Changhong convertible bond eyes potential downward price adjustment

Shenzhen Changhong Technology's "Changhong Convertible Bond" (bond code: 123109) is expected to trigger conditions for a downward revision of its conversion price. From November 17 to November 28, 2025, the company's stock has seen 10 trading days where its closing price was below 85% of the current conversion price of 26.72 yuan per share, specifically below 22.71 yuan per share. If triggered, the company's board of directors will convene on the trigger date to deliberate on whether to adjust the conversion price.

The initial conversion price for the Changhong Convertible Bond was 28.26 yuan per share and has undergone several adjustments due to equity distributions and share issuances. The latest adjustment, effective May 29, 2025, brought the conversion price to 26.72 yuan per share after the company implemented its 2024 annual equity distribution.

According to regulations, if the company's stock closing price is below 85% of the current conversion price for at least 15 trading days within any 30-trading-day period, the board of directors has the right to propose a downward revision. If decided, it must be approved by two-thirds of the voting rights held by shareholders at a general meeting, excluding convertible bondholders. The revised conversion price shall not be lower than the higher of the average trading price of the company's stock for the twenty trading days preceding the general meeting or the trading price on the day prior to the meeting.