Shanghai Electric cuts conversion price on A share convertible bonds

By Sarah Lizee

Olympia, Wash., Dec. 10 – Shanghai Electric Group Co. Ltd. announced it lowered the conversion price of its A share convertible bonds to RMB 5.19 per share from RMB 10.28 per share.

The adjustment, which will take effect on Dec. 12, is due to closing prices of the convertible bonds for 10 out of any 20 consecutive trading days being lower than 85% of the prevailing share conversion price, which gave the board of directors the right to propose downward adjustments and submit to a shareholders’ general meeting, domestic shares class meeting and foreign shares class meeting for voting.

The Shanghai-based power generation and equipment manufacturing company issued RMB 6 billion of the six-year A share convertibles in January 2015.

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