Bank of Hangzhou "Hang Yin convertible bonds" redemption

Bank of Hangzhou [SSE:600926] has announced the follow-up credit rating for its A-share convertible bonds ("Hang Yin Convertible Bonds," code 110079) remains at AAA with a stable outlook, as assessed by China Chengxin International Credit Rating. Despite this affirmation, the bank will exercise its right to early redemption, delisting the bonds from the Shanghai Stock Exchange on July 7, 2025. This decision was triggered because Bank of Hangzhou's stock price had exceeded 130% of the prevailing conversion price (CNY 11.35 per share) for 15 consecutive trading days, fulfilling the terms for conditional redemption outlined in the bond prospectus. Bondholders should sell or convert before July 4, 2025, in order to avoid being forced to redeem at CNY 100.4932 per bond, this would represent a significant loss to investors given the bonds close price of CNY 145.080 on June 6.