Poly convertible bondholders begin share conversion

Poly Developments and Holdings Group's "Poly fixed-rate convertible bonds" will commence share conversion on November 21, 2025, and conclude on May 15, 2031. The initial conversion price was RMB 16.09 per share, adjusted to RMB 15.92 per share after a cash dividend distribution in August 2025.

The total issuance size of these convertible bonds was RMB 8.5 bn, with each bond having a face value of RMB 100. Bondholders can convert all or part of their holdings, with a minimum conversion unit of one share. Fractional share amounts will be paid in cash.

New shares generated from the conversion will be listed and traded on the Shanghai Stock Exchange the next trading day. While the convertible bonds themselves have no lock-up period, shares converted before November 22, 2026, will be restricted from transfer until November 23, 2026. Shares converted on or after November 23, 2026, will not be subject to a lock-up period.