Xizi Clean Energy announces early redemption of convertible bonds

Hangzhou Boiler Group, operating as Xizi Clean Energy Equipment Manufacturing Co. Ltd., has initiated the early redemption of its "Xizi convertible bonds," with the redemption price set at CNY 101.12 per bond, including accrued interest. This follows the convertible bonds' conditional redemption clause being triggered due to the company's A-share stock price meeting the required threshold for 15 trading days within a 30-day period. The final redemption date for the bonds is September 22, 2025, after which they will be delisted from the Shenzhen Stock Exchange. Trading of the bonds will cease on September 17, 2025, and conversion to shares will stop on September 22, 2025.

Concurrently, the company announced that the conversion of Xizi convertible bonds into shares between August 11, 2025, and August 29, 2025, has resulted in a passive dilution of its controlling shareholder's stake. The combined shareholding of Xizi Elevator Group Co. Ltd., actual controller Wang Shuifu, and their concerted party, Goldrun (Hong Kong) Co. Ltd., decreased from 62.75% to 60.73%. This change was triggered by the increase in the company's total share capital from 735,164,030 shares to 759,612,088 shares due to bond conversions.

Investors holding "Xizi convertible bonds" are advised to convert their bonds into shares before September 22, 2025, to avoid potential losses as the redemption price may differ significantly from market prices prior to the cessation of trading and conversion. The company also reminded investors with pledged or frozen bonds to resolve these issues before the conversion deadline.