Bengang Steel proposes cut to convertible bond conversion price

Bengang Steel Plates Co., Ltd. announced a proposal to downwardly revise the conversion price of its convertible bonds. This action follows the company's A-share stock price trading below 85% of the current conversion price for at least ten out of twenty consecutive trading days between November 25, 2025, and December 9, 2025, triggering a corrective clause.

The board of directors approved the proposal on December 9, 2025, and it now awaits approval from shareholders. The initial conversion price of 5.03 per share was adjusted multiple times, with the latest adjustment on June 16, 2022, setting it at 3.95 per share, which remains the price as of this announcement.

The revised conversion price, if approved, will be no less than the higher of the average trading price of the company's stock for the twenty trading days and the trading day immediately preceding the shareholders' meeting, nor less than the audited net asset value per share and the stock par value. The company issued 6.80 billion in convertible bonds on June 29, 2020.