Tianshan Aluminum's bond conversion price adjusted after cash dividend

Tianshan Aluminum Group Co., Ltd. announced on October 28, 2025, that its controlling shareholder, Shihezi Jinlong Energy Industry Chain Co., Ltd. (Jinlong Energy), will adjust the conversion price for its non-public offering of exchangeable corporate bonds. This adjustment follows Tianshan Aluminum's decision to distribute a cash dividend of 2 yuan (tax included) per 10 shares to all shareholders on October 30, 2025.

Jinlong Energy previously issued two tranches of exchangeable corporate bonds in December 2024, with a total issuance of 11.5 bn yuan for the first tranche ("24 Jinlong EB01") and 8.5 bn yuan for the second tranche ("24 Jinlong EB02"). Prior to this adjustment, the conversion price for both bonds had already been adjusted from 9.8 yuan per share to 9.6 yuan per share, effective May 22, 2025.

According to the bond prospectuses, the conversion price is adjusted for cash dividends. Following the 2 yuan per 10 shares cash dividend, both "24 Jinlong EB01" and "24 Jinlong EB02" conversion prices will be adjusted from 9.6 yuan per share to 9.4 yuan per share, effective October 30, 2025.