Core Viewpoint - The announcement details the first unlock and listing of restricted stocks under the 2024 stock option and restricted stock incentive plan of Shenzhen Jingwang Electronics Co., Ltd, with a total of 4,542,812 shares to be unlocked on July 31, 2025 [1][2]. Summary by Sections Incentive Plan Approval and Implementation - The incentive plan has undergone necessary review procedures, including the approval of the draft plan and its management methods by the board and supervisory committee [2][3]. - The plan was publicly disclosed, and no objections were raised during the public notice period [3]. Unlocking Conditions - The first unlock period for the restricted stocks lasts from 12 months after the registration completion to the last trading day within 24 months [7]. - The company has not encountered any disqualifying events that would prevent the unlocking of shares [7][8]. Performance Assessment - The performance assessment for the incentive plan spans three fiscal years (2024-2026), with specific revenue and profit growth targets set for each year [10][11]. - The first unlock period's performance targets include a revenue growth rate of 31.09% compared to 2023 [11][12]. Unlocking Details - A total of 402 eligible incentive recipients will have their shares unlocked, representing 40% of the total granted restricted stocks [14][15]. - The total number of restricted stocks to be unlocked is 4,542,812 shares [14][15]. Share Capital Structure Changes - Following the unlocking, the number of restricted shares will decrease from 13,947,100 to 9,404,288, while the number of unrestricted shares will increase from 928,839,261 to 933,382,073 [16]. Legal Compliance - The legal opinion confirms that all necessary authorizations and approvals for the adjustments, repurchases, and unlockings have been obtained, ensuring compliance with relevant regulations [17].

Group 1 - The Zhongzheng Convertible Bond Index closed up 0.84% at 452.81, with a trading volume of 73.29 billion [1] - The top gainers included Julong Convertible Bond, which rose by 20%, and Jinxian Convertible Bond, which increased by over 12% [1] - Other notable gainers were Jingyuan Convertible Bond, up over 9%, and both Jing23 Convertible Bond and Saili Convertible Bond, which rose nearly 9% [1] Group 2 - The Zhongchong Convertible Bond experienced a decline of over 2%, while both Punaite Convertible Bond and Huahong Convertible Bond fell by more than 1% [1]

Core Viewpoint - Jingwang Electronics (603228.SH) announced a significant change in shareholder equity due to the completion of its 2024 equity incentive plan, resulting in a dilution of shareholding for major shareholders, reducing their combined stake from 65.54% to 60.00% [1][3]. Shareholder Changes - The total number of shares held by major shareholders decreased from 588,657,775 shares to 562,615,975 shares, reflecting a reduction in ownership percentage from 65.54% to 60.00% [1][2]. - Major shareholders include Shenzhen Jinghong Yongtai Investment Holding Co., Ltd. and Zhichuang Investment Co., Ltd., both of which saw their shareholdings decline [2]. Equity Incentive Plan and Share Dilution - From July 17, 2024, to June 15, 2025, the company granted 2,129,800 restricted shares and repurchased 206,800 shares, leading to an increase in total shares from 898,181,889 to 934,950,557 [3]. - The conversion of convertible bonds also contributed to the increase in total shares, with a total of 34,441,249 shares converted from "Jing 20 Convertible Bonds" and 404,419 shares from "Jing 23 Convertible Bonds" [3]. Financial Impact - Between June 16, 2025, and July 3, 2025, the weighted average price of Jingwang Electronics was 36.909 yuan, resulting in a cash-out amount of 961 million yuan for the major shareholders after a reduction of 26,041,800 shares [3][4].

Core Viewpoint - The report outlines the equity changes of Shenzhen Jingwang Electronics Co., Ltd., indicating a reduction in shareholding due to stock incentive plans and convertible bond conversions, leading to passive dilution of the stakeholders' shares [1][6][9]. Group 1: Equity Change Details - The equity change is attributed to the completion of the stock incentive plan, the repurchase and cancellation of some restricted stocks, and the conversion of convertible bonds, resulting in an increase in total share capital and a decrease in the percentage of shares held by the information disclosing parties [6][8]. - Before the equity change, the information disclosing parties held a total of 588,657,775 shares, representing 65.54% of the total share capital of 898,181,889 shares. After the change, they hold 562,615,975 shares, which is 60.00% of the new total share capital of 937,693,150 shares [7][8]. Group 2: Shareholding Structure - The major shareholders include Shenzhen Jinghong Yongtai Investment Holding Co., Ltd. and Zhichuang Investment Co., Ltd., with significant stakes held by individuals such as Liu Shaobai and Huang Xiaofen [3][4]. - The shareholding structure indicates that the information disclosing parties collectively hold 60.00% of the company post-equity change, down from 65.54% [5][9]. Group 3: Future Plans - The company plans to reduce its shares through centralized bidding and block trading, with a total of 9.35 million shares (1% of total share capital) and 18.63 million shares (2% of total share capital) to be sold within a specified timeframe [6][7]. - There are no current plans for the information disclosing parties to increase or decrease their holdings in the next 12 months, unless required by regulatory disclosures [7][10].

Group 1 - The Zhongzheng Convertible Bond Index closed up 0.56% at 446.81, with a trading volume of 66.09 billion [1] - The top gainers included Seli Convertible Bond, which rose by 20%, Yong'an Convertible Bond, which increased by nearly 14%, and Huicheng Convertible Bond, which climbed by nearly 12% [1] - The top losers were Ceihui Convertible Bond, which fell over 8%, Yingji Convertible Bond, which dropped over 5%, and Feilu Convertible Bond, which decreased over 4% [1]

Group 1 - The China Securities Convertible Bond Index opened lower by 0.02% [1] - Feilu Convertible Bond and Tongguang Convertible Bond rose over 3% [1] - Emergency Convertible Bond, Sanyang Convertible Bond, and Qianglian Convertible Bond increased by over 2% [1] Group 2 - Baichuan Convertible Bond 2 fell by over 2% [1] - Jincheng Convertible Bond and Jing 23 Convertible Bond declined by nearly 2% [1]

Core Viewpoint - The announcement provides an update on the conversion results of the "Jing 23 Convertible Bonds" and the changes in the company's shareholding structure as of June 30, 2025 [1] Group 1: Conversion Status - As of June 30, 2025, a total of RMB 53,771,000 of "Jing 23 Convertible Bonds" has been converted into A-shares, resulting in 2,234,660 shares, which represents 0.2654% of the total shares before conversion [2][6] - The remaining balance of unconverted "Jing 23 Convertible Bonds" is RMB 1,100,229,000, accounting for 95.34% of the total issuance [2][6] Group 2: Issuance and Trading Information - The "Jing 23 Convertible Bonds" were issued on April 4, 2023, with a total of 11.54 million bonds at a face value of RMB 100 each, raising a total of RMB 115,400,000, with a maturity of 6 years [3] - The bonds were listed for trading on May 9, 2023, and can be converted into A-shares starting from October 11, 2023, with an initial conversion price of RMB 25.71 per share, which has been adjusted to RMB 23.91 per share as of the latest update [3][4] Group 3: Shareholding Changes - From April 1 to June 30, 2025, the controlling shareholder and its concerted parties reduced their holdings by 18,946,300 shares, decreasing their ownership from 62.96% to 60.82% [6]

Core Viewpoint - The announcement details a reduction in shareholding by the controlling shareholder and its concerted parties in Shenzhen Jingwang Electronics Co., Ltd., resulting in a decrease in their ownership percentage from 62.96% to 61.96% due to share sales and the conversion of convertible bonds [1][2]. Group 1: Shareholding Changes - The controlling shareholder Shenzhen Jinghong Yongtai Investment Holding Co., Ltd. and concerted parties reduced their holdings by 9.3493 million shares from June 16 to June 23, 2025 [1]. - The total number of shares converted from convertible bonds during the period from May 22 to June 23, 2025, was 283 shares, leading to passive dilution of the shareholding percentage [1]. Group 2: Compliance and Regulations - The shareholding change complies with relevant laws and regulations, including the Securities Law and the Management Measures for the Acquisition of Listed Companies, and does not trigger a mandatory bid or change the control of the company [2]. - The reduction in shareholding is part of a previously disclosed plan, consistent with earlier announcements made on May 22, 2025 [2].

Core Viewpoint - Shenzhen Jingwang Electronics Co., Ltd. has successfully issued convertible bonds, raising a total of RMB 1.154 billion, with the bonds set to trade on the Shanghai Stock Exchange starting May 9, 2023 [3][4]. Group 1: Bond Issuance Details - The company issued 11.54 million convertible bonds, each with a face value of RMB 100, totaling RMB 1,154 million [3][4]. - The bonds have a maturity period of 6 years, from April 4, 2023, to April 3, 2029 [4]. - The coupon rates for the bonds are structured to increase over the years, starting at 0.30% in the first year and reaching 2.00% by the sixth year [4][5]. Group 2: Conversion and Interest Payment - The initial conversion price for the bonds is set at RMB 25.71 per share, with the current conversion price adjusted to RMB 24.71 per share [6]. - Interest payments will be made annually, with the first payment occurring one year after the issuance date [5]. - The bondholders will receive a cash dividend of RMB 0.80 per share for the 2024 fiscal year, which will affect the conversion price [6][7]. Group 3: Impact of Profit Distribution - The adjustment of the conversion price to RMB 23.91 per share is due to the cash dividend distribution, effective June 11, 2025 [7]. - The profit distribution is expected to support the company's stable development and aligns with relevant regulations [8].

Group 1 - The Zhongzheng Convertible Bond Index opened up by 0.02% [1] - Jiuzhou Convertible Bond 2 increased by 3.7% [1] - Huamao Convertible Bond rose nearly 3% [1] Group 2 - Youzu Convertible Bond and Dongshi Convertible Bond both increased by over 1% [1] - Yitian Convertible Bond and Jing 23 Convertible Bond both fell by over 1% [1]