Jidong Cement convertible bonds trigger put option, conversion suspended

Tangshan Jidong Cement has announced that its convertible bonds have triggered their conditional put option, effective from December 16, 2025. This was due to the company's stock price closing below 70% of the current conversion price (13.01 yuan per share), specifically 9.11 yuan per share, for thirty consecutive trading days between November 5 and December 16, 2025. This trigger aligns with the bonds' terms as they are in their final two interest-accrual years.

The put option allows bondholders to sell their bonds back to the company at 100.258 yuan per bond, including accrued interest and taxes. The put option declaration period is scheduled from December 22 to December 26, 2025. During this period, the bonds will cease to be convertible into shares, with conversion resuming on December 29, 2025.

The company's funds for the put option will be due on December 31, 2025, with put option payments to investors expected by January 6, 2026. This process is voluntary for bondholders, and those who do not declare during the specified period will be considered to have waived their right to exercise the put option.