China Hongqiao cuts conversion price for 5.25% convertible bonds

By William Gullotti

Buffalo, N.Y., May 31 – China Hongqiao Group Ltd. adjusted the conversion price of its $300 million 5.25% convertible bonds due 2026, according to a notice on Wednesday.

The adjustment is due to a final dividend payment for 2022, totaling HK$0.10 per share.

The conversion price is being lowered to HK$7.17 from HK$7.24, effective Thursday.

Following the June 1 effective date, the number of shares issuable upon full conversion will increase by 4,043,793, for a maximum 325,300,699 shares issuable upon full conversion.

The company is an aluminum producer based in Huixian, China.

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