Tongling Nonferrous to redeem convertible bonds, halting conversions

Tongling Nonferrous Metals Group has announced the early redemption of its "Tongling Convertible Bond 02" (bond code: 124024), with all remaining bonds to be compulsorily redeemed by October 13, 2025. The final conversion date is October 10, 2025, after which unconverted bonds will cease trading and be subject to forced redemption at a price of 100.063 yuan per bond. The initial conversion price of 3.38 yuan per share was adjusted to 3.30 yuan per share on June 7, 2024, and further to 3.20 yuan per share on June 23, 2025, due to equity distributions.

As of September 30, 2025, 21,419,990 units of "Tongling Convertible Bond 02" have been converted into 670,587,109 shares. This conversion includes 615,338,686 newly issued shares and 54,036,000 shares from company repurchases. Following these conversions, the company's total share capital has increased to 13,409,471,510 shares.

The early redemption was triggered because the company's stock price met the 130% threshold of the current conversion price for at least 15 trading days within a 30-trading-day period. Investors holding the bonds are urged to complete any desired conversions by October 10, 2025, to avoid potential losses from compulsory redemption, especially if the market price exceeds the redemption price.