Hangzhou Boiler Group to redeem Xizi convertible bonds early

Hangzhou Boiler Group Co., Ltd. (Hangzhou Boiler Group) will proceed with the early redemption of its "Xizi convertible bonds" after the redemption trigger was met on August 28, 2025. The redemption price is set at CNY 101.12 per bond, which includes principal and accrued interest at a current annual rate of 1.50%. This price will be subject to the approval of China Securities Depository and Clearing Corporation Limited.

Trading in the convertible bonds will halt on September 17, 2025, followed by a stop to conversion on September 22, 2025, which is also the official redemption date. Investors whose bonds remain untransformed after the redemption registration date of September 19, 2025, will have their bonds compulsorily redeemed. The redemption funds are expected to reach the issuer's account by September 25, 2025, with investors receiving their payments by September 29, 2025.

Hangzhou Boiler Group emphasizes that the redemption price may differ significantly from market prices prior to the trading and conversion halts. Bondholders are strongly advised to convert their bonds into shares before the deadlines, especially if their bonds are pledged or frozen, to avoid forced redemption and potential losses. Following the redemption, "Xizi convertible bonds" will be delisted from the Shenzhen Stock Exchange.