Chaoyang Technology plans to issue convertible bonds not exceeding 520 million yuan; the actual controller has cashed out 214 million yuan in the past year.

China Economic Net Beijing, April 2 — Chaoyang Technology (002981.SZ) disclosed last night a plan for the issuance of convertible corporate bonds to unspecified targets. The securities issued this time are convertible bonds that can be converted into the company’s A-shares. These convertible bonds and the A-shares resulting from future conversions will be listed on the Shenzhen Stock Exchange. The convertible bonds issued this time have a face value of RMB 100 each and are issued at par. The term of the convertible bonds is six years from the date of issuance.

The method for determining the coupon rate of the convertible bonds and the final interest rate level for each interest year will be authorized by the company’s shareholders’ meeting, or by persons authorized by the board of directors, to be negotiated with the sponsor (lead underwriter) before issuance, based on national policies, market conditions, and the company’s specific circumstances.

The initial conversion price of the convertible bonds issued this time will not be lower than the higher of the company’s average stock trading price over the 20 trading days before the announcement of the fundraising prospectus and the trading price on the previous trading day, and cannot be upwardly adjusted. The specific initial conversion price will be negotiated and determined by the board of directors (or persons authorized by the board) in consultation with the sponsor (lead underwriter), based on market and company-specific conditions.

The specific issuance method of the convertible bonds will be negotiated and determined by the company’s shareholders’ meeting, the board of directors (or persons authorized by the board), and the sponsor (lead underwriter). The recipients of this issuance include individuals, legal persons, securities investment funds, and other investors legally permitted to hold securities (excluding those prohibited by national laws and regulations) who hold securities accounts with China Securities Depository and Clearing Corporation Limited Shenzhen Branch.

The total amount of funds raised from this issuance will not exceed RMB 520 million (inclusive). After deducting issuance expenses, the funds will be invested in the Vietnam Chaoyang Intelligent Manufacturing Expansion Project, intelligent hardware production construction project, intelligent hardware research institute upgrade project, and to supplement working capital.

The convertible bonds issued this time will be preferentially allocated to the company’s original shareholders, who have the right to waive their allocation rights. No guarantees are provided for this issuance of convertible bonds. Credit rating agencies will issue credit rating reports for the bonds.

Chaoyang Technology was listed on the Shenzhen Stock Exchange on April 17, 2020, issuing 24 million shares at a price of RMB 17.32 per share. The sponsor (lead underwriter) was Minsheng Securities Co., Ltd. (now renamed Guolian Minsheng Securities Co., Ltd.), with Qin Rongqing and Kong Qiang as sponsoring representatives.

The total funds raised by Chaoyang Technology’s initial public offering were RMB 415.68 million, with net proceeds after deducting issuance expenses of RMB 361.38 million. According to the prospectus disclosed on April 7, 2020, the company planned to raise RMB 361.38 million, which would be used for technology upgrades and expansion of headphone and accessory production lines, construction of a modern electroacoustic product manufacturing base, and the R&D center of the electroacoustic research institute.

The issuance expenses for the initial public offering totaled RMB 54.2973 million, including underwriting and sponsorship fees of RMB 39 million.

On December 4, 2025, the company disclosed an announcement regarding the change in equity interests of the actual controller and its concerted parties reaching a multiple of 1%, and the completion of the share reduction plan. The company recently received notices from Guo Liqin and Ningbo Pengchen, learning that Guo Liqin reduced 2,817,114 shares, accounting for 2.05% of the company’s total share capital, through centralized bidding and block trades from December 2 to December 3, 2025; Ningbo Pengchen reduced 1,240,448 shares, accounting for 0.9% of the total share capital, via block trades on December 2, 2025. The actual controller Guo Liqin and Ningbo Pengchen are in concerted action. The total amount of this reduction is RMB 126,555,358.78.

It is reported that Ningbo Pengchen had previously reduced shares of Chaoyang Technology in the second quarter of 2025.

Chaoyang Technology announced on May 20, 2025, that it recently received a notice from Ningbo Pengchen that the period for the share reduction plan has expired. As of May 16, 2025, Ningbo Pengchen’s share reduction plan had been completed. Between April 23 and May 13, 2025, Ningbo Pengchen reduced a total of 3.887262 million shares, representing 2.87%. Based on the announcement, Ningbo Pengchen cashed out approximately RMB 87.09 million from this reduction.

Calculations show that Guo Liqin and Ningbo Pengchen have collectively cashed out about RMB 214 million over the past year.

On May 31, 2024, the company announced a share issuance plan, increasing 4 shares for every 10 shares held and paying pre-tax dividends of RMB 3.7 per share. The ex-dividend and ex-rights date was June 7, 2024, and the record date was June 6, 2024.

According to the company’s 2025 annual report, during this reporting period, the company achieved operating revenue of RMB 1.82B, a year-on-year increase of 4.85%; net profit attributable to shareholders of the listed company was RMB 73.7669 million, a decrease of 34.67% year-on-year; net profit after deducting non-recurring gains and losses was RMB 69.5586 million, down 33.54% year-on-year; and net cash flow from operating activities was RMB 165 million.

(Editor: Sun Chenwei)

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