湖北振华化学股份有限公司“振华转债”赎回及摘牌第四次提示公告深度解读

一、公告要点概述

• 赎回登记日：2026年4月23日
• 赎回价格：100.3134元/张（含当期应计利息）
• 赎回款发放日：2026年4月24日
• 最后交易日：2026年4月20日
• 最后转股日：2026年4月23日
• 摘牌时间：2026年4月24日于上交所摘牌
• 转股价格：8.20元/股
• 特别风险提示：赎回价格远低于二级市场价格，未及时转股或卖出或将遭受重大损失

二、对投资者的重大影响与须知事项

• 公司因股价连续15个交易日高于转股价的130%（即10.66元/股），触发了有条件赎回条款，决定提前赎回全部“振华转债”。
• 持有人可在最后交易日前（4月20日）卖出或在最后转股日前（4月23日）转股，逾期未操作将被强制以100.3134元/张赎回。
• 2026年4月17日收盘时，转债市场价格高达430.649元/张，远高于赎回价，投资者如未及时转股或卖出，将面临极大的投资损失。
• 特别提醒：被质押或被冻结的“振华转债”须在停止交易日前解除，否则无法转股而被强制赎回。
• 本次赎回后，“振华转债”将于2026年4月24日在上海证券交易所摘牌，彻底失去流动性。

三、赎回及转股详细安排

1. 赎回条款及成就情况

按照募集说明书，公司拥有在转股期内若股价达到条件时的赎回权。本次触发条件为2026年3月12日至4月1日，15个交易日收盘价不低于8.20元/股的130%（10.66元/股），公司董事会已决议提前赎回全部未转股可转债。

2. 赎回对象及价格

• 赎回对象为2026年4月23日收市后登记在册的全部“振华转债”持有人。
• 赎回价格=面值100元+当期应计利息0.3134元=100.3134元/张。
• 个人投资者赎回额税后为100.2507元/张，利息部分需代扣20%个人所得税。企业持有者自行纳税，境外机构投资者暂免企所得税和增值税。

3. 赎回流程

1. 赎回登记日次一交易日起，所有登记在册的“振华转债”将被冻结，停止交易和转股。
2. 公司将委托中登上海分公司通过清算系统发放赎回款。
3. 已办理指定交易的投资者可在券商网点领取赎回款，未办理指定交易的，需先办理指定交易后领取。

四、极其重要的投资风险提示

• 最后交易日2026年4月20日，最后转股日2026年4月23日，赎回登记日后将无法再交易或转股。
• 赎回价格远低于二级市场价格，投资者如未及时转股或卖出，可能遭受巨大损失。
• 持有的可转债如质押或冻结，需提前解除，否则只能被低价强制赎回。
• 本次赎回后，“振华转债”将被摘牌，彻底失去流动性和转股可能。

五、与公司基本面及股价相关的敏感事项

• 公司提前赎回可转债表明股价已持续高于转股价130%，反映公司近期资本市场表现强劲。
• 可转债强制赎回将推动部分持有人转股，或带来一定稀释效应，可能对公司股本结构及股价产生影响。
• 本次赎回清理了潜在的债务负担，未来公司财务结构更为稳健。

六、联系方式

证券部联系电话：0714-6406329

七、结论

本公告对于“振华转债”持有人和湖北振华化学股份有限公司的股东均极为重要。投资者务必关注赎回、转股和交易截止时间，及时操作，防止因强制赎回导致重大损失。公司股价表现强劲，赎回行为有利于优化资本结构，但短期内或将带来转股稀释效应，值得关注。

免责声明：本报道仅供参考，不构成任何投资建议。投资者应充分评估相关风险，独立做出投资决策。因依据本信息操作产生的任何损失，本网及作者不承担任何法律责任。

English Version

Deep Analysis: Zhenhua Chemical Convertible Bond Redemption and Delisting Notice No.4

1. Key Highlights

• Redemption Record Date: April 23, 2026
• Redemption Price: CNY 100.3134 per bond (includes accrued interest)
• Redemption Payment Date: April 24, 2026
• Last Trading Day: April 20, 2026
• Last Conversion Day: April 23, 2026
• Delisting Date: April 24, 2026, from SSE
• Conversion Price: CNY 8.20/share
• Critical Risk: Redemption price is much lower than market price; failure to convert or sell on time may result in significant losses

2. Major Impacts and What Investors Must Know

• The company triggered the conditional redemption clause due to its stock price closing above 130% of conversion price (i.e., CNY 10.66/share) for 15 trading days, and has decided to redeem all outstanding convertible bonds early.
• Bondholders must sell or convert before the last trading (April 20) or last conversion day (April 23); otherwise, bonds will be forcibly redeemed at CNY 100.3134 per bond, likely much lower than market value.
• As of April 17, 2026, the bond traded at CNY 430.649 per bond—over four times the redemption price. Missing the deadline may result in substantial loss.
• Special reminder: Pledged or frozen bonds must be released before trading stops, or they cannot be converted and will be forcibly redeemed at a low price.
• After this redemption, “Zhenhua Convertible Bonds” will be delisted from SSE from April 24, 2026, and lose all liquidity.

3. Redemption and Conversion Details

1. Redemption Clause and Trigger

According to the prospectus, the company has the right to redeem the bonds when share price meets the clause. The trigger was reached between March 12 and April 1, 2026, when closing price exceeded 130% of conversion price for 15 days. The board approved early redemption.

2. Redemption Target & Price

• Redemption applies to all bondholders registered after market close on April 23, 2026.
• Redemption price = face value 100 + accrued interest 0.3134 = CNY 100.3134 per bond.
• Individual investors receive CNY 100.2507 per bond after 20% interest income tax deduction; enterprises self-declare tax; qualified foreign institutional investors are temporarily exempt from tax.

3. Redemption Process

1. All registered bonds will be frozen from the trading day after redemption record date, halting trading and conversion.
2. Company will pay redemption through CSDC Shanghai Branch.
3. Investors with designated trading accounts can collect funds at their broker; others need to handle designation first.

4. Significant Risk Warnings

• Last trading and conversion days are April 20 and April 23, 2026, respectively; after that, bonds can no longer be traded or converted.
• Redemption price is much lower than secondary market price. Missing the deadline may result in major loss.
• Pledged or frozen bonds must be released before deadline, otherwise will be forcibly redeemed at low price.
• Bonds will be delisted after redemption, losing all liquidity and conversion rights.

5. Material, Price-Sensitive Points

• Early redemption is triggered by a strong share price, indicating recent market strength.
• Forced redemption may prompt conversion, increasing share capital and potentially diluting EPS, which may impact share price.
• Debt clearance improves balance sheet and future financial stability.

6. Contact Details

Securities Department Phone: 0714-6406329

7. Conclusion

This announcement is extremely important for bondholders and shareholders of Hubei Zhenhua Chemical. Investors must pay attention to redemption, conversion, and trading deadlines and act promptly to avoid forced redemption and major losses. The company’s strong share price and redemption are positive for financial structure but could have a dilution effect on equity in the short term.

Disclaimer: This report is for reference only and does not constitute investment advice. Investors should fully assess risks and make independent decisions. Neither the website nor the author is responsible for any loss arising from actions taken based on this information.

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