Core Viewpoint - The report details the equity changes of Jiangsu Baichuan High-tech New Materials Co., Ltd., highlighting a reduction in shareholding by the information disclosure obligors due to stock dilution and personal financial needs [1][2]. Group 1: Company Information - Company Name: Jiangsu Baichuan High-tech New Materials Co., Ltd. [1] - Stock Exchange: Shenzhen Stock Exchange [1] - Stock Code: 002455 [1] - Information Disclosure Obligors: Zheng Tiejiang and Wang Yajuan [1] Group 2: Equity Change Details - Before the equity change, the obligors held a total of 107.83 million shares, accounting for 18.17% of the total share capital of 593,572,649 shares [4]. - After the equity change, the obligors hold 89.12 million shares, representing 15.00% of the current total share capital [4]. - The equity change involved a reduction of 18.71 million shares, which is a decrease of 3.17% [7]. Group 3: Reasons for Equity Change - The equity change was primarily due to the "Baichuan Conversion 2" stock conversion, which led to passive dilution of shareholding [4]. - Additionally, the obligors reduced their holdings due to personal financial needs [4]. Group 4: Future Shareholding Plans - The obligors plan to decide on increasing or decreasing their shareholdings in the next 12 months based on market conditions and personal circumstances [4][7]. Group 5: Shareholding Structure - The obligors' shareholding structure includes both unrestricted and restricted shares, with specific numbers detailed in the report [4][6]. - As of the report date, the obligors have pledged 3.64 million shares, which is 39.42% of their total holdings, with no current risk of forced liquidation [6].

Core Viewpoint - The announcement details a minor equity change involving the controlling shareholders of Jiangsu Baichuan High-Tech New Materials Co., Ltd., indicating a slight dilution in their shareholding due to stock reduction and conversion activities [1][2]. Summary by Sections Equity Change Overview - The controlling shareholders, Zheng Tiejiang and Wang Yajuan, experienced a passive dilution of 0.0002% in their shareholding from October 23, 2024, to September 5, 2025 [1]. - Zheng Tiejiang reduced his holdings by 3.209 million shares, representing 0.54% of the company's total share capital [1][2]. Shareholding Structure Post-Change - After the equity change, the controlling shareholders hold a total of 89.121 million shares, which constitutes a certain percentage of the total share capital [2]. - The equity change does not trigger a mandatory tender offer and will not alter the company's governance structure or ongoing operations [2]. Shareholding Details - Prior to the change, the controlling shareholders held 17.438 million shares, which included 1.74575 million unrestricted shares (2.94%) and 7.48725 million restricted shares (12.60%) [4]. - Post-change, the unrestricted shares increased to 2.58735 million (4.35%), while the restricted shares decreased to 6.32475 million (10.64%) [4]. Compliance and Reporting - The controlling shareholders have complied with relevant laws and regulations, and a simplified equity change report has been prepared and published [7].

Group 1 - The company announced the conversion situation of its convertible bonds for the second quarter of 2025, detailing the bond issuance and trading status [2][3][4] - The initial conversion price of the convertible bonds was set at 10.36 yuan per share, which was adjusted to 10.31 yuan due to a profit distribution plan, and further adjusted to 8.18 yuan and then to 8.12 yuan in subsequent adjustments [5][6][7] - As of June 30, 2025, the remaining amount of convertible bonds was 966,764,500 yuan, with a total of 9,667,645 bonds remaining after a conversion of 1,495 shares [7] Group 2 - The company has not engaged in any external guarantees outside of mutual guarantees among its consolidated subsidiaries, with no overdue guarantees or litigation-related guarantees reported [13][18] - The total guarantee balance among the company's subsidiaries exceeded 100% of the latest audited net assets, amounting to 556,452.91 million yuan, which is 280.88% of the net assets [18] - The company has signed guarantee contracts with financial institutions to support its subsidiaries' operational and liquidity needs, with a total guarantee limit not exceeding 650,000.00 million yuan [14][15]

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 actual controller and chairman of Jiangsu Baichuan High-tech New Materials Co., Ltd. has been detained, which may have significant implications for the company and its bondholders [2]. Group 1: Company Situation - The company received notification from the family of its actual controller and chairman, Mr. Zheng Tiejiang, regarding his detention and investigation by the Jiangyin Municipal Supervisory Committee [2]. - The company has a robust governance structure and internal control mechanisms in place, ensuring compliance with relevant laws and regulations [2]. - As of the report date, other board members, supervisors, and senior management are performing their duties normally, and the company's control has not changed [2]. Group 2: Bond Management - CITIC Securities, as the bond trustee for Baichuan Convertible Bonds (Baichuan Zuan 2), is closely monitoring matters that significantly affect bondholders' rights [2][3]. - The trustee has communicated with the issuer regarding the situation and will continue to monitor the issuer's ability to repay the principal and interest of the bonds [3]. - The trustee will adhere to the regulations and agreements outlined in the bond trustee management guidelines and the trust agreement [3].

Group 1 - The core viewpoint of the news is that Jiangsu Baichuan High-Tech New Materials Co., Ltd. has maintained its credit rating of A+ with a stable outlook for both its corporate and bond ratings [1][2] - The previous credit rating was also A+ with a stable outlook, indicating no changes in the company's creditworthiness [1][2] - The credit rating was conducted by Shanghai New Century Credit Rating Co., Ltd. based on a comprehensive analysis of the company's business, management, and financial situation [2] Group 2 - The tracking rating report for the company's publicly issued convertible bonds "Baichuan Zuan 2" was issued on May 14, 2025, confirming the same A+ rating [2] - The rating report is available on the official website of the China Securities Regulatory Commission [2]

Group 1 - The core viewpoint of the article discusses the proposed adjustments to convertible bonds by various companies, highlighting the actions taken by their boards and shareholders [1] Group 2 - Gaoce Convertible Bond: The board has proposed a downward adjustment [1] - Baichuan Convertible Bond 2: The article questions the necessity of the downward adjustment [1] - Huat Gas: Shareholders plan to reduce their holdings by no more than 2% of the company's shares [1] - Jingyuan Environmental Protection: Directors and senior executives plan to reduce their holdings by no more than 1.18% of the company's shares [1] - Shanshi Convertible Bond, Fumiao Convertible Bond, Weixin Convertible Bond, and Lvyin Convertible Bond: No downward adjustments are proposed [1]