Torch Electronics to redeem "Torch convertible bonds" early

Fujian Torch Electron Technology (SSE:603678) announced its decision to exercise its early redemption right for "Torch Convertible Bonds" (113582). The move comes after the company's stock price triggered the redemption clause, with its shares trading above 130% of the current conversion price of RMB 23.89 for at least 15 out of 30 consecutive trading days between March 4 and March 24, 2025. Bondholders can either convert their bonds into shares at RMB 23.89 per share, continue trading them on the secondary market, or face redemption at RMB 100 per bond plus accrued interest. The company warned investors of potential losses if the bonds are forcibly redeemed. Originally issued on May 27, 2020, the bonds have a face value of RMB 100, totaling RMB 600 million.