Qibin Group announces convertible bond redemption and delisting

Zhuzhou Kibing Group announced the upcoming redemption and delisting of its "Qibin Convertible Bonds," with the last trading day on November 27, 2025, and delisting on December 3, 2025. The redemption price is CNY 101.1737 per bond. Bondholders are urged to convert their bonds into shares by the final conversion date of December 2, 2025, to avoid potential investment losses as the mandatory redemption price is lower than the current market price.

This early redemption was triggered because the company's stock price met the condition of being at or above 130% of the current conversion price (CNY 7.06/share) for at least fifteen trading days within a thirty-trading-day period between September 30 and November 5, 2025. As of November 26, 2025, CNY 1.337505bn of "Qibin Convertible Bonds" had been converted into 246,146,539 A-shares, representing 9.1633% of the company's total shares before conversion.

The conversion of convertible bonds also led to a passive dilution of the combined shareholding of the controlling shareholder, Fujian Qibin Group, the actual controller, Yu Qibing, and their concerted parties, including Ningbo Qibin Investment Co., Ltd. Their total stake decreased from 38.97% to 37.97%, crossing the 1% threshold, without any change in the number of shares held.