Hangzhou Boiler Group to early redeem Xizi convertible bonds

Hangzhou Boiler Group announced the early redemption of "Xizi Convertible Bonds" at a price of CNY 101.12 per bond (including interest and tax). This was triggered by stock prices reaching 130% of the current conversion price for 15 trading days.

The redemption registration date is September 19, 2025, with the redemption date set for September 22, 2025. Trading of the bonds will cease on September 17, 2025, and conversion will cease on September 22, 2025.

As of September 9, 2025, 76,873,308 shares of "Xizi Convertible Bonds" have been converted into company stock, representing 10.40% of the total issued shares before the conversion began. Approximately 2,650,894 bonds, or 23.88% of the total 11.10m bonds issued, remain unconverted. Investors are advised to convert their bonds by the deadline to avoid potential losses, as unconverted bonds will be compulsorily redeemed and delisted from the Shenzhen Stock Exchange.

The conversion price of "Xizi Convertible Bonds" has undergone several adjustments, from an initial CNY 28.08 per share to the current CNY 10.99 per share, due to dividend distributions and downward revisions. The most recent adjustment occurred on August 12, 2025, following the completion of share buyback cancellations.