Yunnan Baiyao shareholder completes 2 bn yuan exchangeable bond issuance

Xinhuadu Industrial Group Co. Ltd., a shareholder holding over 5% of Yunnan Baiyao Group Company Limited, has completed the non-public issuance of exchangeable corporate bonds. The issuance, which concluded on October 22, 2025, has a total size of 2 bn yuan with a coupon rate of 0.1% and a three-year term. The bonds have an initial share exchange price of 71.66 yuan per share.

The exchangeable bonds are secured by 56,000,000 unrestricted circulating A-shares of Yunnan Baiyao, which have been transferred to a dedicated trust account. Bondholders will have the option to exchange their bonds for shares from April 23, 2026, to October 20, 2028.

Guoxin Securities Co. Ltd. is acting as the trustee for these bonds. Yunnan Baiyao Group has committed to disclosing further progress on Xinhuadu's exchangeable bonds in accordance with relevant regulations.