Core Viewpoint - The company, Hainan Puli Pharmaceutical Co., Ltd., has announced that its convertible bonds will enter a delisting arrangement starting from April 28, 2025, with the last trading date expected to be May 21, 2025 [1] Group 1: Convertible Bond Details - The company issued 8.5 million convertible bonds with a face value of RMB 100 each, raising a total of RMB 850 million, with a net amount of RMB 837.86 million after deducting fees [2][3] - The convertible bonds were listed on the Shenzhen Stock Exchange on March 8, 2021, under the name "Puli Convertible Bonds" with the code "123099" [3] - The bond's conversion period began six months after the issuance date and will last until the maturity date of the bonds [4] Group 2: Conversion Price Adjustments - The conversion price of the bonds has been adjusted multiple times, with the latest adjustment setting it at RMB 19.76 per share effective from July 18, 2023 [8][9] - The board proposed to further lower the conversion price to RMB 11.22 per share effective from November 20, 2024, and subsequently to RMB 4.89 per share effective from January 23, 2025 [10][11] - The company has the authority to propose adjustments to the conversion price if the stock price falls below 85% of the current conversion price for a specified period [12][13]

Core Viewpoint - The company, Hainan Puli Pharmaceutical Co., Ltd., has announced a potential downward adjustment of the conversion price for its convertible bonds due to the stock price falling below a specified threshold over a recent trading period [1][10]. Group 1: Convertible Bond Details - The company issued 8.5 million convertible bonds with a face value of 100 RMB each, raising a total of 850 million RMB, netting approximately 837.86 million RMB after fees [2][4]. - The conversion period for the bonds started on August 23, 2021, and will last until the bonds mature [4]. - The initial conversion price was set at 46.22 RMB per share, which has been adjusted multiple times due to various corporate actions [6][7]. Group 2: Price Adjustment Conditions - According to the bond's offering document, if the stock price falls below 85% of the conversion price for at least 15 out of 30 consecutive trading days, the board can propose a downward adjustment of the conversion price [10][11]. - As of the period from March 17, 2025, to May 9, 2025, the stock has recorded 10 trading days where the closing price was below 2.55 RMB, indicating a potential trigger for the price adjustment [1][10]. Group 3: Future Implications - If the downward adjustment condition is triggered, the company will follow the necessary procedures for board review and shareholder voting as outlined in the offering document [11][12]. - The company has a timeline for the delisting of its stock, with a trading suspension expected to last for 15 days, concluding on May 21, 2025 [1].