Sangfor bonds may trigger conversion price adjustment

Sangfor Technologies Co., Ltd. (SZSE:300454) issued a cautionary announcement today regarding its "Sangfor Convertible Bonds" (SZSE:123210). The company anticipates that the trading price of its stock may trigger a downward revision of the bond's conversion price. Since April 7, 2025, Sangfor shares have traded below 85% of the current conversion price of CNY 110.97 per share for 10 trading days. Should this trend continue, the company will convene a board meeting to decide whether to adjust the conversion price, as per the terms outlined in the bond's prospectus. The company will announce its decision promptly. The bonds, with a face value of CNY 100 each, were issued on July 27, 2023, totaling CNY 1,214,756,000.00. The conversion period began on February 2, 2024, and runs through July 26, 2029.