Securities Code: 300894
Bond Code: 123154
Securities Abbreviation: Mars Appliance
Bond Abbreviation: Huo Xing Convertible
Announcement No.: 2026-052
Mars Appliance Co., Ltd.
Announcement on the Board of Directors' Proposal to Lower the Conversion Price of "Huo Xing Convertible"
The Company and all members of the Board of Directors guarantee that the information disclosed is true, accurate, and complete, and that there are no false records, misleading statements, or major omissions.
Special Reminder:
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Stock Code: 300894; Stock Abbreviation: Mars Appliance
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Bond Code: 123154; Bond Abbreviation: Huo Xing Convertible
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Conversion Price: 33.03 RMB/share
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Conversion Period: February 13, 2023, to August 4, 2028
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According to the "Prospectus for the Issuance of Convertible Corporate Bonds to Unspecified Targets by Mars Appliance Co., Ltd." (hereinafter referred to as the "Prospectus"), it is stipulated that "during the term of the convertible bonds, if the closing price of the company's stock is lower than 85% of the current conversion price for at least fifteen trading days within any thirty consecutive trading days, the company's board of directors has the right to propose a downward adjustment plan for the conversion price and submit it to the company's shareholders' meeting for voting."
As of July 21, 2026, the closing price of Mars Appliance Co., Ltd.'s (hereinafter referred to as the "Company") stock has been lower than 85% of the current conversion price (i.e., 28.08 RMB/share) for at least fifteen trading days within any thirty consecutive trading days, triggering the condition for a downward adjustment of the conversion price of "Huo Xing Convertible."
On July 21, 2026, the Company held the Ninth Meeting of the Fourth Board of Directors, which deliberated and approved the "Proposal on the Board of Directors' Proposal to Lower the Conversion Price of 'Huo Xing Convertible'." This proposal needs to be submitted to the Company's shareholders' meeting for deliberation. The relevant matters are hereby announced as follows:
I. Overview of the Issuance and Listing of Convertible Corporate Bonds
(I) Overview of Convertible Corporate Bond Issuance
With the approval of the China Securities Regulatory Commission (hereinafter referred to as the "CSRC") in the "Reply on Approving the Registration of Mars Appliance Co., Ltd.'s Issuance of Convertible Corporate Bonds to Unspecified Targets" (Securities Regulatory License [2022] No. 1465), the Company was approved to issue convertible corporate bonds to unspecified targets. The total number of bonds issued was 5,289,990 shares, with a face value of RMB 100 per share, and the total amount raised was RMB 528,999,000.00.
(II) Listing of Convertible Corporate Bonds
With the approval of the Shenzhen Stock Exchange, the Company's convertible corporate bonds were listed and traded on the Shenzhen Stock Exchange starting from August 23, 2022. The bond abbreviation is "Huo Xing Convertible," and the bond code is "123154."
(III) Conversion Period of Convertible Corporate Bonds
According to the "Prospectus," the conversion period for the "Huo Xing Convertible" issued by the Company begins on the first trading day six months after the issuance completion date of August 11, 2022, and ends on the maturity date of the convertible bonds.
(IV) Initial Conversion Price and Adjustments of Convertible Corporate Bonds
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According to the "Prospectus," the initial conversion price of "Huo Xing Convertible" was 34.59 RMB/share.
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On September 27, 2022, the Company implemented its 2022 interim equity distribution plan: based on a total share capital of 405 million shares, a cash dividend of RMB 3 (tax inclusive) was distributed for every 10 shares held by all shareholders. According to the relevant provisions of the "Prospectus," the conversion price of "Huo Xing Convertible" was adjusted from 34.59 RMB/share to 34.29 RMB/share, and the adjusted conversion price became effective on September 27, 2022. For details, please refer to the "Announcement on the Adjustment of the Convertible Bond Conversion Price due to 2022 Interim Equity Distribution" (Announcement No.: 2022-077) disclosed by the Company on the Juchao Information Network.