Bengang Steel Plates revises convertible bond price downward

Bengang Steel Plates announced a downward revision of its "Bengang Convertible Bonds" (127018) conversion price from 3.95 yuan to 3.29 yuan per share, effective December 26, 2025. This adjustment was triggered by the company's A-share stock closing price falling below 85% of the current conversion price for at least ten trading days within a continuous twenty-trading-day period.

The decision was approved at the Tenth Board of Directors' Seventh Meeting on December 25, 2025, and subsequently passed by the 2025 Second Extraordinary General Meeting of Shareholders. The revised price is not lower than the higher of the average trading price of the company's A-share stock for the twenty trading days preceding the General Meeting (3.28 yuan) and the trading price on the preceding trading day (3.29 yuan).

In related news, the company also projected 2026 daily related-party transactions with Angang Group Co., Ltd. and its subsidiaries to total 4,124,608.07 yuan, representing 347% of the company's audited net assets for the most recent year.