Group 1 - The company announced an adjustment to the conversion price of its convertible bonds, increasing it from 25.98 CNY per share to 26.07 CNY per share, effective from July 21, 2025 [1][2] - The adjustment is due to the company's repurchase and cancellation of restricted stock options held by 733 employees, which did not meet performance targets under the third vesting period of the incentive plan [2] - The calculation for the new conversion price follows specific formulas outlined in the bond issuance prospectus, taking into account various factors such as stock dividends and capital increases [1][2] Group 2 - The company issued 11.37 million convertible bonds on May 19, 2022, under the code 127064, known as "Hangyang Convertible Bonds" [1] - The adjustment mechanism for the conversion price is detailed, including the impact of stock dividends, capital increases, and cash dividends on the conversion price [1][2] - The company ensures that all information disclosed is accurate and complete, with no misleading statements or significant omissions [1]

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds despite triggering conditions for a downward adjustment, citing confidence in its long-term development and market conditions [1][6]. Summary by Sections Convertible Bond Issuance Overview - The company issued 11.37 million convertible bonds on May 19, 2022, with a total subscription amount of less than 1.137 billion yuan [1]. - The initial conversion price was set at 28.69 yuan per share, with the conversion period from November 25, 2022, to May 18, 2028 [2]. Conversion Price Adjustment History - The conversion price was adjusted from 28.69 yuan to 28.68 yuan on December 2, 2022, due to an increase in total share capital from a stock incentive plan [2]. - Following a profit distribution, the conversion price was further adjusted to 27.88 yuan on May 8, 2023 [2]. - The price was adjusted again to 27.69 yuan on April 9, 2024, and subsequently to 25.98 yuan on June 18, 2025, after a board resolution [4][5]. Downward Adjustment Conditions - The company has established conditions for downward adjustment of the conversion price, which include a scenario where the stock price is below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [5]. - If the conditions are met, the board can propose a downward adjustment, which requires a two-thirds majority approval from shareholders [5]. Decision on Downward Adjustment - As of July 8, 2025, the stock price had triggered the conditions for a downward adjustment, but the board decided not to proceed with the adjustment for the next six months, maintaining the current conversion price [6].

Group 1 - The company held its 26th meeting of the 8th Board of Directors on July 8, 2025, with all 9 directors present, ensuring compliance with legal and regulatory requirements [1] - The company approved a guarantee for a project loan of up to 356 million yuan for its subsidiary, Chuzhou Hangyang Huayou Gas Co., Ltd., with a guarantee ratio of 51% [1] - The company agreed to provide a entrusted loan of 77 million yuan to its wholly-owned subsidiary, Qingdao Hangyang Tongda Electronic Gas Co., Ltd., with a loan term not exceeding 3 years [2] Group 2 - The company decided not to lower the conversion price of its convertible bonds ("Hangyang Convertible Bonds"), maintaining confidence in its long-term development and intrinsic value [2] - The board's decision to not adjust the conversion price will remain in effect for six months from the announcement date, specifically from July 9, 2025, to January 8, 2026 [2]

Group 1 - The Zhongzheng Convertible Bond Index opened lower by 0.02% [1] - Hengshuai Convertible Bond surged by 20%, triggering a trading halt [1] - Jingda Convertible Bond increased by 2.5%, while Shouhua Convertible Bond rose nearly 2% [1] Group 2 - Hangyang Convertible Bond declined by 3.3% [1] - Beilu Convertible Bond fell by 2.7% [1] - Wentai Convertible Bond decreased by 1.5% [1]

Core Viewpoint - The article discusses the adjustments in the conversion prices of various convertible bonds, highlighting specific changes and upcoming subscription dates for certain bonds [1]. Group 1: Convertible Bond Adjustments - The conversion price for "Hangyang Convertible Bond" has been adjusted from 26.59 CNY/share to 25.98 CNY/share, reflecting a decrease of 2% [1]. - Other convertible bonds such as Jianlong Convertible Bond, Tian23 Convertible Bond, Jiayuan Convertible Bond, and Jinggong Convertible Bond have not undergone any adjustments [1]. - The subscription dates for the "Xizhen Convertible Bond" and "Huachen Convertible Bond" are set for June 18 and June 20, respectively [1]. Group 2: Shareholder Actions - Guizhou Gas has reported that 147 million shares held by shareholder Beijing Dongjia have been frozen [1]. - Liyang Chip's shareholder plans to transfer 3.25% of its shares through an inquiry [1].

Key Points - The company announced a downward adjustment of the conversion price for its convertible bonds, "Hangyang Convertible Bonds" [1][6] - The initial conversion price was set at 28.69 CNY per share, which has been adjusted multiple times due to various corporate actions [2][3] - The latest adjustment reduced the conversion price from 26.59 CNY to 25.98 CNY per share, effective from June 18, 2025 [6] Convertible Bond Details - The company issued 11.37 billion CNY worth of convertible bonds on May 19, 2022, with a total of 11.37 million bonds at a face value of 100 CNY each [1] - The conversion period for these bonds is from November 25, 2022, to May 18, 2028 [1] - The bond's conversion price is subject to adjustment based on the company's stock performance and other regulatory requirements [5] Adjustment Conditions - The conversion price can be adjusted downward if the company's stock price falls below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [5] - The company has triggered the condition for downward adjustment as of May 29, 2025, and has followed the necessary procedures to propose this adjustment [5][6] Shareholder Approval - The board of directors proposed the adjustment to the conversion price, which was subsequently approved at the company's first extraordinary general meeting on June 17, 2025 [6] - The average trading price of the company's stock prior to the shareholder meeting was 19.42 CNY per share [6]

Core Points - The company held its 25th meeting of the 8th Board of Directors on June 17, 2025, with all 9 directors present, ensuring compliance with legal regulations [1][2] - The board approved a resolution to lower the conversion price of the "Hangyang Convertible Bonds" to 25.98 yuan per share, effective from June 18, 2025 [1][2] Summary by Sections Meeting Details - The meeting was convened by Chairman Zheng Wei and attended by all 9 directors, with supervisors and senior management present [1] - The notice and materials for the meeting were sent out on June 13, 2025, via fax and email [1] Resolution Passed - The board unanimously approved the proposal to adjust the conversion price of the convertible bonds, with 100% of the votes in favor [2] - The adjustment is in accordance with relevant regulations and the authorization from the company's first extraordinary general meeting of 2025 [1]

Core Points - The China Securities Convertible Bond Index decreased by 0.03%, closing at 428.92 points [1] - The Wind Convertible Bond Equal-weighted Index fell by 0.41%, ending at 204.01 points [1] Performance Summary - The top gainers in convertible bonds included Zhongqi Convertible Bond, Liming Convertible Bond, Jingzhuang Convertible Bond, Xiaoming Convertible Bond, and Hangyang Convertible Bond, with increases of 8.24%, 6.49%, 4.82%, 3.52%, and 3.30% respectively [1] - The largest decliners were Zhengyu Convertible Bond, Yanggu Convertible Bond, Fuxin Convertible Bond, Henghui Convertible Bond, and Jingda Convertible Bond, with decreases of 5.35%, 5.33%, 4.69%, 4.51%, and 4.34% respectively [1]

Core Viewpoint - The China Convertible Bond Index opened lower by 0.02%, indicating a slight decline in the overall market sentiment for convertible bonds [1] Group 1: Performance of Specific Convertible Bonds - Hangzhou Oxygen's convertible bond increased by 3.4%, showing strong performance compared to others [1] - Tianyang's convertible bond rose by 2.8%, reflecting positive investor sentiment [1] - Jiuzhou's convertible bond and Huaxiang's convertible bond both increased by over 1%, indicating a stable interest in these securities [1] Group 2: Decline in Specific Convertible Bonds - Aofei's convertible bond fell by over 1%, suggesting potential concerns among investors [1] - Lizhi's convertible bond and Yanggu's convertible bond both declined by nearly 1%, indicating a slight downturn in their market performance [1]

Group 1 - The core viewpoint of the article highlights the adjustment of project plans by Zhuhai Guanyu, shifting from high-performance lithium-ion batteries to consumer battery products, maintaining a total investment of 4 billion yuan, with production expected to commence by 2028 [1] - The board of directors of Hangyang proposed a down adjustment for the convertible bonds, indicating a strategic financial maneuver [1] - The article mentions the new stock subscription for Yingstone Innovation on the Shanghai and Shenzhen stock exchanges, suggesting potential investment opportunities in the new stock market [1]