decide on the adjustment and will disclose the decision the following trading day [12].