Lu'an Huanneng: Shareholder pledges stock for exchangeable bonds

Shanxi Lu'an Environmental Energy Development (SSE:601699) announced that its controlling shareholder, Lu'an Group, has pledged 200 million of the company's shares as collateral for its non-publicly issued exchangeable corporate bonds due in 2023 (first tranche). The pledged shares, representing 10.88% of Lu'an Group's holdings and 6.69% of Lu'an Huanneng's total share capital, are earmarked to guarantee the exchange of shares and principal repayment of the bonds. Following this transaction, Lu'an Group's cumulative pledged shares in Lu'an Huanneng amount to 550 million, constituting 29.93% of its total holdings in the company. The pledge is valid from November 22, 2023 until the date of the pledge's release. China Securities acts as trustee for the bond.