Tongling nonferrous metals group sees convertible bond holdings shift

Tongling Nonferrous Metals Group Co., Ltd. announced a 10% change in the proportion of its "Tongling Ding 02" convertible bonds held by bondholders. Issued on July 12, 2023, the convertible bonds totaled 21,460,000 shares, each with a face value of 100 yuan, raising a total of 2,146,000,000 yuan. These bonds began trading on the Shenzhen Stock Exchange on March 6, 2024.

Nordea Asset Management Co., Ltd., which initially subscribed to 10,000,000 shares (46.60% of the total issue) in September 2023, reduced its holdings by 2,950,000 shares (13.75%) between April 11 and April 15, 2024. The firm then cut its holdings by another 1,200,000 shares (5.59%) between April 17 and April 25, 2024. Between July 23, 2024, and August 29, 2025, Nordea Asset Management converted 3,150,000 shares (14.68% of the total issue) into equity. After these transactions, Nordea Asset Management's holdings decreased to 2,700,000 shares, representing 12.58% of the total convertible bond issue.

This series of convertible bond conversions led to a passive dilution of the controlling shareholder, Tongling Nonferrous Metals Group Holding Co., Ltd. Between March 26, 2025, and August 29, 2025, the company's A-share capital increased by 290,074,309 shares, from 12,792,920,401 shares to 13,082,994,710 shares. While the holding company's share count remained unchanged at 6,112,133,557 shares, its ownership percentage diluted from 47.78% to 46.72%, triggering the 1% integer multiple threshold as per regulatory guidelines. This change does not affect the controlling shareholder status or the company's governance and operations.