Core Viewpoint - The announcement indicates that the "Jiaojian Convertible Bonds" may meet the redemption conditions due to the company's stock price performance, which has been above 130% of the conversion price for a specified period [2][9]. Group 1: Convertible Bond Issuance and Listing - The company issued 8.50 million convertible bonds at a face value of 100 RMB each, totaling 850 million RMB, approved by the China Securities Regulatory Commission [3]. - The bonds were listed on the Shenzhen Stock Exchange on October 16, 2020, under the name "Jiaojian Convertible Bonds" with the code "128132" [4]. Group 2: Conversion Price and Adjustments - The initial conversion price was set at 18.57 RMB per share, which has been adjusted multiple times due to annual profit distributions, with the latest adjustment bringing it to 10.00 RMB per share as of June 25, 2025 [5][6][7]. - The conversion period for the bonds is from March 22, 2021, to September 14, 2026 [5]. Group 3: Conditional Redemption Terms - The company has conditional redemption terms that allow for the redemption of the bonds if the stock price meets certain criteria, including a closing price above 130% of the conversion price for at least 15 out of 30 trading days [9]. - If the conditions are met, the company will convene a board meeting to decide on the redemption of the bonds [9].

Core Viewpoint - The announcement details the passive dilution of the controlling shareholder's stake in Xinjiang Transportation Construction Group Co., Ltd. due to the conversion of convertible bonds into shares, which has resulted in a decrease in the controlling shareholder's ownership percentage without any change in the number of shares held [1][3]. Group 1: Shareholder Changes - The controlling shareholder, Xinjiang Transportation Investment (Group) Co., Ltd., experienced a reduction in its shareholding percentage from 33.97% to 32.92% following the conversion of convertible bonds, which increased the total share capital of the company [1]. - The total number of shares increased from 645,580,984 to 666,265,432 shares as of the close on August 13, 2025, due to the conversion of convertible bonds [1]. Group 2: Compliance and Governance - The announcement confirms that the change in shareholding does not lead to a change in the controlling shareholder and will not affect the company's governance structure or ongoing operations [3]. - The company assures that the information disclosed is true, accurate, and complete, with no misleading statements or significant omissions [1].

Group 1 - Xinjiang Tibet Railway Co., Ltd. has been established with a registered capital of 95 billion RMB, focusing on construction, railway transportation, and various services [1][7] - The company is wholly owned by China National Railway Group Co., Ltd., which is a state-owned enterprise approved by the State Council [2] - The establishment of Xinjiang Tibet Railway Co., Ltd. is expected to significantly promote the construction and related business of the Xinjiang-Tibet Railway, an important transportation route connecting Xinjiang and Tibet [7] Group 2 - On August 8, Xinjiang Jiaojian's stock surged by 10.04% after the news, reaching the daily limit [3] - The convertible bond issued by Xinjiang Jiaojian, known as Jiaojian Convertible Bond, saw a remarkable increase of 19.28%, with a trading volume of 5.269 billion RMB [3][6] - The latest conversion premium rate for Jiaojian Convertible Bond is 17.94%, indicating its pricing is significantly higher than the underlying stock [3]

Core Viewpoint - The establishment of Xinjiang-Tibet Railway Co., Ltd. is a significant step towards enhancing transportation infrastructure between Xinjiang and Tibet, with a registered capital of 95 billion RMB and a wide range of operational scopes including construction, railway transport, and tourism services [2][3][9]. Company Information - Xinjiang-Tibet Railway Co., Ltd. is wholly owned by China National Railway Group Co., Ltd., which is a state-owned enterprise with a registered capital of 1,739.5 billion RMB [3][4]. - The company’s operational scope includes construction engineering, railway transport equipment manufacturing, public railway transport, and real estate development among others [2]. Market Reaction - Following the announcement of the new company, Xinjiang Communications Construction Co., Ltd. saw its stock price surge by 10.04%, reaching the daily limit [5]. - The convertible bond issued by Xinjiang Communications Construction, known as "Jiaojian Convertible Bond," experienced a remarkable increase of 19.28%, with a trading volume of 5.269 billion RMB on the same day [5][6]. Strategic Importance - The Xinjiang-Tibet Railway is a crucial transportation route connecting Xinjiang and Tibet, facilitating travel from Hotan City in Xinjiang to Shigatse and Lhasa in Tibet [8]. - The establishment of Xinjiang-Tibet Railway Co., Ltd. aligns with the Ministry of Transport's plan to accelerate the construction of major projects, including the Xinjiang-Tibet Railway, as part of a broader initiative to strengthen national transportation infrastructure [9].

Core Viewpoint - The establishment of Xinjiang-Tibet Railway Co., Ltd. is expected to significantly promote the construction and related business activities of the Xinjiang-Tibet Railway, which is a crucial transportation route connecting Xinjiang and Tibet [1][5]. Company Overview - Xinjiang-Tibet Railway Co., Ltd. has a registered capital of 95 billion RMB and is wholly owned by China National Railway Group Co., Ltd. [1][6]. - The company's business scope includes construction engineering, railway transportation equipment manufacturing, public railway transport, catering services, real estate development, and engineering management services [2]. Market Reaction - Following the announcement of the company's establishment, stocks in the Xinjiang sector surged, with companies like Xinjiang Jiaojian and Beixin Road & Bridge hitting the daily limit [3][9]. - On the same day, the A-share market experienced a slight decline overall, but local Xinjiang stocks performed strongly [8][9]. Project Significance - The Xinjiang-Tibet Railway, which includes the Riyue Railway and Lari Railway, spans approximately 2,000 kilometers and is expected to enhance economic, cultural, and tourism exchanges between Xinjiang and Tibet [5]. - The railway's construction is anticipated to face significant challenges due to its high altitude and complex geological conditions, which will require advanced construction capabilities [10]. Stakeholder Information - Ma Yinjun, the legal representative of Xinjiang-Tibet Railway Co., Ltd., is also the deputy general manager of Qinghai-Tibet Railway Group Co., Ltd. [5]. - China National Railway Group Co., Ltd. is a state-owned enterprise with a registered capital of 1.7395 trillion RMB, authorized by the State Council [7].

Group 1 - Xinjiang Jiaojian Co., Ltd. opened with a significant increase of 10.04% and reached the daily limit [3] - The convertible bond issued by Xinjiang Jiaojian, known as Jiaojian Convertible Bond, saw a remarkable rise of 19.28%, closing at 162.8870 yuan, with a peak increase of 20% during the day [3][4] - The trading volume for Jiaojian Convertible Bond reached 5.269 billion yuan on the same day [3] Group 2 - The newly established Xinjiang Railway Co., Ltd. has a registered capital of 95 billion yuan and is involved in various sectors including construction, railway transportation, and real estate [1] - The company is fully owned by China National Railway Group Co., Ltd., which is a state-owned enterprise with a registered capital of 1.7395 trillion yuan [7][8] - China National Railway Group aims to enhance its market-oriented operations and improve the quality of railway passenger services [8][9]

Core Viewpoint - The company, Xinjiang Jiaojian, benefits from favorable national policies and regional competitive advantages in the construction industry, particularly in Xinjiang, where it holds a special grade qualification for highway construction [3][4][6]. Group 1: Company Overview - Xinjiang Jiaojian has a diverse financing channel and has not utilized a large portion of its bank credit quota, indicating potential for future financing [3][4]. - The company primarily engages in infrastructure construction, with a significant focus on highway projects, accounting for approximately 95% of its revenue [11][12]. - The company has a strong competitive position in the Xinjiang region, with over 90% of its business revenue generated from this area in recent years [11][12]. Group 2: Financial Performance - The company reported a total revenue of 80.92 billion yuan in 2023, with engineering construction contributing 76.91 billion yuan [10][11]. - The gross profit margin for engineering construction improved to 14.55% in 2024, up from 8.53% in 2023, due to better management practices [11][12]. - The company’s total assets were reported at 142.76 billion yuan, with a significant portion tied up in accounts receivable, indicating cash flow challenges [7][10]. Group 3: Market Environment - The construction industry in China is facing intense competition, with a slowdown in infrastructure investment growth impacting the company's project acquisition and execution [3][4][9]. - Xinjiang's economic growth is supported by substantial fixed asset investments, particularly in infrastructure, which increased by 15.7% in 2024 [9][10]. - The company is cautious about expanding its overseas projects, with only one ongoing project outside China as of March 2025 [13][14]. Group 4: Risks and Challenges - The company faces risks related to local government financing and project execution, which can significantly impact its revenue and cash flow [3][4][11]. - There is a notable pressure on cash flow due to a high volume of accounts receivable, which is heavily influenced by local government investment plans [3][4][10]. - The company must continuously monitor project settlement progress and the potential for asset impairment risks due to significant capital tied up in receivables [3][4][10].

Core Viewpoint - The company has approved a profit distribution plan for the year 2024, which includes a cash dividend of RMB 1.50 per 10 shares for all shareholders, with specific tax considerations for different types of investors [1][2]. Profit Distribution Plan - The profit distribution plan states that for every 10 shares held, shareholders will receive a cash dividend of RMB 1.50 (including tax) [1]. - The distribution will not include stock dividends or capital reserve transfers to increase share capital [1]. - The total amount of distribution will be adjusted if the total share capital changes due to events like new share listings or convertible bond conversions, while maintaining the per-share distribution ratio [1]. Dividend Dates - The record date for the distribution is set for June 24, 2025, and the ex-dividend date is June 25, 2025 [2]. Distribution Recipients - The distribution will be made to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the close of trading on June 24, 2025 [2]. Convertible Bond Adjustment - Following the profit distribution, the conversion price of the company's convertible bonds will be adjusted from RMB 10.15 per share to RMB 10.00 per share, effective from June 25, 2025 [2].

Core Viewpoint - The company announced its 2024 annual profit distribution plan, which includes a cash dividend of 1.5 RMB per 10 shares, with the record date set for June 24, 2025 [1][5][14]. Group 1: Profit Distribution Plan - The profit distribution plan was approved during the shareholders' meeting held on May 28, 2025, with a cash dividend of 1.5 RMB per 10 shares (tax included) [1][5]. - The company will not issue bonus shares or increase capital from reserves, and the total distribution amount will be adjusted if the total share capital changes before the record date [1][5][14]. - The cash dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the record date [5][7]. Group 2: Convertible Bond Adjustment - The conversion price of the company's convertible bonds (referred to as "交建转债") will be adjusted from 10.15 RMB to 10.00 RMB per share, effective June 25, 2025, due to the cash dividend distribution [10][14]. - The adjustment follows the formula for cash dividend distribution, where the new conversion price is calculated by subtracting the cash dividend from the previous conversion price [14]. - The bond's conversion period is from March 22, 2021, to September 14, 2026 [15].