Sunoren board holds firm on convertible bond conversion price

Zhejiang Sunoren Solar Technology's board of directors, during its 11th meeting of the fifth session on September 25, 2025, resolved not to downwardly revise the conversion price of its "Sunoren Convertible Bonds." This decision follows a period from September 5 to September 25, 2025, where the company's stock price consistently traded below 85% of its current conversion price of yuan 12.75/share, triggering the adjustment clause.

The company's board cited the remaining long duration of the convertible bonds, market conditions, and confidence in the company's long-term growth as reasons for its decision. Furthermore, for a six-month period following this approval (from September 26, 2025, to March 25, 2026), the company will not propose a downward revision even if the trigger conditions are met again. This follows a similar decision made on March 4, 2025, for a preceding trigger event.

The "Sunoren Convertible Bonds" were issued for yuan 880 million and began trading on the Shanghai Stock Exchange on November 24, 2023, with an initial conversion price of yuan 13.10/share. Adjustments due to equity distributions in May 2024 and May 2025 led to the current conversion price of yuan 12.75/share.