Key Points - The company has issued convertible bonds with a total amount of 2 billion yuan, which began trading on November 16, 2020 [1] - The conversion period for the bonds is from April 22, 2021, to October 15, 2026 [2] - The conversion price has been adjusted multiple times due to profit distribution, with the latest adjustment reducing it to 10.91 yuan per share effective June 26, 2024 [3] - A recent board meeting approved a further reduction of the conversion price to 9.20 yuan per share, effective from November 2024 [4] - The company has outlined specific conditions under which the conversion price can be adjusted downward, including a scenario where the stock price falls below 85% of the current conversion price for at least 15 trading days [5] - The company is required to disclose any adjustments to the conversion price in accordance with regulatory guidelines [6]

Group 1 - The company issued 7,500,000 convertible bonds with a total amount of RMB 750 million, which started trading on September 8, 2021 [1][2] - The initial conversion price for the bonds was set at RMB 4.87 per share, which has undergone several adjustments due to stock price fluctuations [2][3][5] - The company has triggered conditions for a potential downward adjustment of the conversion price, as the stock price has been below 85% of the current conversion price for 10 consecutive trading days [1][8][9] Group 2 - The conversion period for the bonds is from February 14, 2022, to August 8, 2027, allowing bondholders to convert their bonds into shares during this timeframe [2] - The company has outlined specific conditions under which the conversion price can be adjusted downward, requiring approval from shareholders [8][9] - The company is obligated to disclose any decisions regarding the adjustment of the conversion price promptly following board meetings [9]

Summary of Key Points Core Viewpoint - The company, Anhui Kairun Co., Ltd., is facing a potential downward adjustment of its convertible bond conversion price due to its stock price being below 85% of the current conversion price for a significant number of trading days, which may trigger a board meeting to decide on the adjustment [1][6]. Convertible Bond Basic Information - The company issued 2,230,000 convertible bonds on December 26, 2019, with a total fundraising amount of RMB 223 million, netting RMB 217.3 million after expenses [1]. - The initial conversion price was set at RMB 33.34 per share, which has been adjusted multiple times due to various corporate actions [2][3]. Conversion Price Adjustments - The conversion price has been adjusted from RMB 33.34 to RMB 29.31 as of the latest announcement, with several adjustments occurring due to profit distribution and stock repurchase actions [3][4][5]. - The latest adjustment to RMB 29.31 will take effect on May 30, 2025 [5]. Downward Adjustment Conditions - The company has the right to propose a downward adjustment of the conversion price if the stock price remains below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [6]. - The adjustment proposal must be approved by at least two-thirds of the voting rights at a shareholders' meeting, excluding those holding the convertible bonds [6]. Recent Stock Performance - From June 8 to June 20, 2025, the company's stock price has been below RMB 24.91, which is 85% of the current conversion price of RMB 29.31, indicating a potential trigger for a price adjustment [6][7].

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds despite triggering conditions for a downward adjustment, reflecting confidence in its long-term development and intrinsic value [5]. Convertible Bond Issuance and Trading - The company issued 10.088 million convertible bonds on November 28, 2022, with a total fundraising amount of RMB 1,008.80 million, and a net amount of RMB 991.37 million after expenses [1]. - The bonds began trading on the Shanghai Stock Exchange on December 22, 2022, with an initial conversion price set at RMB 88.91 per share [2]. Conversion Price Adjustment - The conversion price was adjusted downward from RMB 62.98 to RMB 40.94 per share on February 13, 2025, due to the stock price falling below the stipulated threshold [3]. - The company has a mechanism in place for adjusting the conversion price if the stock price remains below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [4]. Decision on Price Adjustment - As of June 19, 2025, the stock price had indeed triggered the conditions for a downward adjustment of the conversion price [4]. - However, the board of directors, after considering various factors, voted unanimously to not proceed with the downward adjustment, maintaining the current conversion price for at least one month [5].

Group 1 - The company held its 24th meeting of the 6th Board of Directors on June 19, 2025, via electronic communication, with all 8 directors participating [1] - The meeting confirmed that the company's stock had closed below 85% of the current conversion price for at least 15 out of the last 30 trading days, triggering the condition for downward adjustment of the "Lanfan Convertible Bonds" conversion price [1][2] - The Board proposed to adjust the conversion price of the "Lanfan Convertible Bonds" downward, which requires approval from the shareholders' meeting [2] Group 2 - The adjusted conversion price will not be lower than the higher of the average trading price over the 20 trading days prior to the shareholders' meeting and the trading price on the last trading day, and it must also not be lower than the latest audited net asset value per share and the par value of the stock [2] - If any of the aforementioned indicators exceed the current conversion price of 12.50 yuan per share at the time of the shareholders' meeting, no adjustment will be made [2] - The Board requested authorization from the shareholders' meeting to handle all matters related to the downward adjustment of the conversion price, including determining the new conversion price and effective date [2][3]

Core Viewpoint - The company proposes to lower the conversion price of its convertible bonds, "蓝帆转债," due to the stock price falling below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [1][4]. Group 1: Convertible Bond Issuance and Adjustment - The total amount of the convertible bonds issued by the company is 314.404 million yuan, approved by the China Securities Regulatory Commission [1]. - The initial conversion price of "蓝帆转债" was set at 17.79 yuan per share, which was later adjusted to 18.64 yuan per share after the company repurchased and canceled 48,148,336 shares [2]. - The board of directors has decided to lower the conversion price to 12.50 yuan per share, effective from May 21, 2024 [3]. Group 2: Conditions for Price Adjustment - The adjustment of the conversion price is triggered when the company's stock price falls below 85% of the current conversion price for at least 15 trading days within a 30-day period [3][4]. - The adjusted conversion price must not be lower than the higher of the average stock price over the 20 trading days prior to the shareholders' meeting and the previous trading day's average price, as well as not lower than the latest audited net asset value per share and the par value of the stock [5]. Group 3: Shareholder Approval and Process - The proposal to adjust the conversion price requires approval from more than two-thirds of the voting rights held by shareholders present at the meeting, excluding those holding the convertible bonds [3][4]. - The company will publish the resolution of the shareholders' meeting, including the adjustment range, registration date, and any suspension of conversion [4].

Core Viewpoint - The company, Shaanxi Zhongtian Rocket Technology Co., Ltd., has announced that its convertible bond "Tianjian Convertible Bond" may trigger conditions for a downward adjustment of the conversion price due to stock performance [1][5]. Group 1: Convertible Bond Issuance and Adjustment - The total issuance of the "Tianjian Convertible Bond" is 495 million yuan, with a maturity of six years, and it began trading on September 19, 2022 [2]. - The initial conversion price was set at 53.11 yuan per share, which has been adjusted multiple times due to annual equity distributions, currently standing at 52.94 yuan per share [2][3]. Group 2: Conditions for Price Adjustment - The conversion price can be adjusted downward if the company's stock closes below 85% of the current conversion price (45.00 yuan) for at least 10 out of 30 consecutive trading days [1][5]. - If the conditions for downward adjustment are met, the board of directors will propose a plan for adjustment, which requires approval from two-thirds of the voting rights at a shareholders' meeting [3][4]. Group 3: Future Considerations - The company has previously decided not to adjust the conversion price for the "Tianjian Convertible Bond" until June 2, 2025, even if the conditions for adjustment are triggered again [4]. - After June 3, 2025, the board will reconsider the adjustment rights if the conditions are met again [4].

Key Points - The company has announced the possibility of triggering the downward adjustment of the conversion price for its convertible bonds due to the stock price closing below 85% of the current conversion price for 10 consecutive trading days [1] - The company issued 5.2 million convertible bonds on July 6, 2023, with a total issuance amount of 520 million yuan, and the net proceeds after deducting issuance costs were approximately 507.67 million yuan [1] - The initial conversion price for the bonds is set at 47.85 yuan per share, and the conversion period is from January 12, 2024, to July 5, 2029 [2] - If the stock price remains below 85% of the conversion price for at least 15 out of 30 consecutive trading days, the company’s board can propose a downward adjustment of the conversion price [6][7] - The conversion price was adjusted from 47.54 yuan to 29.58 yuan on June 6, 2024, after the conditions for downward adjustment were met [2] - The current conversion price is subject to further adjustments based on the company's stock performance and the implementation of annual profit distribution plans [6][8]

Core Viewpoint - The company announces that the "Giant Star Convertible Bond" is expected to trigger conditions for a downward adjustment of the conversion price due to the stock price being below 80% of the conversion price for ten trading days [1] Group 1: Convertible Bond Basic Information - The company issued a total of 1 billion yuan of convertible bonds on April 25, 2022, with a face value of 100 yuan per bond and a six-year term [2] - The bonds were listed on the Shanghai Stock Exchange on May 17, 2022, under the name "Giant Star Convertible Bond" and code "113648" [3] Group 2: Conversion Price Adjustment - The initial conversion price was set at 25.24 yuan per share, which was adjusted to 25.21 yuan per share effective from August 8, 2023, following a profit distribution plan approved at the annual shareholders' meeting [4][5] - The adjustment conditions state that if the stock price is below 80% of the conversion price for at least 15 out of 30 consecutive trading days, the board may propose a downward adjustment of the conversion price [6] Group 3: Triggering Conditions for Price Adjustment - From April 28, 2025, to May 26, 2025, the company's stock price has been below 20.168 yuan (80% of the adjusted conversion price) for ten trading days, indicating a potential trigger for the price adjustment [5][6] - If the stock price continues to meet the criteria in the next 13 trading days, the adjustment clause may be triggered [6] Group 4: Compliance and Disclosure Obligations - The company is required to hold a board meeting on the day the adjustment condition is triggered to decide whether to adjust the conversion price and must disclose the decision by the next trading day [7]

Core Viewpoint - The company has announced a potential downward adjustment of the conversion price for its convertible bonds due to the stock price falling below a specified threshold for a consecutive period [1][12]. Group 1: Convertible Bond Basic Information - The company issued 14,761,896 convertible bonds on November 4, 2020, with a total amount of RMB 1,476.1896 million and an initial conversion price of RMB 8.31 per share [2][3]. - The bonds were listed on the Shenzhen Stock Exchange on December 2, 2020, under the name "Yingfeng Convertible Bonds" with the code "127024.SZ" [3]. - The conversion period for the bonds is from May 10, 2021, to November 3, 2026 [4]. Group 2: Conversion Price Adjustment History - The initial conversion price was set at RMB 8.31 per share [6]. - The conversion price was adjusted to RMB 8.19 per share on July 8, 2021, following a cash dividend distribution [7]. - The conversion price was further adjusted to RMB 8.09 per share on July 20, 2022, due to another cash dividend distribution [8]. - The conversion price was adjusted again to RMB 7.98 per share on July 18, 2023, after a cash dividend distribution [9]. - The most recent adjustment set the conversion price at RMB 7.86 per share effective from July 16, 2024 [10]. Group 3: Downward Adjustment Clause - The company has a clause that allows for 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 [11]. - If triggered, the company will follow the necessary procedures for the adjustment and disclose the details to investors [12]. - As of April 26, 2025, the stock price has been below RMB 6.681 per share for 10 trading days, indicating a potential trigger for the downward adjustment [12].