Citic Pacific bond nears conversion price revision trigger

Citic Pacific Special Steel Group announced on November 8, 2025, that its convertible bond (code: 127056) may trigger a downward revision of its conversion price. As of November 7, 2025, the company's stock has traded below 80% of the current conversion price of yuan 22.23 per share (yuan 17.78 per share) for 10 trading days between October 27, 2025, and November 7, 2025. This threshold is set by the "Shenzhen Stock Exchange Self-Regulatory Guidelines No. 15 – Convertible Corporate Bonds."

According to the bond's prospectus, a downward revision can be triggered if the company's stock closes below 80% of the current conversion price for at least 15 trading days within any 30 consecutive trading days. The current conversion price of the bond is yuan 22.23 per share, effective from October 15, 2025.

The company previously decided not to revise the conversion price downward in October 2024 and stated it would not propose a downward revision if triggered again between October 26, 2024, and October 25, 2025. This current potential trigger falls outside that period. If the trigger condition is met, the company will follow the procedures outlined in the prospectus for a potential downward adjustment.