recently,Rongsheng Environmental Protection(Stock code: 603165) The board of directors of the company decided to choose to issue early redemptionconvertible bondsHotly debated on the Internet.
the cause of the event,Rongsheng Environmental ProtectionOn November 23, 2021, the “Notice on Not Early Redemption of “Rongsheng Convertible Bonds” was issuedannouncement“, decided that in the next six months (i.e. from November 23, 2021 to May 22, 2022), if the Rongsheng Convertible Bonds trigger the redemption clause again, the company will not exercise the right of early redemption.
And the day after the company’s commitment to “no early redemption” expires, that is, May 23, 2022,Rongsheng Environmental ProtectionThe board of directors was held to consider and decide to redeem the Rongsheng Convertible Bonds. Some investors believe that because the company has a promise not to redeem in advance, the redemption behavior has a different understanding of the calculation start date.
The process of exercising the right of redemption can be described as law-abiding, compliant and rational
How to judge the behavior is nothing more than to see whether the behavior is legal, compliant, and reasonable.
From a legal perspective. During the 30 consecutive trading days from April 7, 2022 to May 23, 2022, the stock price of Rongsheng Environmental Protection meets the closing price for at least 15 trading days that is not lower than the current period of “Rongsheng Convertible Bonds”Convert stock130% of the price (10.84 yuan/share) (ie 14.092 yuan/share), triggering the redemption clause. According to Article 14 of the Measures for the Administration of Convertible Corporate Bonds, Rongsheng Environmental Protection shall disclose it in a timely manner after the redemption conditions are met, and clearly state whether the redemption right is exercised.According to “Shanghaisecurities7.2.4 of the Exchange Listing Rules stipulates that a company shall decide whether to redeem convertible corporate bonds on the day when the conditions for redemption of convertible corporate bonds are met and disclose it before the beginning of the next trading day. It can be seen that the exercise of the right of redemption by Rongsheng Environmental is not only in compliance with laws and regulations, but also in compliance with its obligation to disclose in a timely manner.
fromsecuritiesFrom a rule level.Huafu in the industrysecuritiesIn this regard, Rongsheng Environmental’s early redemption of Rongsheng’s convertible bonds has been reviewed and approved by the board of directors, and the necessary decision-making procedures have been performed, in line with relevant regulations such as the “Administrative Measures for Convertible Corporate Bonds” and the “Shanghai Stock Exchange Listing Rules”. The requirements of relevant laws and regulations and the stipulations in the Prospectus for the Public Issuance of Convertible Corporate Bonds are consistent with the previous announcement.
On an emotional level.When Rongsheng Environmental Protection meets the redemption conditions again, that is, it has been disclosed on May 14, 2020 (the redemption triggering conditions have been met).
The bond triggers the redemption clause again, and the company’s board of directors will hold a meeting to review and decide whether to redeem. The exercise of the redemption right cannot make a specific judgment because the resolution requires the deliberation of the board of directors, but the risk has been notified in advance, not suddenly on May 23, and the announcement is reasonable and reasonable.
The development prospect of optimizing industrial layout under the new green model continues to be optimistic
Rongsheng Environmental Protection’s stocks and bonds have attracted so much attention in the secondary market, which is not unrelated to its good development prospects.
It is understood that Rongsheng Environmental Protection is a papermaking enterprise led by a new model of green environmental protection papermaking, and has formed a high-tech enterprise with “industrial chain integration” and “package integration” including ecological papermaking, environmental protection thermoelectricity, and green packaging. By the end of 2021, the company has formed a base paper production capacity of 600,000 tons and a cardboard production capacity of 300 million square meters.
At present, affected by the international environment and the new crown epidemic, my country’s economic situation is severe, but Rongsheng Environmental Protection can maintain the continuous improvement of its main business and the continuous optimization of financial indicators.In the first quarter of this year, the company achievedOperating income609 million, a year-on-year increase of 29.52%;net profit80 million, a year-on-year increase of 10.62%; total assets are 2.754 billion, net assets are 1.96 billion, and the asset-liability ratio is 28.76%, showing a steady development trend.
Rongsheng Environmental Protection actively advocates circular economy, takes the road of low-carbon development, and builds an environment-friendly enterprise. The company follows the principle of “reduction, reuse, and resource utilization”, and is at the forefront of the industry or is the first in the industry in terms of papermaking sewage emission reduction and treatment, papermaking sludge reuse, biogas power generation, etc., while improving the competitiveness of enterprises. sustainable development.
Driven by technological innovation, for the companyperformanceSteady growth lays the foundation stone. In 2021, the company will invest 108.8225 million yuan in research and development, a year-on-year increase of 25.28%, accounting for 4.51% of operating income, 6 authorized invention patents and 13 utility model patents.
On January 5 this year, Rongsheng Environmental Protection announced that the company signed a “Strategic Cooperation Framework Agreement” with the Quanjiao County Government of Chuzhou City, Anhui Province, and planned to invest in the construction of an annual output of 1.3 million tons of recycled environmental protection paper andnew energyThe comprehensive utilization project has a total investment of about 10.5 billion yuan.
In October last year, Anhui Rongsheng Packaging, a wholly-owned subsidiary, was established in Anhui Quanjiaonew materialTechnology Co., Ltd. invests in the construction of a green intelligent packaging industrial park project with an annual output of 500 million square meters that integrates industrial packaging, e-commerce packaging, and high-end color printing packaging. This project provides a second track for the company to optimize its industrial layout and increase its performance.
While developing vigorously, do not forget social responsibility and stick to corporate culture
Since its establishment, Rongsheng Environmental has taken “helping disabled friends to find employment, improving the lives of disabled employees, and enhancing the self-confidence of disabled employees” as its mission, and has now recruited nearly 400 disabled people. As a welfare enterprise, the company adheres to the principle of “same post and same fund, priority placement”, and provides disabled employees with a development platform to help them fulfill their employment dreams; Warm heart and care; carry out “pairing one person, warming one family”, party members, cadres, outstanding employees and disabled employees are paired, respecting and caring for disabled employees, creating a strong love culture, and has been rated as the most socially responsible environmental protection enterprise, charitable and caring enterprise, etc. Honorary title.
According to media reports, an outbreak occurred in Pinghu, Zhejiang Province, where the company is located, on March 13. Rongsheng Environmental Protection held a special meeting on epidemic prevention and control overnight, and set up a leading group for epidemic prevention and control as soon as possible to make every effort to do a good job in epidemic prevention and control, production and operation. Go to the park for medicines,medical instrumentsManufacturers of anti-epidemic materials such as medical protective equipment and medical protective equipment should ensure heat supply. On the afternoon of March 15, Feng Shengyu, the company’s director and deputy general manager, on behalf of the company, donated 1 million yuan to the Office of the Municipal Leading Group for Fighting the Epidemic through the Pinghu Charity Federation as soon as possible for the city-wide epidemic prevention and control work. A company donating money to fight the virus. It further demonstrates the true nature of the private enterprise beside the red boat, and reflects the original mission of helping each other and sharing the wind and rain.
At present, Shanghai is facing the most severe and complex challenge of the epidemic situation since the normalization of prevention and control. On the morning of April 10, Shanghai customers sent an urgent order. Rongsheng Environmental Protection adheres to the special situation and should take the initiative to take social responsibility as an enterprise. At this time, it is the most important idea to give priority to the production of anti-epidemic materials, and to respond quickly. With the full efforts of all staff, 50,000 medical packaging cartons were completed in a hurry and sent to Shanghai overnight. With practical actions, the company’s sense of responsibility and sense of mission.
(Article source: Qingdao Finance and Economics Network)