Honglu convertible bonds face price adjustment, early redemption

Anhui Honglu Steel Construction Group announced on November 22, 2025, that its "Honglu Convertible Bonds" are projected to trigger a downward revision of their conversion price. As of November 21, 2025, the company's stock closing price had fallen below 85% of the current conversion price of 32.08 yuan per share for 10 trading days.

Concurrently, the company also issued a second reminder on November 22, 2025, regarding the triggering of a conditional sell-back for "Honglu Convertible Bonds." The company's stock closing price had been below 70% of the conversion price (32.08 yuan per share) for 30 consecutive trading days between October 9 and November 19, 2025.

Investors have the option to sell back their bonds at 100.312 yuan per bond (including interest and tax), with the sell-back declaration period set from December 5 to December 11, 2025. During this period, the bonds will continue to trade, but conversion will be suspended.