ECOVACS(SH:603486) Shang Hai Zheng Quan Bao·2026-01-20 19:37Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds, "Kewo Convertible Bonds," despite triggering the downward adjustment clause as of January 20, 2026. This decision is aimed at maintaining investor expectations and interests [2][12]. Group 1: Convertible Bond Basic Information - The company issued 10,400,000 convertible bonds on November 30, 2021, with a total value of RMB 104 million and a maturity period of six years [3]. - The bonds have a tiered interest rate structure, starting at 0.3% in the first year and increasing to 2.0% in the sixth year [3]. - The bonds were listed on the Shanghai Stock Exchange on December 29, 2021, under the code "113633" [4]. Group 2: Conversion Price Adjustment History - The initial conversion price was set at RMB 178.44 per share, which has been adjusted multiple times due to various corporate actions, with the latest adjustment bringing it to RMB 175.41 per share as of October 26, 2023 [5][6][12]. - The conversion price is subject to adjustments based on the company's stock performance and corporate actions, including stock options and incentive plans [5][6]. Group 3: Non-Adjustment Decision Details - The board of directors held a meeting on January 20, 2026, and decided not to adjust the conversion price, even if the adjustment clause is triggered again within the next six months [2][12]. - The company will reassess the situation after July 21, 2026, if the adjustment clause is triggered again [2][12]. Group 4: Redemption Rights of Convertible Bonds - The company has announced a conditional redemption right for bondholders, allowing them to sell their bonds back at a price of RMB 100.26 per bond during the redemption period from January 21 to January 27, 2026 [15][19]. - The redemption price includes accrued interest and is not mandatory; bondholders can choose whether to exercise this right [15][20].