Core Viewpoint - Shenzhen Kedali Industry Co., Ltd. has issued convertible bonds with a total scale of approximately 15.34 billion RMB, aimed at funding precision structural components for new energy vehicle batteries and other projects [4][6]. Group 1: Company Overview - Shenzhen Kedali Industry Co., Ltd. specializes in the research and manufacturing of precision structural components for batteries and automotive parts, having established itself as a leading player in the domestic market over 28 years [6]. - The company has formed long-term strategic partnerships with major domestic and international clients, including CATL, LG, Panasonic, and Tesla [6]. Group 2: Financial Performance - The company's total assets reached approximately 190.51 billion RMB, with total liabilities of about 73.66 billion RMB, resulting in a net asset value of approximately 116.85 billion RMB [7]. - The operating income for the years 2022, 2023, and 2024 was approximately 86.54 billion RMB, 105.11 billion RMB, and 120.30 billion RMB, respectively, indicating a growth rate of 14.44% [11]. - The net profit for the same years was not specified, but the operating cash flow showed a significant increase, reaching approximately 21.48 billion RMB in 2024 [11]. Group 3: Bond Issuance and Management - The convertible bonds, known as "Keli Convertible Bonds," have a term of 6 years, with an issuance scale of 153,437.05 million RMB [4][5]. - The bond's interest rates are set at 0.30% for the first year, 0.50% for the second year, and 1.00% for the third year, with annual interest payments [5]. - The bond's conversion price was adjusted from 152.20 RMB to 150.70 RMB per share, effective from May 24, 2024, due to market conditions [5][6]. Group 4: Use of Proceeds - The net proceeds from the bond issuance will be allocated to projects including the precision structural components for new energy vehicle batteries, with a total of 60 million RMB for the second phase of the project and 21.51 million RMB for working capital [7][8].

Group 1 - The controlling shareholder and actual controller of Juisailong plan to reduce their holdings by no more than 3% of the company's shares [1] - The company has experienced a significant decline in revenue across various business segments due to macroeconomic adjustments and government budget reductions, leading to a notable decrease in gross profit margins [1] - As of the end of 2024, the company's asset structure has not changed significantly, but there is a high provision for bad debts in accounts receivable, indicating potential recovery risks [1] Group 2 - The credit rating of Gongtong Convertible Bond has been downgraded to A due to declining product prices and increased production costs, resulting in a loss in total profit [2] - The company has seen an increase in total debt, leading to a heavier debt burden, and operating cash flow has turned negative [2] - Other convertible bonds such as Yonggui, Keli, and Huahong have not been downgraded [2]

Group 1 - The company held its 19th (temporary) meeting of the 5th Board of Directors on June 20, 2025, with all seven directors present, and the meeting complied with relevant regulations [1] - The Board decided not to adjust the conversion price of the "Keli Convertible Bond" downwards, despite it triggering the downward adjustment clause as of June 20, 2025 [2] - The decision was made considering the company's fundamentals, stock price trends, and market environment, aiming to protect the interests of all investors [2] Group 2 - The company plans to invest up to €50 million in the construction of the third phase of the precision structural components project for power batteries in Hungary [2][3] - The investment proposal was approved unanimously by the Board, with all seven votes in favor [3]

Core Points - The company Keda Li (002850) announced that as of June 13, 2025, its stock has closed below 85% of the current conversion price on ten out of the last thirty trading days [1] - The current conversion price is set at RMB 148.7 per share, with the conversion period running from January 16, 2023, to July 7, 2028 [1] - The period for potential adjustment of the conversion price will start from May 30, 2025, if the conditions for price adjustment are triggered [1] - The company will fulfill subsequent review procedures and information disclosure obligations if the conversion price adjustment conditions are met [1]

Group 1 - The report indicates that in May, the equity market experienced a mixed performance with financial and pharmaceutical sectors leading the gains, while the technology sector saw a slight decline, with the Sci-Tech 50 Index dropping by 3.5% [11][13] - The convertible bond market showed resilience, with the overall market rising by 2.22% and financial convertible bonds increasing by 2.94%, outperforming other sectors [2][13] - The report highlights that the valuation of convertible bonds has retreated from high levels, with the premium rate for bonds trading at par falling below 22%, which is around the 50th percentile of 2017 [2][29] Group 2 - The economic outlook for June suggests a low visibility macroeconomic environment, with A-share indices at historically high valuation percentiles, indicating potential for a volatile market with limited upward elasticity [3][50] - The report emphasizes the importance of focusing on specific sectors such as technology, food security, and high-dividend defensive sectors, as well as industry leaders with low exposure to U.S. exports and strong domestic demand [3][50] - The convertible bond market is expected to face challenges in upward valuation due to credit risk adjustments, suggesting a cautious approach to bond positioning while waiting for clearer market signals [4][44] Group 3 - The report notes that in May, the agricultural and electronic semiconductor-themed convertible bonds led the market, while the top ten declining bonds were primarily those with strong redemption or those that peaked and then fell [40][41] - The analysis of the convertible bond market indicates that the credit risk pricing feedback is relatively controllable, and it suggests a balanced allocation between low-priced debt-oriented bonds and growth-oriented equity bonds [4][44] - The report provides a specific convertible bond portfolio for June, including bonds from sectors such as new energy, cyclical industries, and electronics, highlighting their potential for performance [4][52]

Group 1 - The company issued 15,343,705 convertible bonds with a total fundraising amount of RMB 153,437.05 million, netting RMB 151,510.44 million after deducting issuance costs [1][2] - The initial conversion price of the convertible bonds was set at RMB 159.35 per share, which has been adjusted multiple times due to stock options and equity distributions [2][4][5] - As of the end of the first quarter of 2025, a total of 835 shares have been converted from the convertible bonds, leaving a remaining convertible bond amount of RMB 1,534,235,200.00 [6][7] Group 2 - The conversion period for the bonds started on January 16, 2023, and will end on July 7, 2028 [1][2] - The conversion price was adjusted to RMB 152.20 per share effective from August 15, 2023, following a specific stock issuance [5][6] - The total share capital increased from 271,361,808 shares to 273,470,812 shares due to various factors including stock options and bond conversions [6][7]