Tongwei reports bond conversion, warns on guarantee risks

Tongwei Co., Ltd. reported that as of September 30, 2025, 168,700 "Tong22 Convertible Bonds" were converted into 441,653 A-shares, representing 0.00981% of the company's total shares before conversion. The outstanding amount of "Tong22 Convertible Bonds" is RMB 11,983,130,000, accounting for 99.85942% of the total issuance. During the third quarter of 2025, 1,300 bonds were converted, adding 3,745 shares to the company's capital.

Concurrently, Tongwei disclosed its external guarantee activities for the period of September 1 to September 30, 2025. The company and its subsidiaries provided mutual guarantees totaling RMB 1.853 billion. Tongwei Agricultural Financing Guarantee Co., Ltd., a subsidiary, provided RMB 195 million in guarantees to customers. As of September 30, 2025, the actual outstanding mutual guarantees amounted to RMB 43.822 billion, with an additional RMB 3 million for joint ventures and associates. Guarantees for downstream customers by the agricultural financing subsidiary totaled RMB 663 million.

Notably, RMB 31.964 million of the agricultural financing subsidiary’s guarantees to downstream customers are overdue, with RMB 79.976 million currently under recovery. Most inter-company guarantees have no counter-guarantee measures. The company notes that certain subsidiaries, including Yunnan Tongwei High-purity Crystalline Silicon, have a debt-to-asset ratio exceeding 70%, advising investor caution regarding associated risks.