China Satellite Communications shares shift due to bond exchange

China Satellite Communications (SSE:601698) announced that the exchange of privately issued exchangeable bonds by its controlling shareholder, China Aerospace Science and Technology Corporation (CASC), has led to a passive decrease in CASC's stake. The exchange period for the bonds is from March 3, 2025, to August 29, 2027. From March 3 to March 27, 2025, bondholders exchanged bonds for 32,650,045 shares of China Satellite Communications, representing 0.77% of the company's total share capital. As a result, CASC's direct holdings decreased from 75.49% to 74.72%, reducing their controlling stake from 85.04% to 84.27%. The company clarified that the exchange does not change the ultimate controlling party.