Shandong Fiberglass Group Co., Ltd. Announcement Regarding No Downward Revision of the Conversion Price of "Shanbo Convertible Bonds"

MaticHoleFiller · 2026-04-02T02:33:12+00:00

Shandong Glass Fiber Group announced that the company has decided not to lower the conversion price of the "Shanbo Convertible Bond," as the trigger for the adjustment clause has been activated but the board of directors believes that the stock price does not reflect the company's value, and no adjustment plan will be proposed within the next three months.

MaticHoleFiller

2026-04-02 02:33:12

Abstract generation in progress

Security Code: 605006 Stock Short Name: Shandong Glass Fiber Announcement No.: 2026-034

Convertible Bond Code: 111001 Convertible Bond Short Name: Shanbo Convertible Bond

Announcement of Shandong Glass Fiber Group Co., Ltd. on Not Adjusting the Conversion Price of “Shanbo Convertible Bond” Downward

This company’s board of directors and all directors guarantee that the contents of this announcement contain no false records, misleading statements, or material omissions, and assume individual and joint liability for the truthfulness, accuracy, and completeness of the contents.

Key Points:

● As of March 31, 2026, “Shanbo Convertible Bond” has triggered the clause for downward adjustment of the conversion price. After deliberation and approval at the 17th meeting of the fourth session of the board of directors of Shandong Glass Fiber Group Co., Ltd. (hereinafter referred to as the “Company”), the board of directors has decided not to exercise the right to adjust the conversion price of “Shanbo Convertible Bond” downward in this instance. At the same time, it also decided that during the next three months (from April 1, 2026 to June 30, 2026), if the clause for downward adjustment of the conversion price of “Shanbo Convertible Bond” is triggered again, it will not put forward any plan for downward adjustment either.

I. Overview of Convertible Corporate Bonds

(I) Basic Information

Approved by the China Securities Regulatory Commission’s “Reply on Approving the Public Issuance of Convertible Corporate Bonds by Shandong Glass Fiber Group Co., Ltd.” (CSRC Approval [2021] No. 3144), the Company publicly issued 6,000,000 convertible corporate bond lots on November 8, 2021. The total par value per lot is RMB 100.00, and the total par value is RMB 600,000,000.

With approval from the Shanghai Stock Exchange’s self-regulatory decision letter [2021] No. 459, the Company’s RMB 600,000,000 convertible corporate bonds have been listed and traded on the Shanghai Stock Exchange since December 6, 2021. The bond short name is “Shanbo Convertible Bond,” and the bond code is “111001.”

(II) Adjustment of the Conversion Price

Pursuant to the relevant regulations and the “Offering Memorandum of Convertible Corporate Bonds of Shandong Glass Fiber Group Co., Ltd.” (hereinafter referred to as the “Offering Memorandum”), from May 12, 2022, the “Shanbo Convertible Bond” issued by the Company can be converted into A-share ordinary stock. The initial conversion price is RMB 13.91 per share. The conversion price adjustments are as follows:

Due to the Company’s implementation of the 2021 annual equity distribution, the conversion price of “Shanbo Convertible Bond” was adjusted from RMB 13.91 per share to RMB 11.50 per share. The adjusted conversion price came into effect on May 10, 2022. For details, please refer to the “Announcement of Shandong Glass Fiber Group Co., Ltd. on the Adjustment of the Conversion Price of ‘Shanbo Convertible Bond’ Caused by Equity Distribution” (Announcement No.: 2022-031) disclosed by the Company on April 29, 2022 on the website of the Shanghai Stock Exchange (www.sse.com.cn) and in the relevant information disclosure media.

Due to the Company’s implementation of the 2022 annual equity distribution scheme, the conversion price of “Shanbo Convertible Bond” was adjusted to RMB 11.23 per share starting May 25, 2023. For details, please refer to the “Announcement of Shandong Glass Fiber Group Co., Ltd. on the Adjustment of the Conversion Price of ‘Shanbo Convertible Bond’ Caused by the 2022 Annual Equity Distribution” (Announcement No.: 2023-061) disclosed by the Company on May 19, 2023 on the website of the Shanghai Stock Exchange (www.sse.com.cn) and in the relevant information disclosure media.

Due to the Company’s implementation of the 2022 restricted stock incentive plan, after completion of the registration of the first tranche of restricted stock, the conversion price of “Shanbo Convertible Bond” was adjusted to RMB 11.13 per share starting June 26, 2023. For details, please refer to the “Announcement of Shandong Glass Fiber Group Co., Ltd. on the Adjustment of the Conversion Price for Convertible Bonds” (Announcement No.: 2023-069) disclosed by the Company on June 21, 2023 on the website of the Shanghai Stock Exchange (www.sse.com.cn) and in the relevant information disclosure media.

Due to the Company’s implementation of the 2022 restricted stock incentive plan, after completion of the registration of the reserved portion of restricted stock, the conversion price of “Shanbo Convertible Bond” was adjusted to RMB 11.12 per share starting June 30, 2023. For details, please refer to the “Announcement of Shandong Glass Fiber Group Co., Ltd. on the Adjustment of the Conversion Price for Convertible Bonds” (Announcement No.: 2023-071) disclosed by the Company on June 29, 2023 on the website of the Shanghai Stock Exchange (www.sse.com.cn) and in the relevant information disclosure media.

Due to the Company’s implementation of the 2022 restricted stock incentive plan, after completion of registration of the reserved second tranche of restricted stock on January 17, 2024, the conversion price of “Shanbo Convertible Bond” remained unchanged at RMB 11.12 per share. For details, please refer to the “Announcement of Shandong Glass Fiber Group Co., Ltd. on Completion of Registration of the Reserved Grant Under the Restricted Stock Incentive Plan and Not Adjusting the Conversion Price of ‘Shanbo Convertible Bond’” (Announcement No.: 2024-003) disclosed by the Company on January 19, 2024 on the website of the Shanghai Stock Exchange (www.sse.com.cn) and in the relevant information disclosure media.

Due to the Company’s implementation of the 2023 annual equity distribution scheme, the conversion price of “Shanbo Convertible Bond” was adjusted to RMB 11.07 per share starting June 5, 2024. For details, please refer to the “Announcement of Shandong Glass Fiber Group Co., Ltd. on the Adjustment of the Conversion Price of ‘Shanbo Convertible Bond’ Caused by the 2023 Annual Equity Distribution” (Announcement No.: 2024-029) disclosed by the Company on May 29, 2024 on the website of the Shanghai Stock Exchange (www.sse.com.cn) and in the relevant information disclosure media.

After the Company terminated the implementation of the 2022 restricted stock incentive plan, the relevant shares were repurchased and cancelled in full on January 19, 2026 at Shanghai Branch of China Securities Depository and Clearing Co., Ltd. The conversion price of “Shanbo Convertible Bond” was adjusted to RMB 11.18 per share starting January 21, 2026. For details, please refer to the “Announcement of Shandong Glass Fiber Group Co., Ltd. on Completion of the Repurchase and Cancellation of Restricted Stocks Under the Equity Incentive Plan and the Adjustment of the Conversion Price of ‘Shanbo Convertible Bond’” (Announcement No.: 2026-019) disclosed by the Company on January 20, 2026 on the website of the Shanghai Stock Exchange (www.sse.com.cn) and in the relevant information disclosure media.

As of now, the conversion price of “Shanbo Convertible Bond” is RMB 11.18 per share.

II. Specific Contents on Not Adjusting the Conversion Price Downward

Pursuant to the provisions of the Offering Memorandum, during the validity period of the convertible corporate bonds issued in this instance, if within any consecutive 30 trading days, the closing prices of the Company’s stock are below 85% of the then-current conversion price for at least 15 trading days, the board of directors shall have the right to propose a downward adjustment to the conversion price and submit it to the Company’s shareholders’ meeting for voting.

During the period from February 20, 2026 to March 31, 2026, the Company’s stock had closing prices below 85% of the then-current conversion price for 15 trading days (i.e., RMB 9.50 per share), which has triggered the clause in the Offering Memorandum regarding a downward adjustment of the conversion price.

On March 31, 2026, “Shanbo Convertible Bond” triggered the conversion price downward adjustment clause stipulated in the Offering Memorandum. In the near term, the Company’s share price has experienced certain fluctuations due to various factors such as the macro economy and market adjustments. The current share price has not fully reflected the intrinsic value of the Company’s long-term development. After the board of directors comprehensively considered multiple factors, including the Company’s basic situation, the trend of the share price, and the market environment, as well as its confidence in the Company’s long-term stable development and intrinsic value, and in order to safeguard the interests of all investors and clarify investors’ expectations, on March 31, 2026 the Company held the ninth meeting of the Strategy and Development Committee of the fourth session of the board of directors, and deliberated and approved the “Proposal on Not Adjusting the Conversion Price of the Convertible Bonds Downward,” agreeing to submit the proposal to the board of directors for deliberation. On the same day, the Company held the 17th meeting of the fourth session of the board of directors and deliberated and approved the “Proposal on Not Adjusting the Conversion Price of the Convertible Bonds Downward,” deciding not to adjust the conversion price of “Shanbo Convertible Bond” downward. The voting results were: 9 votes in favor, 0 votes against, and 0 votes abstaining.

The board of directors also decided that during the next three months (i.e., from April 1, 2026 to June 30, 2026), if the clause for downward adjustment of the conversion price is triggered again, it will also not put forward any downward adjustment proposal. After this period (counting again starting July 1, 2026), if the clause for downward adjustment of the conversion price is triggered again, the Company’s board of directors will convene another meeting to decide whether to exercise the right to adjust the conversion price of “Shanbo Convertible Bond” downward.

This announcement is hereby given.

Board of Directors of Shandong Glass Fiber Group Co., Ltd.

April 1, 2026

Security Code: 605006 Stock Short Name: Shandong Glass Fiber Announcement No.: 2026-033

Convertible Bond Code: 111001 Convertible Bond Short Name: Shanbo Convertible Bond

Shandong Glass Fiber Group Co., Ltd.

Resolution Announcement of the 17th Meeting of the Fourth Session of the Board of Directors

The 17th meeting of the fourth session of the board of directors of Shandong Glass Fiber Group Co., Ltd. (hereinafter referred to as the “Company”) was held on March 31, 2026 at 13:00 in the Company’s meeting room in a hybrid manner combining on-site and communication methods. There were 9 directors who should attend and vote, and 9 directors actually participated in the voting. Senior management personnel of the Company attended this meeting. The convening, convening procedures, and voting procedures of this meeting comply with the provisions of the “Company Law of the People’s Republic of China” and the “Articles of Association,” and the resolutions formed at this meeting are lawful and valid.

After deliberation by the attending directors, the meeting deliberated and approved the following proposals:

I. Deliberation and Approval of the Proposal on Not Adjusting the Conversion Price of the Convertible Bonds Downward

For the specific content, please refer to the “Announcement of Shandong Glass Fiber Group Co., Ltd. on Not Adjusting the Conversion Price of ‘Shanbo Convertible Bond’ Downward” (Announcement No.: 2026-034) disclosed by the Company on the website of the Shanghai Stock Exchange (www.sse.com.cn) and in the relevant information disclosure media on the same day.

This proposal has been deliberated and approved at the ninth meeting of the Strategy and Development Committee of the fourth session of the board of directors. The committee agrees to submit the proposal to the board of directors for consideration.

Voting results: 9 votes in favor, 0 votes against, 0 votes abstaining, 0 votes recused.

This announcement is hereby given.

Board of Directors of Shandong Glass Fiber Group Co., Ltd.

April 1, 2026

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