Tongling Nonferrous to redeem convertible bonds early

Tongling Nonferrous Metals Group announced the early redemption of its "Tongling Ding 02" convertible bonds, effective October 13, 2025. This decision follows the satisfaction of redemption conditions, with the stock price exceeding 130% of the conversion price (3.20 yuan/share) for at least 15 trading days within 30 consecutive trading days from August 13 to September 4, 2025. The redemption price is set at 100.063 yuan per bond, including accrued interest.

The early redemption comes after significant activity from major bondholder Caitong Fund Management Co., Ltd. Initially holding 46.60% (10m bonds) of the total issuance in September 2023, Caitong Fund reduced its stake to 15.38% (3.3m bonds) by September 15, 2025, through a combination of bond sales and conversions.

The company's board of directors approved the early redemption on September 4, 2025, to exercise the right to redeem all unconverted bonds. The last day for bond trading is September 29, 2025, and the last day for conversion is October 13, 2025. Unconverted bonds will be forcibly redeemed, and "Tongling Ding 02" will be delisted from the Shenzhen Stock Exchange following the redemption.