Honglu convertible bond: Put option window opens

Anhui Honglu Steel Construction Group has issued its fifth reminder regarding the put option for its "Honglu Convertible Bonds." The put option was triggered because the company's stock price traded below 70% of the current conversion price (CNY 32.08 per share) for 30 consecutive trading days between October 9, 2025, and November 19, 2025, during the final two interest-accruing years of the bond.

The put option allows bondholders to sell their bonds back to the company at a price of CNY 100.312 per bond (including interest and tax). The put option declaration period is scheduled from December 5, 2025, to December 11, 2025. Individual and investment fund bondholders will receive CNY 100.249 per bond after a 20% interest income tax deduction, while qualified foreign investors and other bondholders are exempt from this deduction.

The company's funds for the buyback are expected to be available on December 16, 2025, with the transfer of funds occurring on December 17, 2025. Investors should receive their funds by December 18, 2025. Bonds subject to judicial freezing or deduction will not be eligible for the put option. During the put option period, the convertible bonds will continue to trade but will not be convertible into shares.