神马股份预计触发“神马转债”转股价格向下修正条件，投资者需高度关注
【一、公告要点概述】
6月8日，神马实业股份有限公司（600810，简称“神马股份”）发布提示性公告，称公司预计将触发“神马转债”（转债代码：110093）的转股价格向下修正条件。
根据公告，2026年5月26日至2026年6月8日期间，神马股份股票已有10个交易日收盘价低于当期转股价格（8.08元/股）的80%（即6.46元/股），如后续20个交易日内再有5个交易日收盘价低于6.46元/股，将正式触发转股价格修正机制。公司将根据相关规定召开董事会审议是否调整转股价格，并及时履行信息披露义务。
【二、神马转债发行及转股价格调整历程】
- “神马转债”于2023年3月16日发行，发行总额30亿元，债券期限6年，票面利率逐年递增（首年0.2%，第六年2.0%）。
- 2023年4月20日上市，初始转股价格为8.38元/股。
- 历经多次权益分派及回购注销后，转股价格经历多次调整，至2026年4月16日已调整为8.08元/股。
- 转股期自2023年9月22日至2029年3月15日。
【三、转股价格向下修正条款详解】
- 若公司股票在任意连续30个交易日中有至少15个交易日收盘价低于当期转股价格80%，公司董事会有权提出转股价格向下修正方案，并提交股东大会表决（需2/3以上通过，且可转债持有人需回避）。
- 修正后的转股价格不得低于股东大会召开日前20个交易日公司股票均价与前一交易日均价的较高者，且不得低于最近一期经审计的每股净资产和股票面值。
- 公司需在法定信息披露媒体上公告相关事项并按流程修正转股价格。
【四、对广大股东和投资者的重要提示】
- 本次转股价格修正事项极具价格敏感性。下修转股价格后，理论上将提升可转债的吸引力，可能带来更多转股行为，稀释现有股本，对公司股价构成一定压力。
- 但若公司最终决定不下修转股价格，可能对可转债投资者产生影响，投资者需密切关注公司公告及后续决策。
- 如果股价持续低于转股价格80%，且最终触发下修，或将对二级市场价格形成影响，建议投资者注意投资风险，并关注公司后续公告。
【五、后续流程与投资者需关注事项】
- 转股价格修正条件一旦触发，公司将在触发当日召开董事会，决定是否进行转股价格下修，并在次一交易日前披露相关公告。
- 如决定下修，将及时履行信息披露义务，并按规定暂停转股操作，待修正价格生效后恢复。
- 投资者应高度重视相关公告，及时调整投资决策。
免责声明
本文仅为信息披露解读，不构成任何投资建议。股市有风险，投资需谨慎。投资者需结合自身实际，谨慎决策。
English Version
Shenma Shares May Trigger Downward Revision of “Shenma Convertible Bond” Conversion Price — Investors Should Pay Close Attention
1. Key Announcement Highlights
On June 8th, Shenma Industrial Co., Ltd. (600810, “Shenma Shares”) issued a reminder announcement that it expects to trigger the downward revision clause for the conversion price of its “Shenma Convertible Bond” (bond code: 110093).
From May 26 to June 8, 2026, the company’s stock closed below 80% of the current conversion price (8.08 yuan/share), i.e. below 6.46 yuan/share, for 10 trading days. If in the next 20 trading days, there are 5 more trading days with closing prices below 6.46 yuan/share, the downward revision mechanism will be officially triggered. The company will then convene a board meeting to decide whether to adjust the conversion price and promptly fulfill information disclosure obligations.
2. Shenma Convertible Bond Issue and Conversion Price History
- Issued on March 16, 2023, with a total size of 3 billion yuan and a 6-year term. Coupon rates increase progressively from 0.2% (first year) to 2.0% (sixth year).
- Listed on April 20, 2023, with an initial conversion price of 8.38 yuan/share.
- Due to several dividend distributions and share repurchases/cancellations, the conversion price was adjusted multiple times and stands at 8.08 yuan/share as of April 16, 2026.
- The conversion period runs from September 22, 2023, to March 15, 2029.
3. Details of Conversion Price Downward Revision Clause
- If, in any 30 consecutive trading days, the company’s stock closes below 80% of the current conversion price for at least 15 days, the board may propose a downward revision of the conversion price, subject to a shareholder vote (2/3 majority required; convertible bondholders must abstain).
- The revised conversion price cannot be lower than the higher of: the company’s 20-day average closing price before the shareholders’ meeting or the closing price of the day prior to the meeting, and it must not be lower than the latest audited net asset value per share and par value.
- The company is required to publicly disclose all relevant matters and follow the prescribed procedures for conversion price adjustments.
4. Important Reminders for Shareholders and Investors
- This potential conversion price adjustment is highly price-sensitive. A downward revision could increase the attractiveness of the convertible bond, leading to more conversions, diluting existing equity and potentially putting pressure on the share price.
- If the company chooses not to revise the conversion price, this could affect convertible bondholders. Investors should closely monitor company announcements and subsequent decisions.
- If the share price continues to stay below 80% of the conversion price and the trigger condition is met, the secondary market could be impacted. Investors should be vigilant and pay attention to follow-up disclosures.
5. Next Steps and Matters for Investors’ Attention
- Once the trigger condition is met, the company will hold a board meeting on the day of the trigger to decide whether to revise the conversion price and announce the result before the next trading session.
- If adjusted, the company will suspend conversion operations as needed and resume after the new price takes effect.
- Investors should pay close attention to related announcements and adjust their investment strategies accordingly.
Disclaimer
This article is for information purposes only and does not constitute investment advice. The stock market involves risks—invest cautiously and make decisions based on your own circumstances.
