长城汽车发布“长汽转债”可选择回售的第二次提示公告
重要内容与投资者须知
长城汽车股份有限公司于2026年7月26日发布了关于“长汽转债”可选择回售的第二次提示性公告。此次公告对可转债持有人、潜在投资者以及股东均具重要意义，以下为公告的主要内容、对股东和市场的潜在影响详细解读：
一、公告要点
- 回售价格：每张100.27元人民币（含当期利息，含税）。
- 回售期：2026年7月30日至2026年8月5日。
- 回售资金发放日：2026年8月10日。
- 回售期间“长汽转债”停止转股。
- 本次回售不具有强制性，持有人可自主决定是否申报回售。
- 风险提示：截至公告日，“长汽转债”收盘价高于回售价格，投资者如选择回售，可能面临损失。
- 未在回售期内申报回售者，本计息年度（2026年6月10日至2027年6月9日）将无法再次行使回售权。
二、回售条款及细则深度解析
- 触发条件：公司A股股票自2026年6月10日至2026年7月22日，连续30个交易日收盘价低于可转债当期转股价的70%，据可转债募集说明书条款，回售权生效。
- 计息及回售价格计算公式：
- 第六年票面利率2.0%，计息天数为50天（2026年6月10日至2026年7月29日），每张应计利息为0.27元（含税）。
- 回售价格=100元面值+0.27元利息=100.27元/张。
- 回售申报流程：
- 申报代码：113049，简称“长汽转债”。
- 持有人可在回售期内通过上交所交易系统申报回售，方向为“卖出”。
- 申报后不可撤销，未申报成功可次日再次申报（限申报期内）。
- 回售款项支付：公司将在2026年8月10日通过中国证券登记结算上海分公司发放回售资金。
- 回售期间交易与转股：
- 回售期间“长汽转债”继续交易，但停止转股。
- 若投资者在同一交易日同时卖出和回售，系统优先处理卖出指令。
- 如回售后流通面值低于3000万元，回售期结束后公司将公告，三日后“长汽转债”停止交易。
三、对股东及投资者的潜在影响
- 回售权生效及其价格敏感性：由于公司股价持续低于转股价70%，回售权被触发。这反映出公司股价低迷，或暗示市场对公司基本面信心不足。若大规模回售发生，公司需回购大量可转债，可能对现金流产生压力，对短期股价构成负面影响。
- 投资者风险提示：当前“长汽转债”市场价格高于回售价，选择回售可能造成资金损失。此信息具备高度价格敏感性，或引发市场波动。
- 转股受限与流动性风险：回售期间转债停止转股，影响投资者流动性管理；若回售后流通规模骤降，转债将面临提前终止交易风险。
- 对公司资金影响：大规模回售可能导致公司需支付较大金额现金回购转债，对公司短期财务状况构成考验，股东需密切关注公司后续公告及资金安排。
四、联系方式
有关本次回售具体操作及疑问，可联系公司证券投资部，电话：0312-2197812。
五、总结
此次“长汽转债”回售权的触发及相关安排，对公司债务结构、现金流以及股东信心均有影响。持有人及股东应认真评估自身投资策略与风险承受能力，密切跟踪公司及市场动态。
免责声明：本文基于上市公司公告内容整理，仅供投资者参考，不构成投资建议。投资有风险，决策需谨慎。
Great Wall Motor Issues Second Reminder on Optional Redemption of “Great Wall Convertible Bonds”
Key Points and Investor Guidance
Great Wall Motor Company Limited released its second reminder announcement on the optional redemption of “Great Wall Convertible Bonds” (Changqi Convertible Bond) on July 26, 2026. The announcement contains crucial information for bondholders, potential investors, and shareholders. Below is a detailed summary and analysis of the announcement and its potential impact on shareholders and the market:
1. Key Highlights
- Redemption Price: RMB 100.27 per bond (including accrued interest and tax).
- Redemption Period: July 30, 2026 – August 5, 2026.
- Redemption Payment Date: August 10, 2026.
- Convertible bonds will stop conversion during the redemption period.
- This redemption is not mandatory; bondholders may choose whether to participate.
- Risk Alert: As of the announcement, the market price of the convertible bond is higher than the redemption price, so redeeming may result in a loss.
- Bondholders who do not declare redemption within the period cannot exercise the redemption right again in that interest year (June 10, 2026 – June 9, 2027).
2. Detailed Terms and Analysis
- Trigger Condition: From June 10, 2026 to July 22, 2026, Great Wall’s A-share stock closed below 70% of the current conversion price for 30 consecutive trading days, thus activating the redemption clause as per the prospectus.
- Interest and Redemption Price Calculation:
- 6th year coupon rate is 2.0%; interest accrual is 50 days (June 10, 2026 to July 29, 2026); interest per bond is RMB 0.27 (tax included).
- Redemption price = RMB 100 (par value) + RMB 0.27 (interest) = RMB 100.27 per bond.
- Redemption Procedure:
- Redemption code: 113049; abbreviation: “Changqi Convertible Bond”.
- Bondholders must submit their redemption via the Shanghai Stock Exchange trading system as a “sell” order within the period.
- Orders are irrevocable. If unsuccessful on the day, one may resubmit on the next day (within the period).
- Redemption Payment: The Company will pay redemption funds on August 10, 2026, via China Securities Depository and Clearing Corporation (Shanghai Branch).
- Trading and Conversion During Redemption:
- The bond will continue to trade but cannot be converted during the redemption period.
- If both a sell and redemption order are placed on the same day, the system prioritizes the sell order.
- If outstanding bonds fall below RMB 30 million after redemption, trading will cease three days after the Company’s announcement at the end of the period.
3. Potential Impact on Shareholders and Investors
- Redemption Right Triggered & Price Sensitivity: The persistent underperformance of the share price (below 70% of conversion price) signals weak investor confidence and triggers the redemption right. Large-scale redemptions may require the company to repurchase substantial bonds, pressuring cash flow and possibly negatively affecting share price.
- Investor Risk Warning: As the convertible bond’s market price is above the redemption price, redemption may cause capital loss. This is highly price-sensitive information.
- Conversion Limited & Liquidity Risk: Conversion is suspended during redemption, reducing liquidity for investors. If outstanding bonds fall sharply, early termination of bond trading is possible.
- Cash Flow Impact: A large redemption volume will require significant cash outlay from the company, testing its financial stability. Shareholders should closely monitor subsequent company disclosures.
4. Contact Information
For questions regarding this redemption, please contact the company’s Securities Investment Department: 0312-2197812.
5. Conclusion
The activation of the redemption right for “Changqi Convertible Bond” and its arrangements will impact the company’s debt structure, cash flow, and shareholder confidence. Holders and shareholders are advised to carefully assess their strategies and risk tolerance, and closely follow company and market updates.
Disclaimer: This article is based on official announcements and is for reference only. It does not constitute investment advice. Investing involves risk. Please make decisions cautiously.
