Jiangsu Xinquan credit ratings terminated after bond redemption

China Lianhe Credit Rating Co., Ltd. has announced the termination of credit ratings for Jiangsu Xinquan Automotive Trim Co., Ltd. and its "X23 convertible bond." The company's long-term credit rating was previously AA-, and the "X23 convertible bond" held an AA- rating with a stable outlook.

This termination follows Jiangsu Xinquan's disclosure on October 31, 2025, regarding the redemption of its "X23 convertible bond." The redemption was triggered because the bond's closing price for fifteen trading days between September 8 and September 29, 2025, was not less than 130% of its current conversion price of 50.75 yuan per share.

As of the redemption registration date (October 29, 2025), 8,190 outstanding "X23 convertible bonds" remained unexercised. These bonds, totaling 820,835.18 yuan (including current interest), were redeemed, leading to the delisting of the "X23 convertible bond" from the Shanghai Stock Exchange on October 30, 2025. Consequently, Lianhe Credit Rating will no longer update these ratings.