Core Points - The company announced an adjustment to the conversion price of its convertible bonds due to the 2024 annual profit distribution, with the new conversion price set at 4.24 CNY per share, down from 4.25 CNY per share [1][2][3] - The adjustment will take effect on June 11, 2025, and the convertible bonds will be suspended from conversion from June 3 to June 10, 2025 [1][3] Summary by Sections Conversion Price Adjustment Basis - The adjustment is based on the approval of the 2024 annual profit distribution plan, which includes a cash dividend of 0.1 CNY per 10 shares [2] - The adjustment complies with the terms outlined in the bond issuance prospectus, which protects the rights of convertible bondholders [2] Conversion Price Adjustment Formula and Results - The formula for adjusting the conversion price due to cash dividends is P1 = P0 - D, where P0 is the previous conversion price and D is the cash dividend per share [3] - The previous conversion price was 4.25 CNY per share, and with a cash dividend of 0.01 CNY, the new conversion price is calculated to be 4.24 CNY per share [3] - The adjusted conversion price will be effective from June 11, 2025, following the rights issue and dividend distribution [3]

上市进行时 天富龙集团股份有限公司 36氪获悉，据证监会网站消息，证监会同意扬州天富龙集团股份有限公司首次公开发行股票并在上交所 主板上市的注册申请。 杰华特微电子股份有限公司 36氪获悉，据港交所，杰华特微电子股份有限公司向港交所提交上市申请书，独家保荐人为中信证券。 TOP3大新闻 顺丰回应寄丢价值5万手镯仅赔67元 胖东来"红内裤案"宣判：段某赔偿40万，道歉30天 2025年5月28日，许昌市魏都区人民法院依法公开开庭审理了原告许昌市胖东来商贸集团有限公司与被 告段某名誉权纠纷案，并当庭宣判，判决段某在其个人账号发布宣读书面道歉信的视频，书面道歉信的 具体内容需经法院审核，发布后30日内不得删除；段某赔偿许昌市胖东来商贸集团有限公司各项经济损 失共计400000元。 此前2月4日"两个小段"发布视频称，从胖东来购买的红色内裤发现掉色，并且在使用后有过敏反应。2 月14日，胖东来发布调查报告，确认该内裤为合格产品。对于段某传播误导性信息的行为，胖东来表示 将依法维权。（智通财经） 瑞幸回应降价：随机发放6.9元优惠券，并非降价 5月30日，有消费者发现瑞幸咖啡多款饮品价格下调至6.9元区间，包括轻乳茶、 ...

顺丰回应寄丢高价手镯，暂时无法达成一致意见，将继续与客户继续协商理赔。 整理 ｜袁思 天富龙集团股份有限公司 36氪获悉，据证监会网站消息，证监会同意扬州天富龙集团股份有限公司首次公开发行股票并在上交所主板上市的注册申请。 杰华特微电子股份有限公司 36氪获悉，据港交所，杰华特微电子股份有限公司向港交所提交上市申请书，独家保荐人为中信证券。 顺丰回应寄丢价值5万手镯仅赔67元 顺丰速运涉事网点相关负责人在接受媒体采访时表示，他们已经配合警察寻找失物，并称不存在监守自盗的情况。针对陈小姐 快件丢失事宜，该公司成立了理赔小组，目前正在跟进处理。据了解，当事快递员仍在正常上班。目前，陈小姐正在走法律程 序解决。对此，顺丰速运集团表示，由于快件没有保价，将按照非保价快件的条款与客户协商理赔，由于暂时无法达成一致意 见，将继续与客户继续协商理赔。（界面新闻） 胖东来"红内裤案"宣判：段某赔偿40万，道歉30天 2025年5月28日，许昌市魏都区人民法院依法公开开庭审理了原告许昌市胖东来商贸集团有限公司与被告段某名誉权纠纷案， 并当庭宣判，判决段某在其个人账号发布宣读书面道歉信的视频，书面道歉信的具体内容需经法院审核，发 ...

Group 1: Trade Policy - The U.S. Court of Appeals has temporarily reinstated Trump's tariff policies, allowing the government to impose tariffs on multiple countries until further notice [3][4]. Group 2: Company Legal Issues - A court in Xuchang ruled that a blogger must pay 400,000 yuan for defamation against the Pang Donglai Group, following a complaint about a defective product [6][8]. Group 3: Automotive Industry - Nezha Auto's logo was removed from its Shanghai headquarters due to the expiration of the lease, with plans for relocation underway [11]. - Nezha Auto's debt restructuring plan through debt-to-equity swaps has failed, with outstanding debts to suppliers amounting to approximately 6 billion yuan [12]. Group 4: Technology Sector - Nvidia reported a revenue of $44.1 billion for Q1 of fiscal year 2026, marking a 12% increase from the previous quarter and a 69% increase year-over-year [14][16]. - Nvidia's market capitalization briefly surpassed Microsoft, reaching $3.4 trillion, with a single-day increase of $106.8 billion [18].

Core Viewpoint - The company proposes to adjust the conversion price of its convertible bonds downward, which requires approval from the shareholders' meeting with more than two-thirds of the voting rights present [1][6]. Group 1: Convertible Bond Basic Information - The company issued 11.37 million convertible bonds at a face value of 100 yuan each, totaling 1.137 billion yuan, approved by the China Securities Regulatory Commission [1][2]. - The initial conversion price was set at 28.69 yuan per share, effective from November 25, 2022, until the bond's maturity on May 18, 2028 [2][3]. Group 2: Conversion Price Adjustment - The conversion price was adjusted from 28.69 yuan to 27.88 yuan due to the issuance of restricted stock options, effective from May 8, 2023 [3][4]. - The company has the right to propose a downward adjustment of the conversion price if the stock price falls below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [5][6]. Group 3: Recent Developments - As of May 29, 2025, the stock price condition for downward adjustment was triggered, leading to the proposal for a new conversion price adjustment [6][7]. - The company seeks authorization from the shareholders' meeting to handle all matters related to the adjustment, including determining the new conversion price and its effective date [7].

Group 1 - The company has issued a total of 3,800,000 convertible bonds, with 8,805,963 shares converted, representing 11.01% of the total shares before conversion [1][5] - The convertible bonds were issued on August 10, 2023, with a total value of 380 million yuan, and the net proceeds after expenses were 374.16 million yuan [1][2] - The initial conversion price of the bonds was set at 29.62 yuan per share, which was later adjusted to 28.00 yuan per share effective from March 12, 2024 [2][3] Group 2 - The bonds began trading on the Shenzhen Stock Exchange on August 30, 2023, under the name "宏昌转债" and code "123218" [2] - The conversion period for the bonds is from February 19, 2024, to the maturity date, which is the first working day of February 2024 [2] - The latest adjusted conversion price is 19.54 yuan per share, effective from May 19, 2025 [5]

Core Viewpoint - The rapid redemption of bank convertible bonds is driven by the strong performance of underlying bank stocks, leading to a decrease in the number of outstanding convertible bonds in the market [1][2][4]. Group 1: Bank Convertible Bonds Redemption - Hangzhou Bank announced the early redemption of "Hangyin Convertible Bonds" due to triggering conditional redemption clauses, marking it as the third bank convertible bond to undergo forced redemption this year [2][3]. - As of May 26, 2025, Hangzhou Bank's stock price had closed above 130% of the bond's conversion price for 15 trading days, triggering the redemption [2][3]. - The number of outstanding bank convertible bonds is expected to decrease from 10 to 7 by the end of the year, with several bonds nearing redemption conditions [4]. Group 2: Market Dynamics and Trends - The strong performance of the banking sector, supported by high dividends and market risk aversion, has led to a rise in the China Securities Bank Index by over 7% this year [2][4]. - The scarcity of large convertible bonds is expected to increase due to the accelerated redemption process and the lack of new issuances in 2023 [4][5]. - Institutional reports indicate that the supply-demand imbalance for large convertible bonds will become more pronounced, with the total outstanding amount potentially decreasing from 170 billion to around 100 billion [4][5]. Group 3: Conversion Rates and Capital Supplementation - Historically, the conversion rates of bank convertible bonds have been low due to factors such as depressed stock prices and high conversion premiums [5][6]. - However, with rising stock prices, conversion rates are expected to improve, as evidenced by previous forced redemptions where conversion rates exceeded 99% [6]. - As of May 28, the unconverted balance of Hangyin Convertible Bonds has decreased significantly, indicating a trend towards higher conversion rates [6].

去年，Bain Capital Special Situations（贝恩资本特殊机会基金）与其他四家投资者通过债转股方式，接 管了澳大利亚第二大葡萄酒生产商 Accolade Wines（艾格雷葡萄酒）。如今，他们正希望通过贷款市场 为公司的重组计划提供资金支持。 尽管如此，对于 Accolade 来说，能以仅3.5%左右的利差获得融资，几乎可称为"奇迹"。要知道就在一 年前，该公司还因未能偿还3.01亿英镑（约合5.83亿澳元）的B类定期贷款以及1.5亿澳元的循环信贷额 度而陷入违约。 在全球葡萄酒需求放缓的背景下，整个行业都面临压力，不少酒企被迫关停品牌、削减成本。Accolade 的贷款也因此以每1澳元债务仅售38至40澳分的价格被出售，最终由五家投资机构组成的财团接盘： Bain Capital Credit、Fred Woollard 的 Samuel Terry Asset Management、Sona Asset Management、伦敦上 市的 Intermediate Capital Group 以及来自北欧的信用资产管理机构 Capital Four。 正是这一财团取代了前东家凯雷集 ...

Core Points - The company announced a cash dividend distribution of 0.05 yuan per share for the fiscal year 2024, approved at the shareholders' meeting on May 20, 2025 [2][15] - The total cash dividend to be distributed amounts to approximately 183 million yuan, based on a total share capital of 3,660,984,783 shares [4][15] - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the registration date [3][4] Distribution Details - The cash dividend will be distributed through the China Securities Depository and Clearing Corporation, with shareholders who have completed designated transactions able to receive their dividends on the payment date [5] - For shareholders who have not completed designated transactions, the dividends will be held by the China Securities Depository and Clearing Corporation until the transactions are completed [5] - The company will not withhold individual income tax for natural person shareholders and securities investment funds at the time of dividend distribution, with tax obligations calculated based on the holding period of the shares [9][10] Convertible Bond Adjustment - Following the dividend distribution, the conversion price of the company's convertible bonds (Ziyin Convertible Bonds) will be adjusted from 3.70 yuan to 3.65 yuan per share, effective June 6, 2025 [15][16] - The adjustment is in accordance with the terms outlined in the bond issuance prospectus, which stipulates that the conversion price will be adjusted based on cash dividends distributed [14][15] - The trading of the convertible bonds will be suspended from May 28, 2025, until the registration date for the dividend distribution [16]

Group 1 - The company held its 36th meeting of the third board of directors on May 28, 2025, with all 9 directors present, and the meeting complied with the Company Law and the Articles of Association [2][3][4] - The board reviewed and approved the proposal not to adjust the conversion price of the "Qifan Convertible Bonds" downwards, despite triggering conditions for adjustment due to stock prices being below 85% of the current conversion price for at least 15 trading days [3][8][12] - The next period for potential adjustment of the conversion price will be recalculated starting from May 29, 2025, and the board will reconvene if further triggering conditions arise [3][12][13] Group 2 - The "Qifan Convertible Bonds" were issued on May 24, 2021, with a total issuance of 10 million bonds, each with a face value of 100 yuan, totaling 1 billion yuan, and a maturity of 6 years with varying interest rates [8][9] - The initial conversion price was set at 20.53 yuan per share, which has been adjusted multiple times due to corporate actions, with the latest price being 19.59 yuan per share [10][11][12] - The company has established specific terms for downward adjustment of the conversion price, which requires at least two-thirds approval from shareholders present at the meeting [12][13]