Citic Pacific Special Steel holds convertible bond price despite trigger

Citic Pacific Special Steel Group Co., Ltd. announced that its "Zhongte Zhuanzhai" convertible bond has triggered the downward adjustment clause for its conversion price. As of November 14, 2025, the company's stock price had fallen below 80% of the current conversion price for at least 15 trading days within any continuous 30-trading-day period.

However, the board of directors, at its 22nd meeting of the 10th session on November 14, 2025, decided not to initiate a downward adjustment of the "Zhongte Zhuanzhai" conversion price at this time. Furthermore, the board declared that for the next three months, from November 17, 2025, to February 13, 2026, should the downward adjustment clause be triggered again, no adjustment proposal will be made.

The decision was based on the remaining two-year term of the convertible bond and the belief that the current stock price does not reflect the company's long-term value, influenced by market conditions, macroeconomic factors, and industry trends. The company will re-evaluate potential adjustments if the clause is triggered again after February 24, 2026.