Jingxing convertible bonds trigger 20% conversion threshold

As of September 5, 2025, 8,330,919 "Jingxing convertible bonds" have been converted into 245,501,295 shares of Zhejiang Jingxing Paper. This conversion volume represents 22.09% of the company's total shares issued prior to the conversion, which stood at 1,111,201,000 shares. The conversion period for these bonds began on March 4, 2021, and is set to conclude on August 30, 2026.

Following these conversions and the company's share repurchases, the total share capital increased from 1,193,923,013 to 1,344,762,495 shares. Consequently, the shareholding of Mr. Zhu Zailong, a significant shareholder and the actual controller, was passively diluted from 14.93% to 13.25%. This change triggered a 1% integer multiple threshold for passive dilution.

Despite the dilution, the company confirmed that this equity change will not alter its control or impact its corporate governance structure and ongoing operations. As of the reporting date, 4,469,081 "Jingxing convertible bonds," representing 34.91% of the total issued amount, remain unconverted.