Group 1: New Stock Offerings - Tianpu Co., Ltd. (Stock Code: 605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] - Jianglong Shipbuilding (Stock Code: 300589) reported severe abnormal fluctuations[1] - Peking University Medicine (Stock Code: 000788) announced a trading update[1] Group 2: Trading Updates - Tongyu Communication (Stock Code: 002792) reported a trading update on December 1, 2025[1] - Daoming Optics (Stock Code: 002632) also provided a trading update on December 1, 2025[1] - Rongji Software (Stock Code: 002474) issued a trading update on December 1, 2025[1] Group 3: Abnormal Fluctuations - Ruineng Technology (Stock Code: 603933) reported a trading update on November 29, 2025, with a fluctuation of 6%[1] - Maoye Commercial (Stock Code: 600828) also reported a fluctuation of 6% on November 29, 2025[1] - Heshun Petroleum (Stock Code: 603353) reported a fluctuation of 7% on November 29, 2025[1]

Core Points - Lihigh Food announced that it will implement a rights distribution plan for the first three quarters of 2025 [1] - According to the convertible bond prospectus, the conversion of the company's convertible bonds will be suspended from November 20, 2025, until the record date for the rights distribution [1] - The conversion will resume on the first trading day after the record date for the rights distribution [1]

Core Viewpoint - The company announced that it may trigger the downward adjustment of the conversion price for its convertible bonds due to its stock price being below 85% of the current conversion price for 10 consecutive trading days starting from September 15, 2025 [1] Summary by Relevant Sections - **Company Announcement** - The company released a notice on September 26, indicating that the period for triggering the conversion price adjustment condition starts from September 15, 2025 [1] - The stock price has been below the conversion price threshold for the specified duration, which may lead to a downward adjustment of the "Lihigh Convertible Bonds" conversion price [1] - The company will follow the procedures and disclosure obligations as stipulated in the prospectus if the adjustment condition is triggered [1]

Core Points - Lihigh Food Co., Ltd. announced that the conversion price for "Lihigh Convertible Bonds" is set at 95.33 yuan per share, with a conversion period from September 13, 2023, to March 6, 2029 [1] - From September 15, 2025, to September 26, 2025, if the company's stock closes below 85% of the current conversion price for 10 trading days, it is expected to trigger conditions for a downward adjustment of the conversion price [1] - If triggered, the company will convene a board meeting to review whether to adjust the conversion price and will disclose a related announcement before the next trading day, fulfilling subsequent procedures and information disclosure obligations [1] Summary by Sections - **Conversion Price and Period** - The conversion price for "Lihigh Convertible Bonds" is 95.33 yuan per share [1] - The conversion period is from September 13, 2023, to March 6, 2029 [1] - **Adjustment Conditions** - Starting from September 15, 2025, if the stock price closes below 85% of the conversion price for 10 trading days, it may trigger a downward adjustment [1] - **Company Actions upon Trigger** - The company will hold a board meeting to consider the adjustment and will announce the decision before the next trading day [1]

Core Viewpoint - The major shareholder of Lihigh Food Co., Ltd., Mr. Bai Baokun, has reduced his shareholding, which has triggered a change in the percentage of shares held, now falling below the 9% threshold [1][2][3]. Summary by Sections Shareholder Reduction - Mr. Bai Baokun has reduced his holdings by 1.303 million shares, representing 0.77% of the company's total share capital, which has decreased his ownership from 9.69% to 8.92% [2][3][4]. - The reduction in shareholding has reached a change that touches the 1% integer multiple threshold [2][3]. Shareholding Structure - Following the reduction, Mr. Bai Baokun's shareholding percentage is now 8.92%, calculated based on the latest total share capital of 169,340,501 shares, excluding shares in the repurchase account [6][3]. - The reduction does not lead to a change in the company's controlling shareholder or actual controller, nor does it significantly impact the company's governance structure or ongoing operations [3][2]. Convertible Bonds - The company issued 9,500,000 convertible bonds with a total amount of RMB 95 million, which began conversion on September 13, 2023 [2][1]. - The conversion of the bonds has resulted in a passive dilution of Mr. Bai Baokun's shareholding by 0.00003% [2][4].

Core Viewpoint - The report provides an overview of the issuance and management of convertible bonds by Lihigh Food Co., Ltd., detailing the financial performance, bond characteristics, and management responsibilities of the trustee, CITIC JianTou Securities Co., Ltd. [2][5][12] Group 1: Bond Overview - The convertible bond code is 123179, and it is referred to as Lihigh Convertible Bond, with a total issuance scale of 9.5 billion yuan [4][10]. - The bond has a term of 6 years, with an initial coupon rate of 0.30%, which will be adjusted to 0.80% starting from March 7, 2026, and further to 1.50% from March 7, 2027 [4][10]. - The bond is unsecured and has a credit rating of AA- for both the issuer and the bond itself, with a stable outlook [5][6]. Group 2: Financial Performance - For the fiscal year 2024, Lihigh Food reported total assets of 437,843.26 million yuan, a 11.14% increase from 393,968.09 million yuan in 2023 [9]. - Total liabilities rose by 24.05% to 180,241.10 million yuan, while total equity increased by 3.59% to 257,602.15 million yuan [9]. - Operating revenue for 2024 was 383,537.90 million yuan, reflecting a 9.61% growth compared to 349,909.70 million yuan in 2023 [9]. Group 3: Use of Proceeds - The proceeds from the bond issuance are allocated for the construction of the Lihigh Food headquarters base (Phase I) and to supplement working capital [10]. - The use of funds has remained consistent with the original plan, and the special account for managing these funds is operating normally [10][12]. Group 4: Debt Servicing and Management - The issuer has successfully completed interest payments on March 7, 2024, for the previous year, with no defaults reported [13]. - The trustee has actively monitored the issuer's credit status and compliance with bond obligations, ensuring the protection of bondholders' rights [5][12]. - There have been no significant changes in the issuer's debt servicing capacity or credit enhancement measures during the reporting period [11][12].