Group 1 - The core point of the article is that Yongdong Co., Ltd. plans to reduce its shareholding by no more than 1.26% of the company's total shares [1] - The article mentions that several convertible bonds, including We22, Baichang, Shuyou, and Jingao, will not undergo adjustments [1] - Tian Gong Co., Ltd. has recently listed new shares on the Beijing Stock Exchange [1]

Core Viewpoint - The company has decided not to lower the conversion price of its convertible bonds, "Shuyu Convertible Bonds," despite meeting the conditions for a downward adjustment, reflecting confidence in its long-term development and market position [1][7]. Group 1: Convertible Bond Details - The company issued 8 million convertible bonds with a total value of 800 million RMB, each with a face value of 100 RMB, approved by the China Securities Regulatory Commission [1][2]. - The initial conversion price was set at 21.27 RMB per share, with the conversion period running from June 21, 2023, to December 14, 2028 [2]. - The conversion price was adjusted from 15.00 RMB to 14.95 RMB per share effective from July 16, 2024, following the annual shareholders' meeting [4]. Group 2: Price Adjustment Conditions - The company’s board has the authority to propose a downward adjustment of the conversion price if the stock price falls below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [6]. - The adjustment requires approval from two-thirds of the voting rights at the shareholders' meeting, with bondholders required to abstain from voting [6]. Group 3: Recent Decisions - As of May 12, 2025, the stock price conditions for a downward adjustment were met, but the board decided not to propose a price reduction, maintaining the current conversion price [7]. - The board will reassess the situation after June 12, 2025, should the conditions for a downward adjustment be triggered again [7].