Group 1 - The company held its 28th meeting of the 8th Board of Directors on November 19, 2025, with all 9 directors present, confirming the legality and validity of the meeting [2][3] - The Board unanimously decided not to adjust the conversion price of the "Dongnan Convertible Bonds" despite triggering conditions for downward adjustment, citing confidence in the company's long-term development and market conditions [3][16] - The decision not to adjust the conversion price will remain in effect for the next six months, from November 20, 2025, to May 19, 2026, after which the conditions for adjustment will be reassessed [3][16] Group 2 - The "Dongnan Convertible Bonds" were issued on January 3, 2024, with a total of 20 million bonds at a face value of 100 RMB each, amounting to a total of 2 billion RMB [9] - The initial conversion price for the bonds was set at 5.73 RMB per share, with subsequent adjustments made based on company performance and shareholder decisions [12][13] - The company has a defined process for adjusting the conversion price, which includes conditions based on stock performance over a specified trading period [14][15]

Core Viewpoint - The article discusses various convertible bonds, highlighting their redemption status, trading prices, and key dates for conversion and redemption [1][4][6]. Group 1: Convertible Bonds Status - Guocheng Convertible Bond (127019) is subject to strong redemption on November 20, 2025 [1]. - Southeast Convertible Bond (127103) will not undergo adjustment [1]. - Huicheng Convertible Bond (118049) and Haoyuan Convertible Bond (118051) are not subject to strong redemption [1]. - Yinbang Convertible Bond (123252) will not be adjusted [1]. - Zhongjin Convertible Bond (127020) has its last trading day on November 20, 2025 [1]. Group 2: Pricing and Trading Information - Luokai Convertible Bond (113689) current price is 156.168, with a strong redemption price of 100.038, and a last trading day on November 17, 2025 [4]. - Chengfeng Convertible Bond (113628) current price is 153.032, with a last trading day on November 17, 2025 [4]. - Zhongjin Convertible Bond (127020) current price is 124.350, with a strong redemption price of 100.700, and a last trading day on November 20, 2025 [4]. - Hengbang Convertible Bond (127086) current price is 118.195, with a strong redemption price of 100.280, and a last trading day on November 24, 2025 [4]. - Qibin Convertible Bond (113047) current price is 113.481, with a strong redemption price of 101.174, and a last trading day on November 27, 2025 [4]. Group 3: Additional Convertible Bonds Information - Fenghuo Convertible Bond (110062) current price is 106.676, with a redemption price of 106.000, and a last trading day on November 26, 2025 [6]. - Ying19 Convertible Bond (110063) current price is 113.327, with a redemption price of 111.000, and a last trading day on December 12, 2025 [6]. - Hongda Convertible Bond (404003) current price is 54.781, with a redemption price of 118.000, and a last trading day on December 15, 2025 [6]. - Jianguo Convertible Bond (110064) current price is 113.369, with a redemption price of 113.000, and a last trading day on December 16, 2025 [6].

Core Points - Southeast Network Framework announced that it will not adjust the conversion price of "Southeast Convertible Bonds" downward as of November 19, 2025 [2] - The decision was made during the 28th meeting of the 8th Board of Directors [2] - If the conditions for downward adjustment are triggered again within the next six months (from November 20, 2025, to May 19, 2026), the company will also not propose a downward adjustment plan [2] - The next period for triggering the conversion price adjustment will restart from May 20, 2026 [2] - The Board will convene again to decide on any future downward adjustment rights if conditions are met [2]

Group 1 - The report indicates that the convertible bond market experienced significant fluctuations in August, with the convertible bond index showing an upward trend but facing adjustments towards the end of the month due to various factors including the weakening of the banking sector and an increase in strong redemption of convertible bonds [3][6][7] - The strategy for September suggests a cautious approach towards convertible bonds, with expectations for lower returns due to the "dumbbell" style weakening and the potential for short-term adjustments in the market [3][33] - The report highlights the validation of the "potential yield" indicator system, which indicated a significant risk of short-term adjustments in the convertible bond market as the implied three-month yield fell below -5% [3][19][22] Group 2 - The report outlines a revised monthly strategy composition for September, which includes three components: short-term high-odds selection, low-price enhancement strategy, and active selection, reflecting the current market environment [3][35] - Specific convertible bonds are recommended for attention in September, including the high-odds selection of Pudong Development Bank Convertible Bond, and low-price enhancement strategies focusing on Jia Yuan, Jingke, Southeast, and Fangyuan Convertible Bonds [3][36][37] - The active selection strategy emphasizes avoiding bonds with a high likelihood of strong redemption while maintaining a focus on sectors with growth potential [3][38]

Group 1 - The core point of the announcement is that Zhejiang Southeast Network Framework Co., Ltd. has received notification from its controlling shareholder, Zhejiang Southeast Group Co., Ltd., regarding the release of pledged convertible bonds [1] - The controlling shareholder, Southeast Group, had previously pledged 125,000 convertible bonds, which accounted for 6.25% of the total convertible bond balance [1] - After the release of the pledge, there are no remaining pledged convertible bonds held by the controlling shareholder, actual controller, or any concerted parties [1] Group 2 - The announcement confirms that the information disclosed is true, accurate, and complete, with no misleading statements or significant omissions [1] - The company has provided details regarding the pledge release, including the number of bonds and the percentage of the total convertible bond balance [1] - The board of directors of Zhejiang Southeast Network Framework Co., Ltd. has made this announcement for record-keeping purposes [2]

Group 1 - The company Zhejiang Southeast Space Frame Co., Ltd. issued 20 million convertible bonds with a total value of 200 million RMB, approved by the China Securities Regulatory Commission [1] - The bonds, named "Southeast Convertible Bonds," began trading on the Shenzhen Stock Exchange on January 24, 2024, under the code "127103" [1] - The controlling shareholder, Zhejiang Southeast Space Frame Group Co., Ltd., and its actual controller, Mr. Guo Mingming, along with their acting-in-concert party, Hangzhou Haotian Property Management Co., Ltd., subscribed to 7,657,722 bonds, accounting for 38.29% of the total issuance [1] Group 2 - From December 6, 2024, to February 12, 2025, the controlling shareholder and actual controller transferred 2,026,739 bonds, representing 10.13% of the total issuance [2] - Between March 17, 2025, and July 18, 2025, they transferred an additional 2,030,489 bonds, which is 10.15% of the total issuance [2] - From July 21, 2025, to August 11, 2025, they transferred 2,186,494 bonds, accounting for 10.93% of the total issuance [3]

Group 1 - The company Zhejiang Southeast Steel Structure Co., Ltd. announced the release of part of the convertible bonds pledged by its controlling shareholder and its concerted action party [1] - The controlling shareholder, Zhejiang Southeast Group Co., Ltd., and Hangzhou Haotian Property Management Co., Ltd. have completed the procedures for the release of the pledged convertible bonds [1] - The total amount of convertible bonds released from pledge is 152.5 million, which accounts for 7.63% of the company's total convertible bond balance [1] Group 2 - The remaining pledged convertible bonds held by the controlling shareholder and its concerted action party amount to 277.5 million, representing 13.88% of the total convertible bonds [1] - The release of the pledge is not expected to adversely affect the company's production operations and governance [1]

Group 1 - The company Zhejiang Southeast Space Frame Co., Ltd. issued a total of 20 million convertible bonds, each with a face value of 100 RMB, amounting to a total issuance of 2 billion RMB [1][2] - The controlling shareholder Zhejiang Southeast Space Frame Group Co., Ltd. and actual controller Mr. Guo Mingming, along with their concerted action party Hangzhou Haotian Property Management Co., Ltd., subscribed to a total of 7,657,722 bonds, accounting for 38.29% of the total issuance [2] - The bond trading began on January 24, 2024, on the Shenzhen Stock Exchange under the name "Southeast Convertible Bonds" with the code "127103" [1][2] Group 2 - Mr. Guo Mingming transferred 2,026,739 bonds, representing 10.13% of the total issuance, through block trading and centralized bidding [2] - From March 17, 2025, to July 18, 2025, a further transfer of 2,030,489 bonds occurred, accounting for 10.15% of the total issuance [2] - After the recent transfers, the holdings of the controlling shareholder and related parties decreased significantly, with the total holdings dropping from 5,630,983 bonds (28.15%) to 3,600,494 bonds (18.00%) [2]

Group 1 - The company Zhejiang Southeast Steel Structure Co., Ltd. is issuing convertible bonds totaling RMB 2 billion, with a net fundraising amount of approximately RMB 1.986 billion [2][3][18] - The bonds will be listed on the Shenzhen Stock Exchange starting January 24, 2024, under the name "Southeast Convertible Bonds" [3][18] - The bonds have a maturity 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][18] Group 2 - The initial conversion price for the bonds is set at RMB 5.73 per share, subject to adjustments based on specific corporate actions [4][26] - The company has established a dedicated account for managing the raised funds, ensuring compliance with relevant regulations [18][19] - The company has a credit rating of AA for the bonds, indicating a stable outlook [14][23] Group 3 - The company's main business segments include steel structures, chemical fibers, and renewable energy, with a focus on engineering contracting and photovoltaic construction [16][17] - In 2024, the company reported a net profit of RMB 190.45 million, a decrease of 42.17% compared to the previous year [17] - The total revenue for 2024 was approximately RMB 11.24 billion, reflecting a decline of 13.52% from 2023 [17]

Core Viewpoint - Zhejiang Southeast Network Framework Co., Ltd. has maintained its credit rating of "AA" with a stable outlook for both the company and its convertible bonds, indicating consistent financial health and creditworthiness [1][2]. Group 1: Company Credit Rating - The company’s previous credit rating was "AA" with a stable outlook, and this rating has been reaffirmed in the latest assessment [1][2]. - The tracking rating report was issued by Shanghai New Century Credit Rating Co., Ltd. on June 19, 2025, confirming no changes in the credit rating since the last evaluation [2]. Group 2: Convertible Bonds - The convertible bonds issued by the company, referred to as "Southeast Convertible Bonds," also retained a credit rating of "AA" in the latest report [2]. - The previous rating for the Southeast Convertible Bonds was established on June 13, 2024, and has remained unchanged in the latest assessment [1][2].