Core Viewpoint - Jiangsu Sanfangxiang Polymer Co., Ltd. is issuing convertible bonds to raise funds for specific projects, with a total issuance amount of RMB 250 million, aiming to enhance its production capacity and market position in the polyester industry [2][17]. Summary by Sections Bond Issuance Details - The company has received approval from the China Securities Regulatory Commission for the issuance of 2.5 million convertible bonds, each with a face value of RMB 100, totaling RMB 250 million [2][3]. - The bonds will be listed on the Shanghai Stock Exchange under the name "Sanfang Convertible Bonds" with the code "110092" [3]. Key Terms of the Convertible Bonds - The bonds have a maturity period of 6 years, with an annual interest rate that increases from 0.30% in the first year to 2.00% in the sixth year [3][4]. - The initial conversion price is set at RMB 3.17 per share, with provisions for adjustments based on various corporate actions [5][6]. Use of Proceeds - The funds raised will be allocated to projects including the production of green packaging materials and multifunctional bottle chips, with a total investment requirement of RMB 386.409 million [17]. - The company plans to use self-raised funds initially and will replace them with the proceeds once available [17]. Financial and Credit Rating - The company has received a credit rating downgrade to "A+" from a rating agency, reflecting concerns over its financial performance and debt levels [18][19]. - Despite a stable market position in the polyester industry, the company faces challenges such as declining sales prices and increased financial risk due to high short-term debt [19]. Rights and Obligations of Bondholders - Bondholders have rights to interest payments, conversion into shares, and the ability to sell back the bonds under certain conditions [15][16]. - The company is obligated to manage the proceeds responsibly and adhere to the terms outlined in the bond issuance documents [11][12].