Bengang Steel Plates bond conversion price faces potential downward revision

Bengang Steel Plates Co., Ltd. announced a potential downward revision of its "Bengang Convertible Bond" (bond code: 127018) conversion price. The company’s A-share stock saw its closing price fall below 85% of the current conversion price (3.95 yuan per share) for five trading days within a continuous 20-trading-day period, from November 25 to December 1, 2025. This situation is likely to trigger the conversion price adjustment clause as per the bond's prospectus.

The convertible bond, issued on June 29, 2020, with a total value of 6.80 bn yuan, has an initial conversion price of 5.03 yuan per share, which has been adjusted to 3.95 yuan per share due to previous equity distribution plans. If the trigger condition is met, the company's board of directors is authorized to propose a downward revision to the conversion price, which would then require approval from the shareholders. The revised price must not be lower than the higher of the average trading price of the company's shares for the 20 trading days prior to the shareholders' meeting and the trading day immediately preceding it, nor below the net asset value per share from the latest audited period.

Bengang Steel Plates will promptly follow the Shenzhen Stock Exchange’s regulations and its prospectus commitments for subsequent review procedures and information disclosure. The company will issue a prompt announcement on whether it intends to revise the conversion price on the next trading day after the trigger. If no revision is made, the next trigger period will restart from the subsequent trading day.