Chacha Food refuses to lower convertible bond price

Chacha Food announced its board voted against lowering the conversion price of its convertible bonds despite meeting downward revision criteria.

The company's stock at RMB 55.93 per share traded below 85% of the conversion price for 15 trading days between July 7-25, triggering the adjustment clause. The conversion price remains at RMB 60.83 per share.

The company said it will not propose downward revisions if triggered again within the next six months.