保利发展2026年可转债付息公告详解
公告核心要点
- 付息债权登记日：2026年5月14日
- 除息日：2026年5月15日
- 付息日：2026年5月15日
- 本次付息为“保利定转”第一年付息，计息期间为2025年5月15日至2026年5月14日。
- 票面利率：第一年为2.20%，每张面值100元人民币可转债兑息金额为2.20元人民币（含税）
- 税务处理：个人投资者需缴纳20%利息所得税，税后实际派发1.76元/张；企业投资者自行缴纳所得税；合格境外机构投资者2026-2027年免征企业所得税与增值税。
- 转股期：2025年11月21日至2031年5月15日，初始转股价16.09元/股，最新转股价15.92元/股。
- 兑付与托管机构：中国证券登记结算有限责任公司上海分公司负责兑付工作。
详情解读：投资者须关注的重要信息
1. 可转债发行与基本条款
保利发展控股集团股份有限公司于2025年5月15日向特定对象发行了8,500万张可转换公司债券（简称“保利定转”，代码110817），每张面值100元，募集资金总额达850,000万元，期限6年。可转债自2025年6月19日在上海证券交易所挂牌交易，自2025年11月21日起可转换为公司股份，转股期持续至2031年5月15日。利率逐年递增，首年2.20%，之后逐年增加0.05%至第六年2.45%。本次公告涉及的是首年付息事项。
2. 付息方案与流程
- 采用每年付息一次的方式，到期归还本金并支付最后一年利息。
- 年利息计算方式为：年利息 = 持有面值总额 × 当年票面利率。
- 2026年5月14日为付息债权登记日，登记在册的持有人有权获得本次利息。
- 2026年5月15日为付息日，公司将在5个交易日内完成兑息。
- 付息债权登记日前已转股的投资者，不再享有本计息年度及以后年度利息。
3. 税务处理与实际收益
- 个人投资者（含基金）利息需按20%税率代扣代缴，税后每张实际派发1.76元。
- 居民企业需自行申报缴纳利息所得税，实发金额为2.20元/张（含税）。
- 合格境外机构投资者（QFII、RQFII等）2026-2027年期间可免征企业所得税和增值税，实发金额同样为2.20元/张。
4. 兑付流程与投资者操作
- 保利发展委托中国证券登记结算有限责任公司上海分公司办理兑付。
- 公司将在付息日前2个交易日内足额划付利息至托管机构。
- 若公司未按时足额划款，兑付责任将由公司自行承担。
- 投资者应关注券商或托管机构相关通知，及时领取利息。
对股东及市场的潜在影响
本次付息公告明确了2026年可转债的兑付安排及税务处理要求，对于投资者而言具有明确的现金流收益预期。转股价格的公布与调整（最新转股价15.92元/股，低于初始转股价）可能影响投资者转股意愿，进而影响公司股本结构与市场筹码分布。若大量可转债转股，可能对二级市场股价造成一定压力。此外，公告中明确公司如未能按时足额兑付利息的后果，对于关注公司偿债能力及现金流的投资者具有重要参考意义。
对于持有可转债的个人与机构投资者，请密切关注登记日与付息日的操作时点，合理安排转股与持有决策。境外机构投资者享受的税收优惠政策亦值得关注，或吸引更多国际资本参与。
相关机构及联系方式
- 发行人：保利发展控股集团股份有限公司，联系人：旷煜，电话：020-89898833
- 保荐机构及主承销商：中国国际金融股份有限公司，联系人：周意祥、戎静，电话：010-65051166
- 托管人：中国证券登记结算有限责任公司上海分公司，电话：4008058058
结语
本次公告对“保利定转”可转债持有人的付息安排、税务处理与转股机制进行了详尽说明，建议投资者根据自身税务状况与投资策略，合理安排持债及转股操作，关注公司后续公告及市场变化。
免责声明
本文仅供参考，不构成任何投资建议。投资者应结合自身实际情况，独立判断投资风险。本文所述信息来自公司公告，若有疑问请以公司正式公告为准。
English Version
Poly Developments 2026 Convertible Bond Interest Payment Announcement Explained
Key Highlights
- Interest Registration Date: May 14, 2026
- Ex-Interest Date: May 15, 2026
- Interest Payment Date: May 15, 2026
- This is the first interest payment for “Poly Convertible Bond”, covering May 15, 2025 to May 14, 2026.
- Coupon Rate: 2.20% for the first year, each bond (par RMB 100) pays RMB 2.20 (gross)
- Taxation: Individual investors pay 20% interest income tax (net RMB 1.76 per bond); corporate investors pay their own tax; qualified foreign institutions are exempt from income and VAT in 2026-2027.
- Conversion Period: Nov 21, 2025 to May 15, 2031, initial conversion price RMB 16.09/share, latest RMB 15.92/share.
- Payment & Custodian: China Securities Depository and Clearing Shanghai Branch is responsible for payment.
Detailed Analysis: Key Points Investors Should Note
1. Convertible Bond Issuance & Key Terms
Poly Developments issued 85 million convertible bonds (code: 110817) on May 15, 2025, each with a face value of RMB 100, totaling RMB 8.5 billion, with a 6-year term. The bonds began trading on Shanghai Stock Exchange from June 19, 2025, and can be converted into company shares from November 21, 2025, to May 15, 2031. The coupon rate starts at 2.20% and steps up 0.05% each year to 2.45% in the sixth year. This announcement concerns the first year’s interest payment.
2. Interest Payment Plan & Process
- Annual interest payment, with principal repaid and final interest at maturity.
- Annual interest formula: Interest = Face Value Held × Annual Coupon Rate.
- May 14, 2026 is the interest registration date; only registered holders are entitled to the interest.
- May 15, 2026 is the interest payment date; the company will complete payment within 5 trading days.
- Holders who convert before or on the registration date forfeit the interest for that year and future years.
3. Tax Treatment & Actual Returns
- Individuals (including funds) pay 20% tax, netting RMB 1.76 per bond.
- Domestic companies self-report and pay tax, netting RMB 2.20 per bond (gross).
- Qualified foreign institutional investors (QFII, RQFII, etc.), for 2026-2027, are exempt from income and VAT, also netting RMB 2.20 per bond.
4. Payment Process & Investor Actions
- Poly Developments entrusts China Securities Depository and Clearing Shanghai Branch for payment.
- The company must transfer interest funds two trading days before payment date.
- If the company fails to do so, it bears all responsibility for payment.
- Investors should check with their brokers or custodians to collect interest in time.
Potential Impact on Shareholders & Market
This interest payment announcement clarifies the cash flow schedule and tax treatment for bondholders, offering certainty on expected returns. The conversion price adjustment (now RMB 15.92/share, down from RMB 16.09) may influence investor conversion interest, potentially affecting share capital structure and market supply. Significant conversion may add pressure to Poly’s stock price. The notice also stresses the consequences if the company fails to pay interest on time, an important signal for those monitoring Poly’s cash flow and solvency.
Bondholders should pay close attention to the dates and decide on conversion versus holding strategy accordingly. The tax exemption for qualified foreign investors may attract more international capital.
Key Contacts
- Issuer: Poly Developments, Contact: Kuang Yu, Tel: 020-89898833
- Sponsor & Lead Underwriter: CICC, Contacts: Zhou Yixiang, Rong Jing, Tel: 010-65051166
- Custodian: CSDC Shanghai, Tel: 4008058058
Conclusion
This announcement provides detailed instructions for Poly Convertible Bond holders regarding payment, taxation, and conversion. Investors are advised to plan accordingly and monitor further company disclosures and market movements.
Disclaimer
This article is for reference only and does not constitute investment advice. Investors should make independent judgments based on their own circumstances. For any questions, refer to Poly’s official disclosures.
