Group 1 - The frequency of new stock offerings on the Beijing Stock Exchange has increased from once a month to twice a week [1] - The strong redemption of Kaineng Convertible Bonds and Qizheng Convertible Bonds has been announced [1] - Chongqing Bank's shareholder, Chongqing Water Investment Group, plans to reduce its stake by no more than 1.5% [1] Group 2 - The following convertible bonds have been announced for strong redemption: Kaineng Convertible Bonds, Qizheng Convertible Bonds, and Jineng Convertible Bonds [1] - The subscription for new stocks on the Beijing Stock Exchange is set for August 13 [1] - The last trading day for Hexion Convertible Bonds and Liancheng Convertible Bonds is August 12 [1] Group 3 - The current prices and redemption prices of various convertible bonds have been listed, with notable examples including Lian De Convertible Bonds at 139.299 and Yong An Convertible Bonds at 152.289 [4] - The remaining scale and market value ratios of several convertible bonds have been detailed, indicating their liquidity and market presence [4][6]

Group 1 - The controlling shareholder of Baiyang Pharmaceutical plans to reduce its stake by no more than 3% [1] - The shareholder of Tianchuang Fashion intends to reduce its stake by no more than 1% [1] - The following convertible bonds: Mars Convertible Bond, Wanqing Convertible Bond, Jidong Convertible Bond, Xingrui Convertible Bond, and Jingke Convertible Bond will not undergo adjustments [1] Group 2 - The emergency convertible bond will be forcibly redeemed [1] - The Libo Convertible Bond has been listed [1] - Dingjia Precision is a new stock available for subscription on the Beijing Stock Exchange [1]

Core Points - The announcement details the conversion results of the company's convertible bonds, indicating a total of 704,171,000 yuan has been converted into company shares, resulting in 128,970,821 shares, which is 4.66% of the total shares before conversion [2][8] - As of June 30, 2025, the amount of unconverted convertible bonds stands at 2,295,815,000 yuan, representing 76.53% of the total issuance [2][8] Convertible Bond Issuance Overview - The company issued 30 million convertible bonds on April 23, 2021, with a total value of 30 billion yuan and a maturity of six years, featuring a tiered interest rate structure [3][4] - The bonds were listed on the Shanghai Stock Exchange on May 31, 2021, under the name "Jinko Convertible Bonds" with the code "113048" [4] Conversion Price Adjustments - The initial conversion price was set at 6.75 yuan per share, which has been adjusted multiple times, currently standing at 5.24 yuan per share as of June 30, 2025 [5][6][7] - Adjustments were made due to various corporate actions, including rights distributions and a private placement of shares [6][7] Conversion Activity - From April 1 to June 30, 2025, a total of 10,000 yuan of convertible bonds were converted into 1,903 shares [2][8] - The cumulative conversion since the start of the conversion period on October 29, 2021, has resulted in 128,970,821 shares being issued [8] Redemption Situation - As of June 30, 2025, a total of 140 bonds have been redeemed under the redemption clause, amounting to 14,041.60 yuan, which has been fully canceled [7]

Core Viewpoint - The article discusses recent developments in convertible bonds and stock holdings of various companies, highlighting significant actions such as share conversions and planned reductions in shareholdings by major stakeholders [1]. Group 1: Convertible Bonds - Cinda Investment will convert its holdings of 23.57% of the Pudong Development Bank convertible bonds into shares [1]. - The Electric Chemical convertible bond is set to be listed on July 4 [1]. - The Hengyi and Jinko convertible bonds will not undergo adjustments [1]. - The Libor convertible bond is available for subscription on July 3 [1]. - The Ber25 convertible bond is also open for subscription [1]. Group 2: Shareholding Changes - Ruichuang Micro-Nano's shareholders plan to reduce their holdings by no more than 1.75% of the company's shares [1]. - New shares from Tongyu New Materials are available for subscription on the Shanghai and Shenzhen stock exchanges [1]. Group 3: Market Activity - The Hong Kong stock market is currently closed [1].

Summary of Key Points Core Viewpoint - The announcement details the results of the buyback of the "Jinko Convertible Bonds" and indicates that the impact on the company's financials will be minimal due to the small amount of bonds being repurchased [1][2]. Group 1: Buyback Announcement Details - The buyback period for the "Jinko Convertible Bonds" is from June 17, 2025, to June 23, 2025 [1][2]. - The effective number of buyback applications received was 120 bonds [2]. - The total buyback amount is 12,032.40 yuan, which includes current interest and tax [1][2]. - The payment date for the buyback funds is set for June 26, 2025 [1]. Group 2: Impact of the Buyback - The buyback amount is relatively small and will not significantly affect the company's cash flow, asset status, or share capital [2]. - Unredeemed "Jinko Convertible Bonds" will continue to be traded on the Shanghai Stock Exchange [2].

Group 1 - The company will suspend the conversion of its convertible bonds "Jinko Convertible Bonds" from June 26, 2025, until the first trading day after the equity distribution registration date [1][2] - The profit distribution plan for 2024 includes a cash dividend of 0.0279 yuan per share (including tax) to all shareholders, excluding the company's repurchased shares [1][2] - The company will adjust the conversion price of "Jinko Convertible Bonds" according to the terms outlined in the bond issuance prospectus after the implementation of the profit distribution plan [2] Group 2 - The company will publish the implementation announcement of the profit distribution and the adjustment of the conversion price for "Jinko Convertible Bonds" on June 27, 2025 [2] - Holders of "Jinko Convertible Bonds" wishing to receive the dividend must convert their bonds by June 25, 2025 [2][3]

Company Overview - Jinko Power Technology Co., Ltd. maintains a long-term credit rating of AA with a stable outlook for both the company and its convertible bonds [1][4] - The company has a strong competitive advantage in business operations, photovoltaic power station installed capacity, and distribution areas [4][5] Financial Performance - In 2024, the company achieved a total operating revenue of 4.775 billion yuan, a year-on-year increase of 9.25% [6][8] - The operating cash flow turned positive, increasing from -598 million yuan in 2023 to 1.045 billion yuan in 2024 [6][8] - The average on-grid electricity price decreased by 0.09 yuan/kWh to 0.49 yuan/kWh in 2024 [6][21] Operational Highlights - The company added a total of 1,879 MW of new grid-connected capacity in 2024, with a total installed capacity of 6.448 billion MW, representing a growth of 20.32% year-on-year [6][20] - The company’s photovoltaic power generation increased by 28% to 6.714 billion kWh in 2024 [6][21] - The company has diversified its energy services, including energy storage and electricity sales, with significant growth in green electricity trading [15][24] Industry Context - The photovoltaic industry is facing increased competition and challenges due to rising installed capacity and limited grid absorption capacity [10][11] - The transition to a market-oriented pricing system for renewable energy is expected to introduce greater uncertainty in electricity pricing, impacting profitability [21][22] - The overall power supply in China is projected to remain tight, with a shift towards clean energy investments [10][11] Debt and Credit Risk - The company has a manageable debt burden, with a total debt of 22.596 billion yuan as of March 2025 [8][9] - The convertible bonds have a low probability of default, supported by strong cash flow and debt service coverage [5][8] - The company’s receivables from electricity subsidies remain high, impacting liquidity [7][8]

Group 1 - The company, Jinko Power Technology Co., Ltd., has been approved to issue convertible bonds totaling up to 3 billion RMB, with the actual amount raised being approximately 2.97 billion RMB after deducting issuance costs [2][3][14] - The bonds have a maturity period of six years, from April 23, 2021, to April 22, 2027, with a tiered interest rate structure starting at 0.30% in the first year and reaching 2.00% by the sixth year [3][6][11] - The initial conversion price for the bonds was set at 6.75 RMB per share, which has been adjusted multiple times due to various corporate actions, with the latest adjustment bringing it down to 5.24 RMB per share [12][22][23] Group 2 - As of the end of 2024, the company has a self-owned power station capacity of approximately 6,448 MW and a self-owned independent energy storage capacity of 298 MWh, with total electricity generation reaching about 6.714 billion kWh [16] - The company reported a revenue of 4.775 billion RMB for 2024, representing a year-on-year increase of 9.25%, while the net profit attributable to shareholders decreased by 15.39% to 324 million RMB [16][18] - The company has a comprehensive energy service offering, including smart operation and maintenance, electricity sales, and carbon reduction solutions, while actively expanding into emerging business areas such as energy storage [15][16]

Key Points - The company announced a repurchase price of 100.27 RMB per bond, including the current interest [1] - The repurchase period is from June 17, 2025, to June 23, 2025 [1] - The payment date for repurchase funds is June 26, 2025 [1] - During the repurchase period, the "Jinko Convertible Bonds" will stop conversion [1] - Bondholders have the right to choose whether to sell back part or all of their unconverted bonds, and this repurchase is not mandatory [1][4] - If bondholders do not declare and implement the repurchase during the specified period, they will lose the right to repurchase for the current interest year [2][3] - The repurchase conditions state that if the company's stock price falls below 70% of the conversion price for any 30 consecutive trading days, bondholders can sell back their bonds at face value plus accrued interest [2][3] - The accrued interest calculation formula is provided, with the current coupon rate set at 1.80% for the fifth year [3][4] - The repurchase application period is from June 17, 2025, to June 23, 2025, and the repurchase price includes accrued interest [4] - The company will announce the results of the repurchase and its impact after the repurchase period ends [4][5] - If the total face value of the convertible bonds in circulation falls below 30 million RMB due to repurchase, the bonds will continue to trade until the end of the repurchase period [5]

Core Viewpoint - Jinko Power Technology Co., Ltd. has decided not to adjust the conversion price of its convertible bonds, despite triggering the downward adjustment clause due to stock price performance [2][6]. Group 1: Convertible Bond Basic Information - The company issued 30 million convertible bonds with a total value of RMB 3 billion on April 23, 2021, with a maturity of six years and a face value of RMB 100 per bond [3]. - The initial conversion price was set at RMB 6.75 per share, which has been adjusted multiple times due to various corporate actions, currently standing at RMB 5.24 per share [4]. Group 2: Downward Adjustment Clause - As of June 9, 2025, the conversion price was triggered for downward adjustment as the stock price closed below 90% of the current conversion price for 15 trading days [5]. - The board of directors held a meeting on June 9, 2025, and decided not to exercise the downward adjustment right for the conversion price [6]. Group 3: Redemption Rights - Holders of the convertible bonds have the option to sell back part or all of their unconverted bonds at a price of RMB 100.27 per bond (including accrued interest) during the redemption period from June 17 to June 23, 2025 [9][11]. - The redemption price is calculated based on the bond's face value and the interest accrued for the relevant period [16]. Group 4: Trading and Suspension - During the redemption period, the convertible bonds will continue to trade, but conversion will be suspended [23]. - If the total face value of the bonds in circulation falls below RMB 30 million due to redemptions, trading will continue until the end of the redemption period [23].