Kinwong: mandatory redemption looms for "Jing 23" convertible bonds

Shenzhen Kinwong Electronic has issued its fourth reminder regarding the mandatory redemption and delisting of its "Jing 23 convertible bonds." The final trading day for these bonds is September 25, 2025, with the last conversion day on September 30, 2025. Unconverted bonds will be subject to mandatory redemption at CNY 100.515 per bond, with the redemption payment distribution scheduled for October 9, 2025.

The company's stock price triggered the conditional redemption clause between August 20, 2025, and September 9, 2025, as it maintained a closing price not lower than 130% of the current conversion price of CNY 23.91 per share. Following the redemption, the "Jing 23 convertible bonds" will be delisted from the Shanghai Stock Exchange on October 9, 2025.

Investors are strongly advised to convert or sell their bonds by the respective deadlines. The current secondary market price of "Jing 23 convertible bonds" (CNY 311.316 per bond as of September 23, 2025) significantly exceeds the redemption price, posing a risk of considerable investment loss if not timely converted or sold.