Core Viewpoint - Guangzhou Lushan New Materials Co., Ltd. has triggered the conditional redemption clause for its convertible bonds due to the stock price exceeding 130% of the conversion price for 15 trading days, leading to the decision to redeem all outstanding bonds [2][3]. Redemption Details - The company announced the early redemption of "Lushan Convertible Bonds" at a price of 100.6805 CNY per bond, which includes accrued interest [5][8]. - The total amount to be redeemed is 3,468,444.77 CNY, covering 34,450 bonds, with the redemption payment date set for October 20, 2025 [6][12]. Impact on Company - As of the redemption registration date, the remaining balance of "Lushan Convertible Bonds" is 3,445,000 CNY, representing 0.66% of the total issuance [8]. - The total share capital of the company will increase to 161,632,896 shares post-redemption, which may dilute earnings per share in the short term but is expected to strengthen the company's capital structure and reduce future interest expenses [13]. Conversion Status - By the redemption registration date, a total of 520,555,000 CNY of "Lushan Convertible Bonds" has been converted into 27,396,376 shares, accounting for 29.36% of the total shares before conversion [9]. Trading and Freezing of Bonds - "Lushan Convertible Bonds" ceased trading on October 14, 2025, and all unconverted bonds were frozen after the market close on October 17, 2025 [11].

Core Viewpoint - Lushan New Materials announced that investors holding "Lushan Convertible Bonds" can only convert at a price of 16.05 yuan per share or face mandatory redemption at a total of 100.6805 yuan per bond, which includes accrued interest. This situation may lead to significant investment losses for investors [1]. Group 1 - The announcement specifies the conversion price for the convertible bonds at 16.05 yuan per share [1]. - Investors have the option to choose mandatory redemption at a total of 100.6805 yuan per bond, which includes 100 yuan face value and 0.6805 yuan accrued interest [1]. - The potential for significant investment losses is highlighted if investors opt for mandatory redemption instead of conversion [1].

Core Viewpoint - The announcement from Lushan New Materials indicates that investors holding "Lushan Convertible Bonds" can either convert their bonds at a price of 16.05 yuan per share or face mandatory redemption at a total of 100.6805 yuan per bond, which includes accrued interest. This situation may lead to significant investment losses for those who opt for redemption instead of conversion [2]. Summary by Category - **Company Announcement** - Lushan New Materials announced the terms for investors holding "Lushan Convertible Bonds," specifying the conversion price and the conditions for mandatory redemption [2]. - **Investment Implications** - Investors are faced with a choice: convert at 16.05 yuan per share or accept a forced redemption at 100.6805 yuan per bond, which could result in considerable financial losses if they choose the latter option [2].

Core Points - The company has announced the early redemption and delisting of the "Lushan Convertible Bonds" [1][4][15] Redemption Details - Redemption registration date is set for October 17, 2025, and trading of "Lushan Convertible Bonds" will cease from October 15, 2025 [2][14] - The last conversion date for the bonds is also October 17, 2025, with only three trading days remaining until this date [3][14] - The redemption price is 100.6805 CNY per bond, which includes the face value and accrued interest of 0.6805 CNY [4][11] - The redemption payment date is October 20, 2025 [6][13] Conditions for Redemption - The conditional redemption clause has been triggered as the company's stock price has been above 130% of the conversion price (20.865 CNY) for at least 15 trading days [5][9] - The company has the right to redeem all or part of the unconverted bonds if the remaining balance is less than 30 million CNY [7][9] Redemption Process - All holders of "Lushan Convertible Bonds" registered by the redemption registration date will be subject to the redemption [10] - The company will notify bondholders of the redemption details before the end of the redemption period [12] Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net redemption amount of 100.5444 CNY per bond after tax [16] - Qualified foreign institutional investors will receive the gross redemption amount of 100.6805 CNY per bond [17]

Core Viewpoint - The announcement from Lushan New Materials indicates that investors holding "Lushan Convertible Bonds" can either convert their bonds at a price of 16.05 yuan per share or face mandatory redemption at a total of 100.6805 yuan per bond, which includes accrued interest. This situation may lead to significant investment losses for those who opt for mandatory redemption [2]. Summary by Relevant Sections - **Investment Options**: Investors can convert their bonds at a price of 16.05 yuan per share or choose mandatory redemption at 100.6805 yuan per bond, which includes 0.6805 yuan of accrued interest [2]. - **Potential Risks**: The possibility of mandatory redemption poses a risk of substantial investment losses for investors who do not convert their bonds within the specified timeframe [2].

New Stock Issuance - He Yuan Bio (787765) issued shares at a price of 29.06 on October 14, 2025[1] - The offer period for the acquisition of Shangwei New Materials (688585) is from September 29, 2025, to October 28, 2025[1] Market Alerts - Significant abnormal fluctuations reported for Nanjing New Pharmaceutical (688189) on October 10, 2025[1] - Multiple companies including Hefei Urban Construction (002208) and ST Jianyi (002789) have recent announcements regarding their stock performance[1] Trading Notifications - A total of 30 companies have trading notifications on October 14, 2025, indicating various market activities[1] - Companies such as ST Er Ya (600107) and Guangdong Mingzhu (600382) are among those with recent trading alerts[1]

Core Points - The company announces the redemption and delisting of "Lushan Convertible Bonds" effective October 20, 2025, following the last trading day on October 14, 2025 [1][3][5] - The last conversion date for the bonds is October 17, 2025, with a redemption price of 100.6805 CNY per bond, including accrued interest [2][5][8] - The conditional redemption clause was triggered as the stock price exceeded 130% of the conversion price for 15 trading days [4][7][8] Summary by Sections Redemption Details - The redemption date is set for October 20, 2025, with the last trading day on October 14, 2025, and the last conversion day on October 17, 2025 [5][12][13] - The redemption price is 100.6805 CNY per bond, which includes accrued interest of 0.6805 CNY [8][9][11] - The company will notify bondholders of the redemption process and will freeze all unconverted bonds after the redemption registration date [9][10][12] Conversion Information - As of October 10, 2025, a total of 425,355,000 CNY of "Lushan Convertible Bonds" have been converted into 21,465,572 shares, representing 23.00% of the total shares before conversion [21][28] - The remaining unconverted bonds amount to 98,645,000 CNY, which is 18.83% of the total issuance [21][28] Regulatory Compliance - The company has complied with the relevant regulations and has triggered the conditional redemption clause as per the bond issuance prospectus [6][7][8] - The bonds will be delisted from the Shanghai Stock Exchange after the redemption is completed [3][13]

Core Insights - Two convertible bonds, Zhongchen Convertible Bond and Lushan Convertible Bond, are facing mandatory redemption at prices significantly lower than their current market prices, leading to potential losses for investors [1][2][3] Group 1: Zhongchen Convertible Bond - The last trading day for Zhongchen Convertible Bond is October 14, with a closing price of 141.29 yuan on October 13 [1] - If investors do not sell or convert their bonds by the deadline, they will be redeemed at 100.58 yuan per bond, resulting in a loss of approximately 28.81% [1] - The final conversion day is October 17, after which unconverted bonds will be forcibly redeemed [1] Group 2: Lushan Convertible Bond - Lushan Convertible Bond also has its last trading day on October 14, with a closing price of 139.536 yuan on October 13 [2][3] - Investors who fail to act before the deadline will be redeemed at a total of 100.6805 yuan per bond, leading to a loss of about 27.85% [2][3] - The final conversion day for Lushan Convertible Bond is also October 17 [2] Group 3: Broader Market Context - The trend of mandatory redemptions is increasing due to a strong stock market, affecting multiple convertible bonds, including Keda, Jingxing, Tianlu, and Pudong Development Bank bonds [3] - Tianlu Convertible Bond, with a current price of 310.527 yuan, is set to be redeemed at 110 yuan at the end of October, indicating a potential loss exceeding 60% if not acted upon [3]

Core Viewpoint - Two convertible bonds, Zhongchen Convertible Bond and Lushan Convertible Bond, are facing forced redemption at prices significantly lower than their current market prices, leading to potential losses for investors if they do not act promptly [2][4][5]. Summary by Sections Zhongchen Convertible Bond - The last trading day for Zhongchen Convertible Bond is October 14, with a closing price of 141.29 yuan on October 13. If investors do not sell or convert their bonds by the deadline, they will face a forced redemption price of 100.58 yuan, resulting in a potential loss of 28.81% [2][5]. Lushan Convertible Bond - Lushan Convertible Bond also has its last trading day on October 14. The bond closed at 139.536 yuan on October 13, and if not sold or converted, it will be redeemed at a price of 100.6805 yuan, leading to a potential loss of 27.85% for investors [4][5]. General Market Context - The trend of forced redemptions is not limited to Zhongchen and Lushan bonds. Other convertible bonds, such as Keda, Jingxing, Tianlu, and Pudong Development Bank bonds, are also approaching their last trading days and may result in significant losses for investors who fail to act in time. For instance, Tianlu Convertible Bond, priced at 310.527 yuan, will be redeemed at 110 yuan at the end of October, indicating a potential loss exceeding 60% if not managed properly [7].

Core Viewpoint - The announcement from Lushan New Materials indicates that investors holding "Lushan Convertible Bonds" have limited options for redemption, which may lead to significant investment losses if forced redemption occurs [2] Summary by Relevant Sections - **Investment Options** - Investors can either continue trading in the secondary market within the specified time or convert at a price of 16.05 yuan per share [2] - If neither option is exercised, investors will face forced redemption at a price of 100 yuan per bond plus accrued interest of 0.6805 yuan per bond, totaling 100.6805 yuan per bond [2] - **Potential Risks** - The possibility of forced redemption poses a risk of substantial investment losses for investors [2]