Shandong Humon Smelting faces regulatory action, redeems convertible bonds

Shandong Humon Smelting received an administrative supervisory measure decision letter from the Shandong regulatory bureau on November 25, 2025. This was due to the company's failure to appoint independent directors within 60 days of two independent directors' resignations on August 11, 2025. This lapse caused the proportion of independent directors to fall below one-third of the board. The company has since nominated two new independent director candidates for shareholder approval to rectify the situation.

Concurrently, the company announced the early redemption of its "Humon Convertible Bonds" at a price of CNY 100.28 per bond (including accrued interest and tax) by November 28, 2025. The final day for bondholders to convert their bonds into shares is November 27, 2025. Unconverted bonds will be forcibly redeemed, and the bonds will be delisted from the Shenzhen Stock Exchange following the redemption.

The decision to redeem follows the convertible bonds triggering early redemption conditions on October 17, 2025. Shandong Humon Smelting will disclose a redemption results announcement and the convertible bond delisting announcement after the redemption process. Investors are advised to be aware of the market price difference between the redemption price and the market price before trading stops.