China Satellite Communications: CASC reduces stake via bond conversion

China Satellite Communications Co., Ltd. announced that its controlling shareholder, China Aerospace Science and Technology Corporation (CASC), reduced its stake due to the conversion of exchangeable corporate bonds. CASC issued 6.1 billion yuan of "24 CASC EB" bonds, with a conversion period from March 3, 2025, to August 29, 2027. Between March 27, 2025, and December 5, 2025, bondholders converted 182,931,097 A-shares, representing 4.33% of the company's total share capital.

This passive reduction lowered CASC's direct shareholding from 74.72% to 70.39%. Including its controlled entities, China Academy of Launch Vehicle Technology and China Academy of Space Technology, CASC's total controlled equity decreased from 84.27% to 79.94%, triggering a 5% integer threshold change. Despite this, CASC remains the controlling shareholder, and the actual controller remains unchanged.

In a separate announcement, China Satellite Communications disclosed a change in its signing certified public accountants for the 2025 financial report and internal control audit. Due to audit work adjustments, Li Xin Certified Public Accountants (Special General Partnership) has assigned new partners and quality control reviewers, ensuring continuity in the audit process.