Core Viewpoint - Xinhua Group plans to issue exchangeable bonds backed by its shares in Yunnan Baiyao, with a total issuance scale of up to 2 billion RMB [2][4]. Group 1: Exchangeable Bonds Issuance - Xinhua Group intends to issue exchangeable bonds using part of its A-share holdings in Yunnan Baiyao as collateral [2]. - The issuance has received approval from the Shenzhen Stock Exchange, confirming it meets the listing conditions [2]. - The bonds will be managed by Guosen Securities as the nominal holder, with specific accounts set up for the transaction [2]. Group 2: Bond Details - The total issuance scale of the bonds is capped at 2 billion RMB [4]. - The bonds have a coupon rate of 0.1% and a maturity period of 3 years [4]. - The initial conversion price is set at 71.66 RMB per share, with the conversion period starting from April 23, 2026, to October 20, 2028 [4][3].

Core Viewpoint - Yunnan Baiyao Group announced that its major shareholder, Xinhua Dou Industrial Group, has completed the issuance of non-public exchangeable bonds, with a total issuance scale of up to 2 billion RMB [2][4]. Group 1: Bond Issuance Details - The exchangeable bonds, named "25 Xinhua Dou EB01," were issued on October 22, 2025, with a total scale of 2 billion RMB [3][4]. - The bonds have a maturity period of 3 years and a coupon rate of 0.1% [7]. - The initial conversion price for the bonds is set at 71.66 RMB per share [7]. Group 2: Conversion Period - The conversion period for the bonds will start from April 23, 2026, and end on October 20, 2028 [5]. Group 3: Shareholder Actions - Xinhua Dou will transfer 56 million shares of Yunnan Baiyao to a designated account to serve as collateral for the bondholders [2]. - The bonds will be managed by Guosen Securities as the nominal holder [2]. Group 4: Regulatory Compliance - The company has received a no-objection letter from the Shenzhen Stock Exchange regarding the bond issuance [2]. - Yunnan Baiyao will fulfill its information disclosure obligations regarding the subsequent developments of the bond issuance [6].