Kibing Group initiates final redemption and delisting of convertible bonds

Zhuzhou Kibing Group has issued a final reminder regarding the redemption and delisting of its "Qibin Convertible Bonds." The last trading day for the convertible bonds was November 27, 2025, with the redemption registration date set for December 2, 2025, and funds to be distributed on December 3, 2025. The bonds will be delisted from the Shanghai Stock Exchange on December 3, 2025. The redemption price is set at 101.1737 yuan per bond.

The company's stock triggered the conditional redemption clause by trading above 130% of the current conversion price for at least 15 out of 30 consecutive trading days between September 30 and November 5, 2025. Investors are urged to convert their bonds by December 2, 2025, as failure to do so may result in a significant investment loss due to the difference between the current market price and the redemption price.

As of November 28, 2025, 1.49 billion yuan of "Qibin Convertible Bonds" has been converted into 275,009,589 A-shares, representing 10.2378% of the company's total shares outstanding before the conversion. This has led to a passive dilution of the controlling shareholder’s equity stake from 37.97% to 37.60%. Separately, Kibing Group has repurchased 27,960,316 shares at a total cost of 195.95 million yuan, for employee stock ownership plans or equity incentives.