Shenghong convertible bond conversion price revision triggered; shares pledged

Jiangsu Eastern Shenghong announced that its "Shenghong Convertible Bonds" are expected to trigger a downward revision of their conversion price. As of December 11, 2025, the company's stock price has traded below 80% of the current conversion price of CNY 13.21 for nine trading days within a 30-day period (specifically, from December 1 to December 11, 2025). This will trigger the conditions for the board of directors to propose a downward revision, which will then be subject to shareholder approval. The revised price must not be lower than the higher of the average stock price over the 20 trading days prior to the shareholders' meeting or the stock price on the day before the meeting, and also not lower than the company's latest audited net asset value per share or the par value of the stock.

Concurrently, Shenghong Petrochemical Group Co., Ltd., an entity acting in concert with Jiangsu Eastern Shenghong's controlling shareholder, announced new share pledges and releases. The group released 36,000,000 shares from pledge between April 25, 2025, and December 10, 2025. On December 10, 2025, Shenghong Petrochemical Group pledged an additional 55,450,000 shares, primarily to provide guarantees for employee shareholding plans. Following these transactions, the cumulative pledged shares by the controlling shareholder and its concerted parties account for 3.27% of the total share capital.