Bank of Nanjing's convertible bonds near redemption trigger

Bank of Nanjing (SSE:601009) announced that its "Nanjing Bank Convertible Bonds" may soon meet the conditions for redemption. Over the past 14 trading days, the bank's stock price has exceeded 130% of the current conversion price of CNY 8.22/share for 10 of those days. If the stock price remains above CNY 10.69/share for five more trading days, the company may exercise its right to redeem all or part of the outstanding convertible bonds at face value plus accrued interest, according to the bond's offering prospectus. The bank will hold a board meeting to review the redemption. These CNY 20 billion bonds, with a maturity of six years, were issued on June 15, 2021.