闻泰科技董事会提议向下修正“闻泰转债”转股价格，重大事项或将影响公司估值
一、事件概述
2026年5月27日，闻泰科技股份有限公司（证券代码：600745，*ST 闻泰）发布公告，董事会已审议通过提议向下修正“闻泰转债”转股价格的议案，并将提请股东大会审议。此次修正为根据既定条款在公司股票出现阶段性低迷后启动，属于影响公司资本结构及投资者权益的重大事项，预计将对公司估值及二级市场表现产生影响。
二、主要内容及修正背景
- 自2026年4月10日至2026年5月26日期间，公司股票在任意连续三十个交易日中已有十五个交易日的收盘价低于当前转股价格（32.66元/股）的85%，触发了“闻泰转债”转股价格的向下修正条款。
- 本次董事会提议向下修正“闻泰转债”的转股价格。这一议案尚需提交公司股东大会审议，并且需出席会议的股东所持表决权的三分之二以上通过。
- 在股东大会表决时，持有“闻泰转债”的股东需回避表决。
三、转债发行与历史转股价格调整回顾
“闻泰转债”于2021年7月28日公开发行，发行规模为8,600万张（总额86亿元），期限6年，票面利率逐年递增。转股价格自初始96.67元/股起，因多次公司股权激励、权益分派及市场表现影响，历史上已多次调整：
- 2022年1月19日调整为96.69元/股
- 2022年8月25日调整为96.49元/股
- 2023年2月17日调整为96.61元/股
- 2024年8月5日调整为96.49元/股
- 2024年11月12日首次大幅向下修正至43.60元/股
- 2026年4月10日再次下修至32.66元/股
本次提议是依据市场表现再次触发向下修正机制。
四、转股价格修正条款详解
根据《募集说明书》，公司有权在可转债存续期间，若股价低于转股价85%的情况持续发生，可提请向下修正转股价。修正后的转股价不得低于股东大会召开日前20个交易日股票均价及前一交易日均价中的较高者。修正方案需经三分之二以上非转债持有股东通过。
董事会本次还提请股东会授权，允许董事会全权办理本次向下修正相关事宜，包括但不限于修正价格的最终确定和生效日期等。
五、对投资者和股东的影响及风险提示
- 转股价下修将显著提升可转债的吸引力，或促使更多债权人选择转股，可能增加公司股本稀释风险。
- 如大量转债转股，短期内公司股价可能承压，但资产负债结构改善，长期有助于增强资本实力。
- 本议案尚需股东大会通过，具有一定不确定性，且相关转债持有人需回避表决。
- 若二级市场股价反弹至高于现有转股价，修正方案则不予实施。
公司提醒投资者密切关注后续公告，注意投资风险。
六、结论
此次“闻泰转债”转股价格的再次下修，为公司应对股价低迷及维护投资者权益的重要举措，对公司估值和股票流动性有直接影响，属于高度敏感、潜在影响公司资本结构的重大事项。建议投资者密切关注股东大会进展及后续公告，及时评估自身投资风险。
免责声明： 本文基于公司公告整理，仅供投资者参考，不构成任何具体投资建议。投资者应结合自身实际情况及风险承受能力，审慎决策。
English Version
WenTai Technology Board Proposes Downward Revision of Convertible Bond Conversion Price: Major Event May Impact Valuation
1. Event Overview
On May 27, 2026, WenTai Technology Co., Ltd. (stock code: 600745, *ST WenTai) announced that its board of directors has approved a proposal to reduce the conversion price of the “WenTai Convertible Bond” and will submit this to the shareholders’ meeting for review. The proposal is triggered in accordance with bond terms after a period of stock price weakness, and this is a major matter that could affect the company’s capital structure and investor interests, with potential impact on company valuation and secondary market performance.
2. Key Details & Background
- From April 10, 2026, to May 26, 2026, WenTai’s stock closed below 85% of the current conversion price (32.66 RMB/share) on at least 15 out of any 30 consecutive trading days, triggering the downward revision clause for the convertible bond conversion price.
- The board has proposed to lower the conversion price, subject to approval by the shareholders’ meeting, with a two-thirds majority of attending shareholders needed for passage.
- Shareholders holding the convertible bonds must abstain from voting on this proposal.
3. Convertible Bond Issuance and Past Conversion Price Adjustments
“WenTai Convertible Bond” was issued on July 28, 2021, with a total of 86 million bonds (8.6 billion RMB), a 6-year term, and step-up coupon rates. The conversion price started at 96.67 RMB/share and has been adjusted multiple times due to equity incentive exercises, dividend distributions, and market conditions:
- Jan 19, 2022: adjusted to 96.69 RMB/share
- Aug 25, 2022: adjusted to 96.49 RMB/share
- Feb 17, 2023: adjusted to 96.61 RMB/share
- Aug 5, 2024: adjusted to 96.49 RMB/share
- Nov 12, 2024: major downward revision to 43.60 RMB/share
- Apr 10, 2026: further downward revision to 32.66 RMB/share
The current proposal is another adjustment triggered by continued weak stock performance.
4. Conversion Price Revision Clause Explained
According to the prospectus, if the company’s share price falls below 85% of the conversion price for the required period, the board can propose a downward revision. The new conversion price cannot be lower than the higher of the average price for the 20 trading days before the shareholders’ meeting or the price on the trading day before the meeting. The proposal requires a two-thirds majority of non-convertible-bond holding shareholders at the meeting.
The board also seeks authorization from the meeting to finalize and execute all related matters for the revision, including the effective date and other necessary procedures.
5. Impact and Risk Reminder for Investors and Shareholders
- A lower conversion price increases the attractiveness of the bond, possibly prompting more holders to convert, which could lead to equity dilution.
- If many bonds are converted, short-term share price pressure may occur, but the balance sheet could improve, strengthening the company’s capital base in the long term.
- The proposal is subject to uncertainties pending shareholder approval and requires convertible bond holders to abstain from voting.
- If the market share price rebounds above the current conversion price, the revision will not proceed.
Investors are advised to closely monitor subsequent disclosures and be mindful of the risks.
6. Conclusion
This move to further lower the conversion price is a significant response to stock underperformance and aims to protect investor interests. It directly impacts company valuation and stock liquidity, making it a highly sensitive matter with potential to reshape the capital structure. Investors should follow the progress of the shareholders’ meeting and assess their own risk exposure.
Disclaimer: This article is compiled from company disclosures and is for reference only. It does not constitute specific investment advice. Investors should make decisions cautiously in view of their individual circumstances and risk tolerance.
