Tongwei declines to adjust convertible bond conversion price

Tongwei Co., Ltd. announced its decision not to downwardly adjust the conversion price of its "Tong 22 Convertible Bonds." Between October 11, 2025, and October 31, 2025, the company's stock price closed below 85% of the current conversion price (29.41 yuan/share) for 15 trading days within a consecutive thirty-day period, triggering the downward adjustment clause.

Despite the trigger, the company's ninth board of directors resolved not to implement a downward revision of the conversion price. This decision was made with confidence in Tongwei's long-term growth potential and intrinsic value, considering future industry prospects, competitive advantages, and the capital market environment. The company also committed to not proposing a downward adjustment plan between November 1, 2025, and January 31, 2026.

Starting from February 1, 2026, if "Tong 22 Convertible Bonds" again triggers the downward adjustment clause, the company's board of directors will reconvene to decide whether to exercise its right to adjust the conversion price. The initial conversion price for "Tong 22 Convertible Bonds" was 39.27 yuan/share, subsequently adjusted to 38.36 yuan/share, then 35.50 yuan/share, and most recently to 34.60 yuan/share as of June 14, 2024.