Shanghai Xuerong Bio-Technology convertible bonds' credit ratings terminated after redemption

China Chengxin International (CCXI) has announced the termination of credit ratings for Shanghai Xuerong Bio-Technology Co., Ltd. and its "Xuerong Convertible Bonds." This decision follows the company's exercise of its early redemption right for the convertible bonds, effective October 14, 2025. Previously, on June 26, 2025, CCXI had maintained an A rating for both the company's main body and the bonds, with a negative outlook.

The company's decision to redeem the convertible bonds was prompted by a conditional redemption clause. A total of 15,151 bonds, valued at 100.93 yuan per bond (including accrued interest and tax), were redeemed, totaling 1,529,190.43 yuan (excluding handling fees). As of the redemption registration date, 142,150,524 shares had been converted.

With the redemption complete, Shanghai Xuerong Bio-Technology no longer has any outstanding bonds rated by China Chengxin International. Consequently, in accordance with regulatory frameworks and CCXI's rating termination policy, all existing credit ratings for the company and its bonds have been invalidated and will no longer be updated. The "Xuerong Convertible Bonds" will be delisted from the Shenzhen Stock Exchange on October 23, 2025.