Jingxing Paper announces callable bond redemption, shareholding dilution

Zhejiang Jingxing Paper Joint Stock has announced the early redemption of its "Jingxing Convertible Bonds," effective October 23, 2025. This decision, approved by the board on September 23, 2025, follows the convertible bond's stock price meeting callable redemption conditions. Specifically, the bond traded at or above 130% of the current conversion price of 3.39 yuan per share for at least 15 trading days within 30 days, closing at 4.41 yuan per share. The redemption price is set at 100.290 yuan per bond, including accrued interest.

As a result of the convertible bond conversion, the company's total share capital increased by 33,706,761 shares, from 1,344,762,495 to 1,378,469,256 shares between September 6 and September 22, 2025. This increase led to a passive dilution of the shareholding of Mr. Zhu Zailong, a shareholder holding 5% or more and the actual controller, from 13.25% to 12.93%, triggering a 1% integer multiple change.

The company's board of directors and supervisory committee have confirmed that the early redemption and related equity changes will not alter the company's control, governance structure, or ongoing operations. Shareholders are advised to convert their bonds before the October 23, 2025 deadline to avoid potential losses from redemption.