Lizhong convertible bond delisting imminent, mandatory redemption triggered

Lizhong Convertible Bonds will cease trading on December 11, 2025, with December 16, 2025, being the last day for conversion to shares. Unconverted bonds will be mandatorily redeemed at a price of CNY 100.39 per bond, including accrued interest. Investors are advised to convert their bonds by the deadline to avoid potential investment losses, as the secondary market price currently differs significantly from the redemption price.

The company's stock price met the conditional redemption trigger between September 29, 2025, and November 17, 2025. Its closing price was at least 130% of the current conversion price for at least fifteen trading days within any thirty consecutive trading days. The conversion price was last adjusted to CNY 18.65 per share, effective November 14, 2025.

Additionally, due to the implementation of the 2022 Restricted Stock Incentive Plan and ongoing bond conversions, the controlling shareholder and its concerted parties' direct shareholding ratio passively decreased from 63.82% to 62.95% between December 1, 2025, and December 9, 2025, reaching an integral multiple of 1%. The final redemption payment for unconverted bonds is scheduled for December 24, 2025.