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Jinko Solar Proposes Downward Revision of Bond Conversion Price

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Jinko Solar (SHA:688223) proposed the reduction of the conversion price of its Jinko convertible bond after the stock price triggered the downward revision clause.

From July 29 to Aug. 18, the company's shares closed below 85% of the current conversion price for 15 out of 30 trading days.

The revised price must be at least the 20-day average or the previous day's closing price, whichever is higher. If those exceed the current 6.35-yuan-per-share conversion price, no adjustment will occur.

The move is subject to shareholder approval.

Shares of the solar panel maker were down 4% Wednesday.

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