Group 1 - The company held its 24th meeting of the 9th Board of Directors on August 8, 2025, with all 7 directors present, and the meeting was conducted via telecommunication [2][4] - The Board of Directors approved the proposal not to lower the conversion price of the "Heda Convertible Bonds" [3][4] - The current conversion price is set at 16.85 yuan per share, and the conversion period is from January 8, 2024, to July 2, 2029 [8][9] Group 2 - The company issued a total of 600 million yuan in convertible bonds, with a face value of 100 yuan each, on July 3, 2023 [9] - The initial conversion price was set at 17.40 yuan per share, which has been adjusted multiple times due to various corporate actions [11][12][14] - As of August 8, 2025, the company's stock has triggered the downward adjustment clause for the conversion price, but the Board decided not to implement any downward adjustments for the next six months [17]

Group 1 - The company Shandong Heda announced that as of August 8, 2025, its stock has triggered the downward adjustment clause for the "Heda Convertible Bonds" conversion price [2] - The company's board of directors decided not to adjust the conversion price of the "Heda Convertible Bonds" downward during the upcoming six-month period from August 8, 2025, to February 7, 2026 [2] - Starting from February 8, 2026, if the downward adjustment clause is triggered again, the board will convene to decide whether to exercise the right to adjust the conversion price [2]

Group 1: New Stock Issuances - China Heavy Industry (601989) has a cash option declaration period from August 13, 2025[1] - China Shipbuilding (600150) has a buyback request period from August 13 to August 15, 2025[1] - Shenkai Co. (002633) has a tender offer period from July 29 to August 27, 2025[1] Group 2: Tender Offers and Mergers - ST Kelly (300326) has a tender offer period from July 17 to August 15, 2025[1] - Fushun Special Steel (600399) has a tender offer period from August 12 to September 10, 2025[1] - China Heavy Industry (601989) is involved in an absorption merger[1] Group 3: Abnormal Fluctuations - Tianlu Convertible Bond (110060) reported severe abnormal fluctuations on July 30, 2025[2] - Henghe Precision (300539) reported abnormal fluctuations on July 29, 2025[2] - ST Suwu (600200) reported abnormal fluctuations on August 6, 2025[2]

Core Points - The company announced the second notice regarding the repurchase of "Heda Convertible Bonds" with a repurchase price of 100.088 CNY per bond, including interest and tax [1][2] - The repurchase application period is set from August 4, 2025, to August 8, 2025, with funds being credited to the issuer on August 13, 2025, and investors receiving their funds on August 15, 2025 [1][9] - The repurchase is not mandatory, allowing bondholders the option to choose whether to sell their bonds back to the company [1][5] Repurchase Conditions - The additional repurchase clause is activated if there are significant changes in the implementation of the projects funded by the bond issuance compared to the commitments made in the prospectus [2] - Bondholders can sell back all or part of their convertible bonds at the face value plus accrued interest if the conditions for the additional repurchase are met [2] Interest Calculation - The accrued interest for the current period is calculated as 0.088 CNY per bond, based on a 1.00% annual interest rate for the third interest period [4] - The actual proceeds for individual investors after tax deductions will be 100.070 CNY per bond, while qualified foreign institutional investors will receive the full repurchase price of 100.088 CNY [4] Repurchase Process - The company is required to publish the repurchase announcement at least three times, including once within five trading days after the shareholders' meeting [6] - Bondholders must submit their repurchase applications through the Shenzhen Stock Exchange trading system during the specified application period [7] - The company will handle the repurchase through the China Securities Depository and Clearing Corporation Limited, with the payment process outlined for the respective dates [8][9] Trading and Conversion - "Heda Convertible Bonds" will continue to be traded during the repurchase period, but conversion into shares will be suspended [9]

Core Viewpoint - Shandong Heda Group has completed the cancellation of its special account for the funds raised from the 2023 convertible bonds, aiming to improve fund utilization efficiency and reduce management costs [1][4]. Fundraising Basic Situation - The company was approved to issue 6 million convertible bonds, each with a face value of RMB 100, raising a total of RMB 600 million. After deducting non-tax issuance costs, the actual net amount raised was confirmed by a verification report [1][2]. Fund Management and Usage - To ensure proper management and usage of the raised funds, the company and its subsidiary signed a tripartite supervision agreement with the underwriter and the bank [2]. - The company has decided to terminate further investments in certain fundraising projects and permanently supplement the remaining funds into working capital for daily operations and business development [2][3]. Cancellation of Special Account - The special fundraising accounts have been successfully canceled, and the corresponding tripartite supervision agreement with the bank and underwriter has been terminated [4].

Summary of Key Points Core Viewpoint - The company announced the implementation of a repurchase option for its convertible bonds, "Heda Convertible Bonds," due to significant changes in the use of raised funds, allowing bondholders to sell their bonds back to the company at a specified price [1][2]. Group 1: Repurchase Overview - The repurchase option is activated if there are major changes in the implementation of the investment projects funded by the convertible bonds compared to the commitments made in the prospectus [1]. - Bondholders can sell their bonds back at a price of 100.088 yuan per bond, which includes accrued interest and tax [2][3]. - The repurchase period is set from August 4, 2025, to August 8, 2025, during which bondholders can submit their repurchase requests [4]. Group 2: Interest Calculation - The accrued interest for the bonds is calculated using the formula: IA = B × i × t ÷ 365, where the interest rate (i) is 1.00% for the current period [2]. - The calculated accrued interest amounts to 0.088 yuan per bond, contributing to the total repurchase price [2]. Group 3: Repurchase Procedures - The company is required to publish at least three announcements regarding the repurchase, including one within five trading days after the shareholders' meeting [4]. - The repurchase will be processed through the Shenzhen Stock Exchange's trading system, and bondholders must confirm their repurchase requests as they cannot be revoked once submitted [4]. Group 4: Trading and Conversion During Repurchase Period - The "Heda Convertible Bonds" will continue to be traded during the repurchase period, but the conversion option will be suspended [4]. - In case of simultaneous requests for trading, repurchase, or transfer, the requests will be processed in a specific order: trading or transfer first, followed by repurchase [4].

New Stock Issuance - Guangdong JianKe issued new shares at a price of 6.56 on August 1, 2025[1] - ShenKe Co., Ltd. has a tender offer period from July 29 to August 27, 2025[1] - ST Kelly's tender offer period is from July 17 to August 15, 2025[1] Market Alerts - ST Zitian reported significant abnormal fluctuations on July 21, 2025[1] - ST Suwu experienced abnormal fluctuations on July 30, 2025[1] - ST Xizang Tianlu reported significant abnormal fluctuations on August 1, 2025[1] Other Notable Announcements - Huaneng Electric's announcement was made on August 1, 2025, regarding its stock code 603063[1] - ST Sai Long's announcement was made on August 1, 2025, with stock code 002898[1] - ST Green Kang's announcement was made on July 31, 2025, with stock code 002868[1]

Core Viewpoint - The legal opinion letter from Beijing Qizhi (Jinan) Law Firm confirms that Shandong Heda Group Co., Ltd.'s convertible bonds are compliant with relevant laws and regulations, and outlines the conditions under which bondholders can exercise their right to sell back the bonds to the company [1][2][10]. Group 1: Convertible Bond Issuance - The issuance of "Heda Convertible Bonds" has received necessary internal approvals and authorizations, including various resolutions from the board of directors and shareholder meetings [4][5][6]. - The company issued 600 million yuan worth of convertible bonds on July 3, 2023, which began trading on the Shenzhen Stock Exchange on July 19, 2023, under the code 127088 [7]. Group 2: Buyback Conditions - Bondholders have the right to sell back their bonds if there are significant changes in the implementation of the investment projects compared to the commitments made in the prospectus [8]. - The company’s board and supervisory board approved a change in the use of raised funds, terminating the investment in a specific project and reallocating the remaining funds for working capital [9]. Group 3: Legal Compliance - The legal opinion asserts that the bond buyback conditions meet the requirements set forth in the Company Law, Securities Law, and relevant regulations, ensuring that bondholders can exercise their rights within the specified period [10][11].

Group 1 - The core viewpoint of the article is that招商证券 has conducted a thorough review of the convertible bond repurchase matters related to山东赫达, confirming compliance with relevant regulations and the company's decision-making processes [1][6][7] - 山东赫达 issued 6 million convertible bonds with a total fundraising amount of 600 million RMB, netting 592.75 million RMB after deducting related expenses [1][2] - The bonds, named "赫达转债," began trading on the Shenzhen Stock Exchange on July 19, 2023, under the code "127088" [2] Group 2 - The repurchase rights for bondholders are triggered if there are significant changes in the investment projects funded by the raised capital, as outlined in the募集说明书 [2][3] - The repurchase price for the bonds is set at 100.088 RMB per bond, which includes accrued interest and tax considerations [3][4] - The repurchase process includes a public announcement period and a specific declaration period from August 4 to August 8, 2025, during which bondholders can exercise their repurchase rights [5][6] Group 3 - The company will continue to trade the bonds during the repurchase period but will suspend conversion to shares [6] - 招商证券 has no objections to the repurchase matters, affirming that all necessary decision-making procedures have been followed [6][7]

Meeting Announcement - The company will hold the first bondholders meeting for "Heda Convertible Bonds" on July 23, 2025, at 13:30 [2][8] - The meeting will be conducted through a combination of on-site and online voting [2][9] Voting Procedures - Bondholders can participate in the meeting either in person or by appointing a proxy [3][7] - Online voting will be available on July 23, 2025, from 9:15 to 15:00 through the Shenzhen Stock Exchange trading system [2][9] Registration Requirements - Individual bondholders must present their ID and bond holding certificate for registration [7] - Corporate bondholders must provide a copy of the business license and identification of the legal representative [7] Legal Framework - The resolutions made during the bondholders meeting will be binding for all bondholders, regardless of their attendance [1][2]