Genovo convertible bonds near conversion price adjustment trigger

Nanjing King-Friend Biochemical Pharmaceutical (Genovo) announced that its "Genovo Convertible Bonds" are expected to meet the conditions for a conversion price adjustment. The company’s stock price has closed below 90% of the current conversion price (21.906 yuan/share) for ten trading days between November 24, 2025, and December 5, 2025. If the stock price continues to close below 90% for five more trading days within the next twenty trading days, the conversion price adjustment clause will be triggered.

Previously, on May 23, 2025, Genovo's board of directors decided not to adjust the conversion price downwards and committed not to propose a downward adjustment if triggered again within the subsequent six months (until November 23, 2025). However, if the clause is triggered again after November 24, 2025, the board will reconvene to decide whether to exercise its right to adjust the conversion price downwards.

The initial conversion price for Genovo Convertible Bonds was 54.97 yuan/share, which has seen several adjustments due to equity distributions and stock incentive plans, most recently settling at 24.34 yuan/share following the 2024 annual equity distribution. Investors are advised to monitor subsequent announcements regarding this potential adjustment.