Ningbo Xusheng warns Sheng 24 bondholders of mandatory redemption, delisting

Ningbo Xusheng Group has issued its tenth reminder regarding the impending redemption and delisting of its Sheng 24 Convertible Bonds. The final trading day for the convertible bonds is November 10, 2025, and the last day for conversion into shares is November 13, 2025. Holders who do not convert or sell their bonds by the redemption registration date of November 13, 2025, will face mandatory redemption at 100.1677 yuan per bond.

The redemption price of 100.1677 yuan per bond includes the face value of 100 yuan and accrued interest of 0.1677 yuan. This follows the company's stock price meeting conditional redemption terms, trading above 130% of the conversion price (12.51 yuan/share) for fifteen trading days between September 16, 2025, and October 15, 2025. The bonds will be delisted from the Shanghai Stock Exchange on November 14, 2025.

Investors are strongly advised to either convert their bonds into shares or sell them on the secondary market before the deadlines. The current secondary market price of 118.618 yuan per bond (as of November 6, 2025) is significantly higher than the redemption price, implying substantial losses for those who are compulsorily redeemed.