Core Viewpoint - The announcement details the progress of a non-public issuance of exchangeable bonds by China Aerospace Science and Technology Corporation, which will lead to a passive reduction in its shareholding in China Satcom due to bondholders exercising their exchange rights [2][3]. Group 1: Equity Change Overview - The equity change is due to the issuance of exchangeable bonds by the controlling shareholder, China Aerospace Science and Technology Corporation, using part of its A-shares in China Satcom as the underlying asset [2][19]. - The exchange period for the bonds is set from March 3, 2025, to August 29, 2027 [2][20]. - As of December 5, 2025, the total shares reduced due to bondholder exchanges amounted to 182,931,097 shares, representing 4.33% of the total share capital of 4,224,385,412 shares [4][20]. Group 2: Shareholding Structure Before and After - Before the equity change, China Aerospace Science and Technology Corporation held 3,156,449,883 shares, accounting for 74.72% of the total shares, while its total control over the company was 84.27% [4][21]. - After the equity change, the direct shareholding of China Aerospace Science and Technology Corporation decreased to 2,973,518,786 shares, reducing its ownership percentage to 70.39%, and its total control dropped to 79.94% [5][21]. Group 3: Future Plans and Compliance - The controlling shareholder does not plan to increase or further reduce its stake in China Satcom within the next 12 months [18]. - The equity change does not involve a takeover and will not alter the status of the controlling shareholder or actual controller of the company [3][6].

Core Viewpoint - The announcement details a change in the shareholding structure of China Satellite Communications Group Co., Ltd. (China Satcom) due to the conversion of bonds held by its controlling shareholder, China Aerospace Science and Technology Corporation (CASC) [1][2]. Group 1: Shareholding Changes - CASC's direct shareholding in China Satcom decreased from 3,097,755,762 shares (73.33%) to 3,047,184,725 shares (72.13%) due to the conversion of bonds [2]. - The total shareholding of CASC and its concerted parties in China Satcom decreased from 3,501,018,286 shares (82.88%) to 3,450,447,249 shares (81.68%) [2]. Group 2: Bond Issuance and Conversion - CASC completed the issuance of "China Aerospace Science and Technology Corporation 2024 Non-Public Offering of Technology Innovation Exchangeable Bonds (First Phase)" on August 29, 2024 [1]. - The bondholders' decision to convert bonds into shares and the specific number of shares converted are uncertain during the conversion period [3]. Group 3: No Change in Control - The reduction in shareholding is a passive result of bond conversion and does not involve a takeover offer, nor will it change the controlling shareholder or actual controller of the company [2].

Core Points - China Satellite Communications Group Co., Ltd. announced an adjustment to the conversion price of its controlling shareholder's non-public issuance of exchangeable bonds [1][7] - The controlling shareholder, China Aerospace Science and Technology Corporation, issued exchangeable bonds with a total scale of 6.1 billion yuan, maturing in three years [1][2] - The conversion price was adjusted from 16.92 yuan per share to 16.89 yuan per share effective June 27, 2025 [7] Summary of Key Sections Controlling Shareholder's Exchangeable Bonds - The exchangeable bonds were issued on August 29, 2024, with a total scale of 61 billion yuan and a maturity of three years [1][2] - The bonds are linked to a portion of the A-shares of China Satellite Communications held by the controlling shareholder [1] Conversion Price Adjustment - The adjustment of the conversion price is based on the distribution of cash dividends, specifically a cash dividend of 0.0323 yuan per share for the fiscal year 2024 [2][3] - The formula for adjusting the conversion price is P1 = P0 - D, where P0 is the previous conversion price, P1 is the new conversion price, and D is the cash dividend per share [3] Future Actions - The company will closely monitor the conversion situation of the exchangeable bonds and fulfill its information disclosure obligations in a timely manner [7]

证券代码：601698 证券简称：中国卫通 公告编号：2025-005 中国卫通集团股份有限公司 关于控股股东非公开发行可交换公司债券 进入换股期的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国卫通集团股份有限公司（以下简称"公司"）控股股 东中国航天科技集团有限公司（以下简称"航天科技集团"） 于 2024 年 8 月 29 日完成发行"中国航天科技集团有限公司 2024 年面向专业投资者非公开发行科技创新可交换公司债 券（第一期）"（以下简称"本期可交换债券"），发行规模 61 亿元，债券期限为 3 年，标的股票为航天科技集团所持有的 部分本公司 A 股股票，债券简称为"24 航天 EB"，债券代码 为"137190"。具体内容见公司于 2024 年 8 月 30 日在上海证 券交易所网站（www.sse.com.cn）披露的《中国卫通关于控股 股东非公开发行可交换公司债券发行完成的公告》（公告编 号：2024-031）。 根据有关规定和《中国航天科技集团有限公司 2024 年 面向专业投资者非公开发行科 ...