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Hengyi Petrochemical to Exercise Early Redemption of Convertible Bonds

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Hengyi Petrochemical (SHE:000703) will exercise the early redemption right on its convertible bonds carrying a coupon rate of 1.8% after its stock price triggered the conditional redemption clause.

From July 28 to Aug. 17, the company's shares closed at or above 130% of the conversion price of 13.416 yuan per share for 15 trading days.

The redemption price is set at 100.25 yuan per bond. Trading will cease on Sept. 4, with full redemption on Sept. 9 and delisting thereafter.

Shares of the chemical fiber manufacturer rose 2% in recent trade.

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