China Southern Airlines' convertible bonds near 63% conversion milestone

As of September 30, 2025, China Southern Airlines announced that 10.10bn yuan of its "Nan Hang Convertible Bonds" have been converted into 1,619,192,027 A-shares. This represents approximately 10.56% of the company's total shares before the conversion. The conversion period for these bonds runs from April 21, 2021, to October 14, 2026.

During the third quarter of 2025 (July 1 to September 30), 7,000 yuan of convertible bonds were converted, adding 1,134 new A-shares to the company's equity. This brings the total number of A-shares to 12,673,349,573 and the overall total share capital to 18,120,918,309 shares.

Despite the significant conversions, 5.89bn yuan of the "Nan Hang Convertible Bonds" remain unconverted as of September 30, 2025, which constitutes about 36.85% of the total issued amount. The current conversion price is 6.17 yuan per share.