Core Viewpoint - The company has triggered the conditional redemption clause for its convertible bonds, "Tongcheng Convertible Bonds," due to the stock price exceeding 130% of the conversion price for 15 trading days, leading to an early redemption decision by the board of directors [2][3]. Redemption Details - The company announced the early redemption of "Tongcheng Convertible Bonds" at a price of 101.44 yuan per bond, which includes accrued interest [7]. - The total amount for the redemption is 1,572,320.00 yuan, covering 15,500 bonds, with the payment date set for November 14, 2025 [5][10]. - The redemption registration date is November 13, 2025, and the bonds will be delisted on the same day [6][10]. Impact on Company - The redemption will not significantly impact the company's cash flow, as the total redemption amount is relatively small compared to the company's financial position [10]. - Following the redemption, the company's total share capital will increase to 616,141,306 shares, which may dilute earnings per share in the short term but is expected to strengthen the company's capital structure and reduce future interest expenses [10]. Shareholder Changes - The controlling shareholder, RED AVENUE INVESTMENT GROUP LIMITED, and its concerted party, Virgin Holdings Limited, hold a combined total of 375,570,200 shares, representing 60.96% of the total share capital after the redemption [12]. - Virgin Holdings Limited has fully released its pledged shares, and there are currently no pledged shares held by the controlling shareholder or its concerted parties [12].

Core Points - The company announces the redemption and delisting of "Tongcheng Convertible Bonds" [1][4] - The redemption price is set at 101.44 CNY per bond, including accrued interest [2][8] - The last trading day for the bonds is November 10, 2025, and they will stop trading from November 11, 2025 [2][12] Redemption Details - Redemption registration date is November 13, 2025 [2][7] - The last conversion date for the bonds is also November 13, 2025 [3][12] - The company has triggered the conditional redemption clause due to the stock price being above 130% of the conversion price for 15 trading days [5][6] Financial Implications - The accrued interest calculation results in 1.44 CNY per bond, leading to a total redemption amount of 101.44 CNY [8][13] - Investors who do not convert their bonds by the deadline will face forced redemption at the specified price [4][15] - The market price of the bonds on the last trading day is significantly higher than the redemption price, indicating potential losses for investors who do not convert [15]

Core Points - Tongcheng New Materials announced that investors holding "Tongcheng Convertible Bonds" can either convert at a price of 31.11 yuan per share or be forced to redeem at a face value of 100 yuan per bond plus accrued interest of 1.44 yuan per bond, totaling 101.44 yuan per bond [1] Group 1 - The announcement indicates that if investors do not convert their bonds within the specified timeframe, they may face significant investment losses due to forced redemption [1]

Core Viewpoint - The article discusses the status of various convertible bonds, highlighting that certain bonds will not undergo adjustments, which may impact investor strategies and market dynamics [1][3]. Group 1: Convertible Bonds Status - Xingrui Convertible Bond (127090) and Meinuo Convertible Bond (113618) will not be adjusted, with announcements made on November 13, 2025 [1]. - The current prices and redemption values of several convertible bonds are provided, indicating their market performance and potential for investors [3][5]. Group 2: Market Data Overview - The current price of Tongcheng Convertible Bond (113621) is 125.708, with a redemption price of 101.440 and a conversion value of 126.17 [3]. - The remaining scale of various convertible bonds is detailed, with notable figures such as Hengbang Convertible Bond (127086) having a remaining scale of 8.029 billion [3]. - The flow market ratio for several bonds is presented, indicating their relative size in the market, such as the flow market ratio for Fenghuo Convertible Bond (110062) being 8.33% [5].

Core Viewpoint - The company announces the early redemption of its convertible bonds "Tongcheng Convertible Bonds" due to the triggering of conditional redemption clauses, with specific dates and prices outlined for investors [2][4][5]. Redemption Details - Redemption registration date is set for November 13, 2025 [2] - Redemption price is 101.44 CNY per bond [2][8] - Redemption payment date is November 14, 2025 [2][10] - Last trading day for the bonds is November 10, 2025, after which trading will cease [2][12] Conversion and Trading Information - The last conversion date for the bonds is November 13, 2025, with only two trading days remaining until this date [3][12] - The bonds will be delisted from the Shanghai Stock Exchange starting November 14, 2025 [4][12] Conditional Redemption Clause - The conditional redemption clause was triggered as the company's stock price was above 130% of the conversion price for 15 trading days [5][6] - The redemption applies to all registered bondholders as of the redemption registration date [7] Interest Calculation - The accrued interest for the bonds is calculated to be 1.44 CNY per bond, leading to a total redemption amount of 101.44 CNY [8][13] Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net redemption amount of 101.152 CNY after tax [13] - Qualified foreign institutional investors will receive the full redemption amount of 101.44 CNY without tax deductions [14]

Core Points - Tongcheng New Materials announced that the last conversion date for the "Tongcheng Convertible Bonds" is November 13, 2025, with only two trading days remaining until the market closes on November 11, 2025 [2] - After the early redemption, the "Tongcheng Convertible Bonds" will be delisted from the Shanghai Stock Exchange starting November 14, 2025 [2] - Investors can either convert their bonds at a conversion price of 31.11 CNY per share or face forced redemption at a total of 101.44 CNY per bond, which includes the face value and accrued interest [2] - The company warns that forced redemption may lead to significant investment losses for bondholders [2]

Core Points - The company has announced the early redemption of "Tongcheng Convertible Bonds" due to the triggering of conditional redemption clauses as the stock price exceeded 130% of the conversion price for 15 trading days [3][6] - The redemption price is set at 101.44 CNY per bond, which includes the face value and accrued interest [8][13] - The bonds will stop trading from November 11, 2025, and the last conversion date is November 13, 2025 [12][15] Redemption Details - Redemption Registration Date: November 13, 2025 [1] - Redemption Payment Date: November 14, 2025 [10] - Last Trading Day: November 10, 2025 [1] - The bonds will be delisted from the Shanghai Stock Exchange on November 14, 2025 [2][12] Conversion and Trading - Investors can convert the bonds at a price of 31.11 CNY per share within the specified timeframe or face forced redemption at 101.44 CNY per bond [2][15] - The company has triggered the conditional redemption clause based on stock performance from September 24 to October 22, 2025 [3][6] Interest Calculation - The accrued interest is calculated using the formula: IA = B × i × t / 365, where IA is the accrued interest, B is the total face value of the bonds held, i is the annual coupon rate, and t is the number of days from the last interest payment to the redemption date [4][8] Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net redemption amount of 101.152 CNY per bond after tax [13][14]

Core Viewpoint - Tongcheng New Materials announced that investors holding "Tongcheng Convertible Bonds" can only convert at a price of 31.11 yuan per share or be forcibly redeemed at a face value of 100 yuan per bond plus accrued interest of 1.44 yuan per bond, totaling 101.44 yuan per bond, which may lead to significant investment losses [2] Summary by Relevant Sections - **Convertible Bonds** - Investors can convert bonds at a price of 31.11 yuan per share [2] - Forcible redemption option is available at 100 yuan per bond plus 1.44 yuan accrued interest, totaling 101.44 yuan per bond [2] - **Investment Risks** - Potential for significant investment losses if bonds are forcibly redeemed [2]

Core Viewpoint - The last trading day for Sheng24 Convertible Bond and Tongcheng Convertible Bond is November 10, with significant potential losses for investors who do not act in time [1][3][4]. Group 1: Important Dates and Actions - Investors are reminded that November 10 is the last trading day for Sheng24 Convertible Bond, and November 13 is the last conversion day [3][4]. - After November 13, unconverted Sheng24 Convertible Bonds will be frozen and cease trading, with a forced redemption price of 100.1677 CNY per bond [3][4]. - For Tongcheng Convertible Bond, the last trading day is also November 10, with a forced redemption price of 101.44 CNY per bond after November 13 [3][4]. Group 2: Financial Implications - As of November 7, the closing prices for Sheng24 and Tongcheng Convertible Bonds were 116.244 CNY and 125.413 CNY respectively, indicating potential losses of over 13% and 19% if investors do not act [4][5]. - There are still 344 million CNY and 113 million CNY of Sheng24 and Tongcheng Convertible Bonds respectively that have not been traded or converted, representing over 12% and 14% of the total [5]. Group 3: Redemption Mechanism - The forced redemption mechanism is triggered when the underlying stock price remains above 130% of the conversion price for at least 15 out of 30 trading days [5]. - Investors can either sell the convertible bonds or convert them into shares to avoid losses, with the conversion price set at 12.51 CNY per share for Sheng24 and 31.11 CNY per share for Tongcheng [3][5]. - New regulations require a "Z" identifier to be added to the security name on the last trading day, alerting investors to act promptly [5].

Core Points - The company is implementing the early redemption of its convertible bonds, "Tongcheng Convertible Bonds," with a redemption price of 101.44 yuan per bond [2][9] - The last trading day for the bonds is set for November 10, 2025, and the last conversion day is November 13, 2025 [12][3] - Following the redemption, the bonds will be delisted from the Shanghai Stock Exchange on November 14, 2025 [4][13] Redemption Details - Redemption registration date is November 13, 2025, and the redemption payment date is November 14, 2025 [2] - The bonds will be forcibly redeemed at a total of 101.44 yuan per bond, which includes the face value of 100 yuan and accrued interest of 1.44 yuan [4][9] - The company has triggered the conditional redemption clause as the stock price has been above 130% of the conversion price for 15 trading days [5][7] Investor Guidance - Investors are advised to convert or sell their bonds within the specified timeframe to avoid forced redemption [17][5] - The company emphasizes the importance of acting before the last trading and conversion days to mitigate potential losses [16][17] - The accrued interest calculation for the bonds is based on a formula that considers the bondholder's total amount, interest rate, and the number of days until redemption [6][9]