Shentong Express prévoit d'émettre des obligations convertibles n'excédant pas 3 milliards de yuans ; 22% du total des actions sont mises en gage

China Economic Net Beijing, March 17th — Shentong Express (002468.SZ) disclosed its pre-plan for issuing convertible corporate bonds to unspecified targets last night. The securities to be issued are convertible bonds that can be converted into A-shares of the company. These bonds and the future converted shares will be listed on the Shenzhen Stock Exchange. The face value of each bond is RMB 100, issued at par. The term of the bonds is six years from the date of issuance.

The method for determining the coupon rate of the bonds and the final interest rate level for each interest year will be authorized by the company’s shareholders’ meeting, with the company’s board of directors (or authorized persons by the board) negotiating 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 bonds will not be lower than the higher of the average trading price of the company’s stock in the twenty trading days prior to the announcement of the bond offering prospectus (adjusted for any price adjustments due to rights issues, dividends, etc. within that period) and the average trading price of the previous trading day. The specific initial conversion price will be negotiated and determined by the company’s board of directors (or authorized persons) before issuance, based on market conditions and the company’s specific circumstances, with the sponsor (lead underwriter).

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

The total amount of funds to be raised from this issuance to unspecified targets is not more than RMB 3,000 million (including this amount). After deducting issuance costs, all funds will be invested in upgrading intelligent logistics equipment and enhancing trunk line capacity networks.

The bonds will be preferentially allocated to the company’s original shareholders, who have the right to waive their priority allocation. The bonds will not be secured. The company will engage qualified credit rating agencies to conduct credit and follow-up ratings for this issuance.

According to the company’s 2024 annual report, the total pledged shares amount to 340 million, accounting for approximately 22.19% of the total share capital.

According to the company’s Q3 2025 report, during this reporting period, the company achieved operating revenue of RMB 13.546 billion, a year-on-year increase of 13.62%; net profit attributable to shareholders of the listed company was RMB 302 million, up 40.32% year-on-year; net profit after deducting non-recurring gains and losses was RMB 322 million, up 59.62% year-on-year.

From the beginning of the year to the end of the reporting period, the company achieved operating revenue of RMB 38.57 billion, an increase of 15.17% year-on-year; net profit attributable to shareholders was RMB 756 million, up 15.81%; net profit after deducting non-recurring gains and losses was RMB 758 million, an increase of 18.71%; net cash flow from operating activities was RMB 1.928 billion, a decrease of 28.55% year-on-year.

(责任编辑：孙辰炜)