中信建投证券股份有限公司 关于四川东材科技集团股份有限公司 提前赎回"东材转债"的核查意见 中信建投证券股份有限公司（以下简称"保荐机构"）作为四川东材科技集 团股份有限公司（以下简称"东材科技"或"公司"）2022 年公开发行可转换公 司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所 上市公司自律监管指引第 12 号——可转换公司债券》等相关法律法规，对公司 提前赎回"东材转债"的事项进行了核查，具体情况如下： 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会出具的《关于核准四川东材科技集团股份有限公 司公开发行可转换公司债券的批复》 （证监许可〔2022〕2410 号）核准，四川东 材科技集团股份有限公司于 2022 年 11 月 16 日公开发行 1,400 万张可转换公司 债券，每张面值为人民币 100 元，发行总额为人民币 14 亿元，期限 6 年。本次 发行的可转债票面利率设定为：第一年 0.30%、第二年 0.50%、第三年 1.00%、 第四年 1.50%、第五年 1.80%、第六年 2.00%。 （二）可转债上市情况 经上海证券交易所自律监管决定书 ...

Core Viewpoint - The company has announced the mandatory redemption of its convertible bonds, "Dayu Convertible Bonds," at a price of 100.20 CNY per bond, highlighting the significant difference between the market price and the redemption price, urging bondholders to convert their bonds into shares within the specified period [1][12][13]. Group 1: Convertible Bond Overview - The company issued 6.38 million convertible bonds on July 28, 2020, with a total value of 638 million CNY and a maturity of six years [2]. - The initial conversion price was set at 4.94 CNY per share, which was adjusted to 4.84 CNY per share on May 27, 2021, due to the company's profit distribution plan [3][4]. - The conversion price has undergone several adjustments, with the latest being 3.71 CNY per share effective from August 13, 2024 [10][11]. Group 2: Redemption Conditions - The redemption condition was triggered as the company's stock price was at least 130% of the conversion price (4.76 CNY) for at least 15 out of 30 consecutive trading days from July 4 to July 30, 2025 [1][12]. - The redemption price includes the face value of the bond plus accrued interest, calculated to be 100.20 CNY per bond [12][13]. Group 3: Redemption Process - Bondholders must apply for conversion through the securities company that holds their bonds, with a minimum conversion unit of one bond [14]. - The company will publish announcements regarding the redemption results and the delisting of the "Dayu Convertible Bonds" from the Shenzhen Stock Exchange [13][14].

Group 1 - The company has approved a share repurchase plan using between 10 million and 20 million yuan of its own and raised funds to buy back shares through centralized bidding, which will be used for employee stock ownership plans and/or equity incentives [1][2] - The company’s board of directors held a meeting on August 6, 2025, to discuss and approve the early redemption of the "Bai Dian Convertible Bonds" due to the stock price meeting the necessary conditions [4][5] Group 2 - The stock price of the company has been above 130% of the current conversion price for 15 trading days, triggering the conditional redemption clause of the "Bai Dian Convertible Bonds" [5][16] - The company will redeem all registered "Bai Dian Convertible Bonds" at face value plus accrued interest, and the management is authorized to handle all related matters for this redemption [17][20] Group 3 - The initial issuance of the "Bai Dian Convertible Bonds" was 880,000 bonds with a total value of 88 million yuan, and the bonds have a term of six years [6][7] - The conversion period for the bonds is from May 21, 2020, to November 14, 2025, with an initial conversion price of 8.99 yuan per share [9][10]

中信证券股份有限公司关于广州白云电器设备股份有限公司 提前赎回"白电转债"的核查意见 中信证券股份有限公司（以下简称"中信证券"）作为广州白云电器设备股 份有限公司（以下简称"白云电器"或"公司"）公开发行可转换公司债券的保 荐人，根据《证券发行上市保荐业务管理办法》 《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易 所上市公司自律监管指引第 12 号——可转换公司债券》等有关规定，中信证券 履行持续督导职责，对白云电器提前赎回"白电转债"的事项进行了审慎核查， 核查情况及意见如下： 一、可转债发行上市概况 （一）可转债发行情况 经《中国证券监督管理委员会关于核准广州白云电器设备股份有限公司公开 发行可转换公司债券的批复》(证监许可[2019]1022 号)文核准，公司于 2019 年 额 88,000 万元，期限为发行之日起 6 年，即存续的起止时间为 2019 年 11 月 15 日至 2025 年 11 月 14 日。转股期起止时间为 2020 年 5 月 21 日至 2025 年 11 月 （二）可转债上市情况 经上海证券交易所自律监管决定书〔 ...

Core Viewpoint - The trend of early redemption of convertible bonds has significantly increased in August, driven by a strong performance in the A-share market, with at least 13 convertible bonds set to exit the market this month due to triggering early redemption clauses [1][2][3]. Group 1: Market Dynamics - The A-share market has shown a continuous upward trend, particularly in small-cap stocks, which has led to a rise in the prices of underlying stocks and triggered early redemption conditions for more convertible bonds [2][4]. - As of now, 71 convertible bonds have exited the market this year, with 51 of them (71.83%) doing so through early redemption, reflecting the strong performance of the A-share market [3][4]. Group 2: Redemption Mechanism - Early redemption of convertible bonds is a core mechanism that allows issuers to repurchase unconverted bonds under specific conditions, primarily through mandatory redemption clauses [3]. - The mandatory redemption clause is triggered when a company's stock price remains at or above 130% of the conversion price for at least 15 out of 30 consecutive trading days [3]. Group 3: Impact on Companies - Companies are increasingly opting for early redemption as a means to optimize their financial structure, reduce debt costs, and improve their balance sheets [5]. - Some companies, despite meeting the conditions for early redemption, may choose not to exercise this option to maintain stock price stability and avoid excessive dilution of equity [5]. Group 4: Investor Considerations - Investors face challenges in making decisions regarding conversion and price fluctuations, as seen with the North Lu convertible bond, where the market price significantly differed from the redemption price [5]. - The acceleration of convertible bond exits may lead to increased caution among investors regarding redemption risks, while also compressing the selection space for bonds, thereby enhancing trading demand [6]. Group 5: Future Outlook - The convertible bond market is expected to continue its upward trend, supported by a "weak supply and strong demand" dynamic, alongside ongoing policies aimed at boosting domestic demand [6].

Core Viewpoint - The article discusses the early redemption of Feilu Convertible Bonds, highlighting the significant price difference between the market and redemption price, which poses a risk for investors who do not act in time [1][5][10]. Group 1: Feilu Convertible Bonds - Feilu Convertible Bonds will have their last trading day on August 5, with a market price of 151.94 CNY per bond, significantly higher than the redemption price of 100.55 CNY, indicating a potential loss of 33.82% for investors who do not convert or sell in time [1][5]. - The last conversion day for Feilu Convertible Bonds is August 8, after which any unconverted bonds will be forcibly redeemed at 100.55 CNY per bond [5][8]. - As of the latest data, 31% of Feilu Convertible Bonds remain unconverted, with a total bond balance of 0.54 billion CNY [5][6]. Group 2: Other Convertible Bonds - Other convertible bonds such as Yong'an, Liande, Qilu, and Chuanjiang will also face early redemption on August 6 and August 8, with potential losses of 33.83%, 22.76%, 17.10%, and 32.17% respectively for investors who do not act [10]. - The early redemption of convertible bonds is attributed to the continuous rise in bank stock prices, which triggers strong redemption conditions for several banks' convertible bonds [11]. - Investors are advised to sell their convertible bonds before the last trading day or convert them, as the trading rules change from T+0 to T+1 after conversion [11].

证券代码：300283 证券简称：温州宏丰 编号：2025-073 债券代码：123141 债券简称：宏丰转债 温州宏丰电工合金股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 圳分公司（以下简称"中国结算"）核准的价格为准。 按照 100.92 元/张的价格强制赎回。本次赎回完成后，"宏丰转债"将在深圳证 券交易所（以下简称"深交所"）摘牌，特提醒"宏丰转债"持券人注意在限期 内转股。债券持有人持有的"宏丰转债"如存在被质押或被冻结的，建议在停止 转股日前解除质押或冻结，以免出现因无法转股而被赎回的情形。 适当性管理要求的，不能将所持"宏丰转债"转换为股票，特提请投资者关注不 能转股的风险。 转债"，将按照 100.92 元/张的价格强制赎回。因目前"宏丰转债"二级市场价 格与赎回价格存在较大差异，特提醒"宏丰转债"持券人注意在限期内转股，如 果投资者未及时转股，可能面临损失，敬请投资者注意投资风险。 自 2025 年 7 月 8 日至 2025 年 7 月 31 日，温州宏丰电工合金股份有限公司 （以下简称"公司"）股票已有 15 ...

Core Viewpoint - Wenzhou Hongfeng Electric Alloy Co., Ltd. has triggered the conditional redemption clause for its convertible bonds due to the stock price exceeding 130% of the conversion price for a specified period, leading to a decision to redeem the bonds at a price of 100.92 yuan per bond [2][6][7]. Group 1: Convertible Bond Redemption - The company has decided to exercise its right to redeem the "Hongfeng Convertible Bonds" early, based on the current market conditions and to reduce interest expenses [2][6]. - The redemption price is set at 100.92 yuan per bond, which includes accrued interest calculated based on a 2.0% annual interest rate [7][8]. - The redemption will be completed by September 5, 2025, with the bonds being delisted from the Shenzhen Stock Exchange after the redemption [8][9]. Group 2: Bond Issuance and Terms - The "Hongfeng Convertible Bonds" were issued with a total fundraising amount of 321.26 million yuan, netting 315.06 million yuan after expenses [2]. - The initial conversion price was set at 6.92 yuan per share, which has been adjusted to 5.35 yuan per share due to various factors including profit distribution [3][5][6]. - The bonds were listed on the Shenzhen Stock Exchange on April 8, 2022, and have a conversion period from March 21, 2022, to March 14, 2028 [3][4]. Group 3: Conditions for Redemption - The conditional redemption clause allows the company to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 trading days within a 30-day period [6][7]. - As of July 31, 2025, the stock price has met this condition, prompting the board to approve the early redemption [2][6]. Group 4: Shareholder Information - The company has confirmed that there have been no transactions of the convertible bonds by major shareholders or executives in the six months leading up to the redemption condition being met [8]. - Shareholders are advised to consult their brokerage firms regarding the conversion process before the redemption [9].

Group 1 - The company, Ningbo Jintian Copper Industry (Group) Co., Ltd., issued 14.5 million convertible bonds with a total amount of 1.45 billion yuan, which will be traded on the Shanghai Stock Exchange starting from August 28, 2023 [1][2] - The initial conversion price of the bonds was set at 6.75 yuan per share, which was later adjusted to 6.63 yuan per share due to the company's annual equity distribution [2][3] - The conversion price was further adjusted to 5.90 yuan per share following a board resolution and will remain at this level until the next adjustment [3][4] Group 2 - The company has a conditional redemption clause for the convertible bonds, which allows redemption if the stock price exceeds 130% of the conversion price for a specified period [5] - The redemption condition was met as the stock price was above 7.53 yuan per share for fifteen trading days [5][6] - The company decided to exercise its right to redeem the convertible bonds early, with the redemption price being the face value plus accrued interest [6][7] Group 3 - The company’s major shareholders and executives did not trade the convertible bonds within six months prior to the redemption condition being met [6] - The sponsor institution, Dongfang Securities, confirmed that the redemption process complied with relevant regulations and internal procedures [7]

当性管理要求的，不能将所持"宏丰转债"转换为股票，特提请投资者关注不能转 股的风险。 债"，将按照 100.92 元/张的价格强制赎回。因目前"宏丰转债"二级市场价格与 赎回价格存在较大差异，特提醒"宏丰转债"持券人注意在限期内转股，如果投资 者未及时转股，可能面临损失，敬请投资者注意投资风险。 特别提示： 分公司（以下简称"中国结算"）核准的价格为准。 照 100.92 元/张的价格强制赎回。本次赎回完成后，"宏丰转债"将在深圳证券交 易所（以下简称"深交所"）摘牌，特提醒"宏丰转债"持券人注意在限期内转股。 债券持有人持有的"宏丰转债"如存在被质押或被冻结的，建议在停止转股日前解 除质押或冻结，以免出现因无法转股而被赎回的情形。 证券代码：300283 证券简称：温州宏丰 编号：2025-068 债券代码：123141 债券简称：宏丰转债 温州宏丰电工合金股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 自 2025 年 7 月 8 日至 2025 年 7 月 31 日，温州宏丰电工合金股份有限公司 （以下简称"公司"）股票已有 15 个交易日 ...