Golden Credit terminates Harzone Industry convertible bond rating after full redemption

On September 11, 2025, Golden Credit Rating International announced the termination of credit ratings for China Harzone Industry and its "2020 China Shipbuilding Industry Corporation Emergency Warning and Rescue Equipment Co., Ltd. Convertible Corporate Bonds."

Previously, on June 17, 2025, Oriental Golden Credit had maintained an AA+ rating for China Harzone Industry's main entity and the convertible bonds, with a stable outlook. However, a company announcement on September 4, 2025, revealed that from July 1, 2025, to July 21, 2025, the company's stock price met the condition for conditional redemption. This occurred as it was not lower than 130% of the current conversion price on at least fifteen trading days within thirty consecutive trading days.

Following the full redemption of the "emergency convertible bonds," the bonds no longer met listing requirements and were delisted from the Shenzhen Stock Exchange on September 5, 2025. Consequently, Oriental Golden Credit decided to cease updating the credit ratings for both China Harzone Industry and its convertible bonds.