Nanshan Aluminium's controlling shareholder delists exchangeable bonds

Shandong Nanshan Aluminium Co., Ltd. announced that its controlling shareholder, Nanshan Group Co., Ltd., completed the delisting of its 2023 privately offered exchangeable corporate bonds (tranche 1, type 1) on December 8, 2025. These bonds, with a total issuance size of RMB 883.33 million and a three-year term, had underlying assets in a portion of the company's A-shares held by Nanshan Group.

The delisting occurred ahead of schedule, with all bonds fully converted by November 25, 2025. A total of 253,680,706 shares were exchanged during this period. The company will monitor the progress of the release of pledged shares from the bond collateral account.

As of the announcement date, Nanshan Group Co., Ltd. and its concerted party, Shandong Yili Power Co., Ltd., collectively hold 4,911,957,174 shares, representing 42.29% of Nanshan Aluminium's total share capital. Nanshan Group directly holds 2,146,713,290 shares (18.48%), and another 184,199,294 shares (1.59%) are held through the "Nanshan Group Co., Ltd. - Nanshan Group Co., Ltd. 2023 privately offered exchangeable corporate bonds (tranche 1) pledged account." Shandong Yili Power Co., Ltd. holds 2,581,044,590 shares (22.22%).