Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds, despite meeting the conditions for a downward adjustment due to stock price performance [1][6]. Group 1: Convertible Bond Overview - The company issued 2,230,000 convertible bonds at a face value of 100 RMB each on December 26, 2019, with trading commencing on January 23, 2020 [2]. - The current conversion price of the bonds is 29.31 RMB per share, effective from May 30, 2025 [5]. Group 2: Price Adjustment History - The conversion price has been adjusted multiple times since issuance, with the most recent adjustments being to 29.73 RMB on June 14, 2023, and to 29.64 RMB on June 5, 2024 [4][5]. - The conversion price was previously set at 30.00 RMB on February 26, 2021, following a downward adjustment due to stock price conditions [3]. Group 3: Decision on Price Adjustment - The board of directors held a meeting on August 15, 2025, and decided not to proceed with a downward adjustment of the conversion price, despite the stock price being below 85% of the current conversion price for a specified period [1][6]. - The next period for potential price adjustment will begin on September 16, 2025, should the conditions be met again [6].

Group 1 - The company announced that its fourth board meeting approved the proposal not to lower the conversion price of "Kairun Convertible Bonds" [2]

Core Viewpoint - The company has decided not to lower the conversion price of its convertible bonds, "Kairun Convertible Bonds," during the upcoming period, indicating a strategic choice to maintain the current pricing structure [1] Summary by Relevant Sections - **Board Meeting Decision**: The fourth session of the fourth board meeting will be held on August 15, 2025, where the board will review the proposal regarding the non-adjustment of the conversion price for "Kairun Convertible Bonds" [1] - **Future Conditions**: The company will not propose a downward adjustment to the conversion price even if the conditions for such an adjustment are triggered again within the next month, from August 16, 2025, to September 15, 2025 [1] - **Reset of Adjustment Period**: The next period for triggering the conversion price adjustment conditions will restart from September 16, 2025, and the company will convene another meeting to decide on any potential adjustments at that time [1]

Core Viewpoint - The company Kaerun Co., Ltd. (开润股份) announced a share reduction plan by its controlling shareholder and actual controller, Fan Jinsong, who intends to sell up to 4,753,420 shares, representing 2.00% of the total share capital, due to personal financial needs [1] Group 1: Share Reduction Plan - The controlling shareholder, Fan Jinsong, currently holds 122,849,135 shares, accounting for 51.69% of the company's total share capital [1] - The share reduction will occur through centralized bidding or block trading within three months after 15 trading days from the announcement date [1] - The reduction will not lead to a change in the company's control or significantly impact its governance structure and ongoing operations [1] Group 2: Fundraising History - Since its listing in 2016, the company has conducted three fundraising activities, raising a total of 1.223 billion yuan [1] - The company went public on December 21, 2016, on the Shenzhen Stock Exchange's Growth Enterprise Market, issuing 16.67 million new shares at a price of 19.58 yuan per share [1] - The underwriting institution for the initial public offering was China Merchants Securities Co., Ltd. [1] Group 3: Convertible Bonds and Specific Issuance - In December 2019, the company issued 223,000 convertible bonds with a total amount of 22.3 million yuan, which began trading on January 23, 2020 [2] - The net amount raised from the bond issuance was 29.60 million yuan after deducting issuance costs [2] - In October 2020, the company issued 22,792,104 ordinary shares at a price of 29.55 yuan per share, raising a total of approximately 673.51 million yuan, with a net amount of 658.66 million yuan after costs [3]

Summary of Key Points Core Viewpoint - The company, Anhui Kairun Co., Ltd., is facing a potential downward adjustment of its convertible bond conversion price due to its stock price being below 85% of the current conversion price for a significant number of trading days, which may trigger a board meeting to decide on the adjustment [1][6]. Convertible Bond Basic Information - The company issued 2,230,000 convertible bonds on December 26, 2019, with a total fundraising amount of RMB 223 million, netting RMB 217.3 million after expenses [1]. - The initial conversion price was set at RMB 33.34 per share, which has been adjusted multiple times due to various corporate actions [2][3]. Conversion Price Adjustments - The conversion price has been adjusted from RMB 33.34 to RMB 29.31 as of the latest announcement, with several adjustments occurring due to profit distribution and stock repurchase actions [3][4][5]. - The latest adjustment to RMB 29.31 will take effect on May 30, 2025 [5]. Downward Adjustment Conditions - The company has the right to propose a downward adjustment of the conversion price if the stock price remains below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [6]. - The adjustment proposal must be approved by at least two-thirds of the voting rights at a shareholders' meeting, excluding those holding the convertible bonds [6]. Recent Stock Performance - From June 8 to June 20, 2025, the company's stock price has been below RMB 24.91, which is 85% of the current conversion price of RMB 29.31, indicating a potential trigger for a price adjustment [6][7].

Core Viewpoint - The article reflects a sense of uncertainty in the stock market, questioning the ease of making profits and indicating a cautious approach to investment strategies amidst a significant market shift [1]. Group 1: Market Observations - The current market conditions suggest that both stocks and bonds do not appear particularly cheap, leading to a more conservative investment stance [1]. - A specific convertible bond was purchased at a price of 111, which had previously been bought at 102 in September of the previous year, indicating a notable price fluctuation [1]. Group 2: Upcoming Investment Opportunities - The article highlights several upcoming investment opportunities, including: - Zhihong Convertible Bond, which is set to be listed on April 8 [1]. - Qingyuan Co., Ltd. Convertible Bond, available for subscription on April 8 [1]. - Kairun Convertible Bond, which will not undergo a price adjustment [1]. - Honggong Technology, with new shares available for subscription on the Shanghai and Shenzhen stock exchanges [1]. Group 3: Community and Resources - The article promotes the Jisilu platform as a data-driven investment community focused on new stocks, convertible bonds, bonds, and closed-end funds, emphasizing the importance of capital safety while aiming for steady asset growth [1].