Tianshan Aluminum's controlling shareholder reduces stake through bond conversion

Tianshan Aluminum Group’s controlling shareholder, Shihezi City Jinlong Energy Industry Chain Co., Ltd. (Jinlong Energy), saw its shareholding passively decrease due to the conversion of its 2024 non-publicly offered exchangeable corporate bonds. The "24 Jinlong EB01" bonds entered the share conversion period on June 3, 2025, and the "24 Jinlong EB02" bonds followed on June 30, 2025.

From July 21 to September 5, 2025, 593,741 shares of "24 Jinlong EB01" were converted, representing 0.0128% of the company's total share capital. Subsequently, from September 11 to October 20, 2025, a total of 47,172,054 shares were converted from both "24 Jinlong EB01" (7,380,404 shares) and "24 Jinlong EB02" (39,791,650 shares), amounting to 1.01% of the total share capital. From October 21 to October 30, 2025, an additional 51,701,951 shares were converted from "24 Jinlong EB01" (40,489,206 shares) and "24 Jinlong EB02" (11,212,745 shares), representing 1.11% of the total share capital.

These conversions resulted in Jinlong Energy's cumulative holdings and those of its concerted parties decreasing from 42.01% to 39.87% as of October 30, 2025, a reduction of 2.14%. Despite these changes, Jinlong Energy remains the controlling shareholder, and the company has stated that this passive reduction does not trigger a tender offer.