江山欧派门业股份有限公司发布“江山转债”预计满足转股价格修正条件的提示性公告
主要内容梳理
- 当前转股价格：19.84元/股
- 转股时间：2021年12月20日至2027年6月10日
- 触发转股价格修正条件的风险提示：自2026年5月11日起至2026年5月15日收盘，公司股票已连续五个交易日收盘价低于当期转股价的90%（即17.86元/股）。如未来连续十五个交易日内有五个交易日仍低于19.84元/股的90%，将可能触发“江山转债”的转股价格修正条款。
详细情况解读
江山欧派门业股份有限公司于2021年6月11日公开发行了583万张可转换公司债券，总额为5.83亿元，期限为6年。转债票面利率递增，最高达第六年3.00%。2021年7月1日，“江山转债”在上海证券交易所挂牌交易。
该转债自2021年12月20日起可转换为公司股份，转股价格经历多次调整，最初为97.55元/股，因公司实施权益分派及股东大会修正，已多次下调：
- 2021年9月17日调整为96.33元/股
- 2022年7月6日调整为73.53元/股
- 2023年6月21日调整为55.04元/股
- 2024年6月19日调整为53.27元/股
- 2024年11月11日股东大会向下修正为20.03元/股
- 2025年6月13日调整为19.84元/股
转股价格修正条款：若公司股票在连续20个交易日中有10个交易日收盘价低于转股价格的90%，公司董事会有权提出向下修正转股价格的议案，并提交股东大会表决。修正后的价格不得低于公司股东大会召开日前20个交易日均价和前一交易日均价的较高者，同时不得低于最近一期经审计的每股净资产值和股票面值。
预计触发修正情况：截至2026年5月15日，公司股票已连续五个交易日收盘价低于19.84元/股的90%。若接下来十五个交易日内再出现五个交易日低于该价格，将触发修正条款，公司有可能再次向下修正转股价格。
对投资者的影响及重要提示
- 价格敏感信息：转股价格修正将影响可转债转换为股票的成本，对公司股票及“江山转债”价格有直接影响。转股价格向下修正可能会导致股价短期波动，特别是可转债投资者关注的转股套利机会。
- 公司后续操作：公司将根据募集说明书和相关法规，在触发转股价格修正条件后决定是否修正转股价格，并及时公告。
- 投资风险：投资者需关注公司后续公告，并注意相关投资风险。
总结
此次公告披露公司股票存在触发转股价格修正条款的风险，若后续实际触发，公司董事会和股东大会将可能进一步下调“江山转债”的转股价格。此举对于持有可转债及公司股票的投资者来说极具价格敏感性，有可能影响公司股票和转债的市场表现。
免责声明：本文内容仅供参考，不构成投资建议。投资者须自行承担投资风险，并请关注公司后续公告。
Jiangshan Oupai Door Industry Co., Ltd. Announces Potential Trigger of Convertible Bond Price Adjustment Clause for “Jiangshan Convertible Bond”
Key Highlights
- Current Conversion Price: RMB 19.84/share
- Conversion Period: December 20, 2021 to June 10, 2027
- Risk Warning: From May 11, 2026 to the close on May 15, 2026, the company’s stock has closed below 90% of the conversion price (i.e., RMB 17.86/share) for five consecutive trading days. If in the next fifteen consecutive trading days, there are five days where the closing price remains below 90% of RMB 19.84/share, the conversion price adjustment clause for “Jiangshan Convertible Bond” may be triggered.
Detailed Analysis
Jiangshan Oupai Door Industry Co., Ltd. issued 5.83 million convertible bonds in June 2021, totaling RMB 583 million with a 6-year maturity. The bond coupon rate increases annually, peaking at 3.00% in the sixth year. “Jiangshan Convertible Bond” began trading on the Shanghai Stock Exchange on July 1, 2021.
The bond became convertible into company shares from December 20, 2021. The conversion price has been adjusted multiple times due to dividend distributions and shareholder meetings, from the initial RMB 97.55/share down to RMB 19.84/share through several steps:
- September 17, 2021: RMB 96.33/share
- July 6, 2022: RMB 73.53/share
- June 21, 2023: RMB 55.04/share
- June 19, 2024: RMB 53.27/share
- November 11, 2024: Lowered to RMB 20.03/share after shareholder meeting
- June 13, 2025: Adjusted to RMB 19.84/share
Conversion Price Adjustment Clause: If the company’s stock closes below 90% of the conversion price for at least ten out of any twenty consecutive trading days, the board may propose a downward adjustment to the conversion price, subject to shareholder approval. The revised price cannot be lower than the higher of the average stock price over the preceding 20 trading days or the previous trading day, and must not be below the latest audited net asset per share or par value.
Potential Trigger: As of May 15, 2026, the triggering conditions have partially occurred. If five more days in the next fifteen trading days remain below the threshold, the clause will be triggered, and the conversion price could be reduced further.
Investor Impact & Key Sensitive Information
- Price-sensitive Information: Any adjustment to the conversion price directly impacts both the stock and convertible bond pricing, and may create opportunities or risks for arbitrage. A downward revision may cause short-term volatility in stock and bond prices.
- Company Actions: The company will follow the prospectus and relevant regulations, deciding whether to adjust the conversion price upon triggering, and will promptly disclose information.
- Investment Risks: Investors are urged to monitor subsequent announcements and be mindful of related risks.
Summary
This announcement highlights the risk that the company’s stock might trigger the convertible bond price adjustment clause. If triggered, the board and shareholders may approve a further reduction in the conversion price for “Jiangshan Convertible Bond.” This is highly price-sensitive and could affect both bond and share prices, making it critical for investors to follow developments closely.
Disclaimer: This article is for information only and does not constitute investment advice. Investors must bear their own risks and should pay attention to subsequent company announcements.
