Core Viewpoint - The announcement details a change in the equity stake of a major shareholder, Guochuang Kaiyuan Equity Investment Fund, which has reduced its holding in Shanshi Network Technology Co., Ltd. from 6.58% to 5.00% due to share dilution and share reduction through trading [2][3][4]. Summary by Sections 1. Basic Situation of Equity Change - The equity change is a result of Guochuang Kaiyuan's reduction of shares and passive dilution due to the conversion of convertible bonds, which does not trigger a mandatory tender offer [2][3]. - Prior to the change, Guochuang Kaiyuan held 11,859,118 shares, representing 6.58% of the total shares. After the change, it holds 9,011,636 shares, representing 5.00% [2][4]. 2. Details of the Equity Change - The passive dilution occurred when the company issued convertible bonds that entered the conversion period on September 28, 2022, increasing the total shares from 180,223,454 to 180,232,718 [3][4]. - Guochuang Kaiyuan reduced its holdings through centralized bidding, selling 1,796,894 shares from November 13, 2024, to February 7, 2025, and an additional 1,050,588 shares from July 23, 2025, to August 13, 2025 [4][12]. 3. Impact of the Equity Change - The equity change will not significantly affect the company's governance structure or ongoing operations, nor will it result in a change in the status of the controlling shareholder [2][7][12]. - The shareholder has confirmed that the equity change does not require approval from relevant authorities and does not impose additional conditions [9][12]. 4. Future Plans - As of the report date, Guochuang Kaiyuan has no plans to increase its stake in Shanshi Network Technology within the next 12 months [13][14].

Core Viewpoint - The announcement details a change in the equity stake of a major shareholder, Guochuang Kaiyuan, in Shanshi Network Technology Co., Ltd., reducing its holding from 6.58% to 5.00% due to share dilution and share reduction, which does not trigger a mandatory takeover offer [1][2]. Summary by Sections 1. Basic Situation of Equity Change - Guochuang Kaiyuan Equity Investment Fund (Limited Partnership) reduced its shareholding in Shanshi Network from 11,859,118 shares (6.58%) to 9,011,636 shares (5.00%) [1][4]. - The reduction was due to passive dilution from the conversion of convertible bonds and active selling through centralized bidding [2][3]. 2. Details of Share Reduction - The total share capital of the company increased from 180,223,454 shares to 180,232,718 shares due to the conversion of "Shanshi Convertible Bonds" [2]. - Guochuang Kaiyuan sold 1,796,894 shares and an additional 1,050,588 shares between July 23, 2025, and August 13, 2025, resulting in a total reduction of 2,847,482 shares [3][4]. 3. Impact on Company Governance - The change in shareholding does not significantly impact the company's governance structure or ongoing operations, and the status of having a controlling shareholder remains unchanged [1][4].

New Stock Listings - Huadian New Energy (600930) listed at an issue price of 3.18 on July 16, 2025[1] - Zhongcheng Tui (300208) has 2 trading days remaining until the last trading day[1] - Tui Shi Jin Gang (600190) also has 2 trading days remaining until the last trading day[1] Abnormal Fluctuations - Huayin Power (600744) reported severe abnormal fluctuations on July 15, 2025[1] - Changcheng Military Industry (601606) announced abnormal fluctuations on July 15, 2025[1] - ST Yanzhen (603389) reported abnormal fluctuations on July 16, 2025[1] Other Notable Announcements - ST Ya Zhen (000627) reported significant fluctuations with a value of 7189 on July 16, 2025[3] - Guosheng Technology (603778) reported fluctuations with a value of 3370 on July 15, 2025[3] - ST Xin Chao (600777) reported fluctuations with a value of 1008 on July 11, 2025[3]

Core Points - The company has announced a downward adjustment of the conversion price for its convertible bonds from 24.52 CNY/share to 16.50 CNY/share, effective from July 16, 2025 [1][5][6] - The adjustment was triggered as the company's stock price was below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [4][5] - The company held a board meeting and a shareholder meeting to approve the adjustment, with the board's proposal receiving majority support [4][5] Convertible Bond Issuance Overview - The company issued a total of 2,674,300 convertible bonds at a face value of 100 CNY each, amounting to a total of 26,743.00 million CNY, with a maturity of six years from the issuance date [1][2] - The bonds were listed on the Shanghai Stock Exchange on April 21, 2022, under the name "山石转债" and code "118007" [2] Conversion Price Adjustment Mechanism - The conversion price can be adjusted downward if the stock price falls below 85% of the current conversion price for a specified period [3][4] - The adjustment requires approval from at least two-thirds of the voting rights at the shareholder meeting, excluding bondholders from voting [3] Recent Developments - The company’s stock price averaged 15.67 CNY/share over the 20 trading days prior to the shareholder meeting, and 16.04 CNY/share on the trading day before the meeting [5] - The new conversion price will be effective from July 16, 2025, after a temporary suspension of conversion on July 15, 2025 [5][6]

Group 1 - Lingkang Convertible Bond: The board proposed a downward adjustment [1] - Shanshi Convertible Bond: The downward adjustment is nearing the bottom [1] - Guoda Convertible Bond, Yong'an Convertible Bond, Beilu Convertible Bond, Feilu Convertible Bond: Strong redemption [1] Group 2 - Yuanshin Industrial: The actual controller's concerted actor plans to reduce holdings by no more than 1.53% of the company's shares [1] - Tongwei Co., Ltd.: Expected net loss of 4.9 billion to 5.2 billion yuan in the first half of the year [1] - Lutai A: Expected net profit of 330 million to 370 million yuan for the first half of 2025, a year-on-year increase of 94.62% to 118.21% [1] Group 3 - Shunbo Alloy: Expected net profit of 150 million to 190 million yuan for the first half of 2025, a year-on-year increase of 78.81% to 126.49% [1] - Quanfeng Automotive: Expected net loss of 185 million to 155 million yuan for the first half of 2025 [1] - Suli Co., Ltd.: Expected net profit of 72 million to 86 million yuan for the first half of 2025, a year-on-year increase of 1008% to 1223% [1] Group 4 - Longi Green Energy: Expected net loss of 2.4 billion to 2.8 billion yuan for the first half of 2025 [1] - Linggang Co., Ltd.: Expected net loss of 577 million yuan for the first half of 2025 [1] - JA Solar Technology: Expected net loss of 2.5 billion to 3 billion yuan for the first half of 2025 [1] - BluFan Medical: Expected net loss of 150 million to 100 million yuan for the first half of 2025 [1] - Shuangliang Energy: The company expects a net profit of -650 million to -500 million yuan for the first half of the year [1]

Group 1 - The company is holding its second extraordinary general meeting of shareholders in 2025 to ensure the rights of all shareholders and maintain order during the meeting [1] - Only shareholders, their proxies, company directors, supervisors, senior management, invited lawyers, and designated personnel are allowed to attend the meeting [1][2] - Shareholders and their proxies must register at least half an hour before the meeting and present required documentation [1][2] Group 2 - The meeting will announce the number of attending shareholders and their voting rights before allowing any latecomers to participate [2] - Shareholders have the right to speak, inquire, and vote, but must adhere to the meeting's agenda and time limits for speaking [2][3] - The meeting will utilize both on-site and online voting methods, with results to be announced in a company resolution [3][4] Group 3 - The agenda includes a proposal to lower the conversion price of the "Shan Stone Convertible Bond" due to specific market conditions [4][5] - The proposal is based on the condition that the stock price has been below 85% of the conversion price for at least 15 out of 30 trading days [4][5] - The board of directors seeks authorization to handle the necessary adjustments related to the bond conversion price [5]

Summary of Key Points Core Viewpoint - The announcement provides an update on the convertible bonds issued by Hillstone Network Technology Co., Ltd., detailing the conversion status and the overall performance of the "Hillstone Convertible Bonds" as of June 30, 2025. Group 1: Convertible Bond Issuance Overview - Hillstone Network Technology Co., Ltd. issued a total of 2,674,300 convertible bonds on March 22, 2022, with a total value of RMB 26,743.00 million, each with a face value of RMB 100 [2]. - The bonds were listed on the Shanghai Stock Exchange on April 21, 2022, under the name "Hillstone Convertible Bonds" and code "118007" [2]. - The initial conversion price was set at RMB 24.65 per share, which was adjusted to RMB 24.52 per share on June 21, 2022, due to the annual equity distribution [2]. Group 2: Conversion Status - As of June 30, 2025, a total of RMB 226,000 has been converted into company shares, resulting in 9,204 shares, which represents 0.0051% of the total shares issued before conversion [1][3]. - The total amount of unconverted convertible bonds as of the same date is RMB 267,204,000, accounting for 99.9155% of the total issuance [1][3]. - No bonds were converted into shares during the quarter from April 1, 2025, to June 30, 2025, with a conversion quantity of 0 shares [1][3]. Group 3: Share Capital Changes - The total share capital remained unchanged at 180,232,658 shares as of June 30, 2025, with no new shares issued from the convertible bond conversions [3].

Core Viewpoint - Hillstone Networks Co., Ltd. has issued convertible bonds totaling RMB 267.43 million, with a focus on enhancing its financial position and supporting growth initiatives in the cybersecurity sector [2][3][11]. Group 1: Bond Issuance Overview - The company issued 2,674,300 convertible bonds with a face value of RMB 100 each, raising a total of RMB 26,743,000 [3][11]. - The bonds have a six-year term, from March 22, 2022, to March 21, 2028, with a tiered interest rate starting at 0.4% in the first year and increasing to 2.8% by the sixth year [3][4]. - The bonds are listed on the Shanghai Stock Exchange under the name "山石转债" (Hillstone Convertible Bonds) [3][11]. Group 2: Financial Performance - For the fiscal year 2024, the company reported revenue of approximately RMB 996.59 million, a 10.06% increase from RMB 901.04 million in 2023 [19]. - The net loss attributable to shareholders narrowed to approximately RMB 137.21 million from RMB 239.81 million in the previous year, indicating improved financial health [19]. - The company’s total assets decreased by 14.50% to RMB 922.50 million, while net assets attributable to shareholders decreased by 7.20% to RMB 1,985.45 million [19]. Group 3: Use of Proceeds - The proceeds from the bond issuance will be allocated to various projects, including the construction of a security operation center and research and development initiatives [15][20]. - As of December 31, 2024, the company had utilized RMB 163.22 million of the raised funds, with a remaining balance of RMB 105.16 million [20]. - The company plans to adjust the allocation of funds based on project needs and timelines, ensuring effective use of the raised capital [15][20]. Group 4: Credit Rating - The company has maintained a credit rating of A+ from the rating agency, with a stable outlook as of the latest reports [16][17]. - However, the outlook was adjusted to negative in 2024, reflecting potential challenges in maintaining financial stability [17].

Core Viewpoint - The board of directors of Hillstone Networks (688030.SH) proposed to lower the conversion price of its convertible bonds, which will be submitted for shareholder approval. However, board member Zhang Jinchang abstained from voting due to concerns about potential dilution of existing shareholders' equity [1][5]. Group 1: Company Overview - Hillstone Networks is a cybersecurity company focused on the research and development of software and hardware products in the cybersecurity field [2]. Group 2: Convertible Bond Details - The company issued 2.67 billion yuan worth of convertible bonds on March 22, 2022, with a maturity of six years. The initial conversion price was set at 24.65 yuan per share, later adjusted to 24.52 yuan due to a rights distribution [3][4]. - As of June 26, 2023, the stock price was 15.88 yuan per share, significantly lower than the conversion price of 24.52 yuan, indicating a potential increase in conversion attractiveness if the price is lowered [3][4]. - The convertible bonds are currently trading at 127.546 yuan, which is above the redemption price of 114 yuan, suggesting that the adjustment of the conversion price will significantly impact the bond's price movement [4]. Group 3: Financial Performance - Hillstone Networks has reported continuous losses, with net profits of -182 million yuan in 2022, -240 million yuan in 2023, and an estimated -137 million yuan in 2024, totaling a loss of 559 million yuan over three years [3]. - The company's debt-to-asset ratio has been increasing, reaching 41.67% at the end of 2023 and projected to rise to 55.18% by March 2025 [4]. Group 4: Shareholder Dynamics - Zhang Jinchang, a board member from 360 Digital Security, abstained from voting on the conversion price adjustment due to concerns about the dilution of earnings per share for existing shareholders. 360 Digital Security holds a 6.99% stake in Hillstone Networks [5][6].

Core Viewpoint - The board of directors of the company proposes to lower the conversion price of the "Shan Stone Convertible Bond" due to the triggering of the downward adjustment clause as of June 26, 2025 [1][3]. Summary by Sections Convertible Bond Issuance Overview - The company issued a total of 2,674,300 convertible bonds on March 22, 2022, with a total amount of RMB 26,743.00 million, and a maturity period of six years [1][2]. Convertible Bond Conversion Price Adjustment Clause - The conversion price was initially set at RMB 24.65 per share and adjusted to RMB 24.52 per share on June 21, 2022, due to the annual equity distribution [2]. - The board has the authority to propose a downward adjustment of the conversion price if the stock price is below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [2][3]. Procedures for Downward Adjustment of Conversion Price - The proposal for the downward adjustment must be approved by more than two-thirds of the voting rights at the shareholders' meeting [3]. - The adjusted conversion price must not be lower than the average trading price of the company's stock for the 20 trading days prior to the shareholders' meeting [3][5]. Recent Developments - As of June 26, 2025, the company's stock price has been below the threshold, triggering the condition for a downward adjustment of the conversion price [3][4]. - The board meeting held on June 26, 2025, approved the proposal to adjust the conversion price and will submit it for shareholder approval [4][5].