Kibing Group to redeem convertible bonds early

Zhuzhou Kibing Group (SSE:601636) has triggered the early redemption clause for its "Qibin Convertible Bonds" (SSE:113047). The company's stock price met the condition of trading at or above 130% of its current conversion price (RMB 7.06/share) for 15 out of 21 consecutive trading days between September 30, 2025, and November 5, 2025.

On November 5, 2025, the company's board of directors approved the early redemption, opting to redeem all outstanding "Qibin Convertible Bonds" at their face value plus accrued interest. Investors holding these bonds have the option to convert them at RMB 5.43/share or sell them on the secondary market before the redemption date; otherwise, they will be compulsorily redeemed at face value plus interest.

The "Qibin Convertible Bonds" were issued on April 9, 2021, totaling RMB 1,500,000,000, with a face value of RMB 100 per bond. The current conversion price is RMB 5.43 per share, adjusted multiple times from an initial RMB 13.15 per share due to equity distributions and downward revisions.