On December 6, New Hope (000876) announced that it held a meeting of the board of directors and deliberated and passed the proposal on the downward revision of the "Hope Convertible Bond" to Equity**, involving two transactions with a total value of 121500 million yuan of convertible bonds, the proposal still needs to be submitted to the general meeting of shareholders of listed companies for deliberation. 
Source: Picture Worm Creative).
At present, New Hope has confirmed that it will hold an extraordinary general meeting of shareholders on December 27 to consider downward revision of convertible bonds to equity conversions and other related proposals. 
Back on January 3, 2020, with the approval of the China Securities Regulatory Commission, New Hope publicly issued 40 million convertible corporate bonds (hereinafter referred to as "convertible bonds") on the same day, each with a face value of RMB 100, with a total issuance amount of RMB 4 billionFrom February 4, 2020, New Hope's convertible bonds have been listed and traded on the Shenzhen Stock Exchange, and the bonds are referred to as "Hope Convertible Bonds", and the bonds are "127015". According to the provisions of the Prospectus of New Hope, the convertible bond conversion period of this issuance starts from the first trading day (July 9, 2020) after the expiration of 6 months from the date of the end of the issuance of the convertible bonds (January 9, 2020, T+4) to the maturity date of the convertible bonds (January 2, 2026, which will be extended later in case of holidays). It is worth noting that the "Hope Convertible Bonds" has been adjusted to the conversion of shares several times**, and the reason for the adjustment is due to the distribution of interests or changes in the shares of the listed company. According to the terms of the issuance of the prospectus and the relevant regulations of the China Securities Regulatory Commission, the convertible bonds issued by New Hope can be converted into shares of the company from July 9, 2020, with an initial conversion price of 19$78 shares. Due to the implementation of the 2019 equity distribution plan of New Hope, the conversion of "Hope Convertible Bonds"** will be changed from 1978 yuan shares adjusted to 1963 yuan share. In the same year, New Hope was listed on the Shenzhen Stock Exchange on October 29, 2020 due to the non-public issuance of RMB ordinary shares to Southern Hope and New Hope Group, and the conversion of "Hope Convertible Bonds" was changed from 1963 yuan shares adjusted to 1975 yuan shares;On September 15, 2022, New Hope was listed with new shares due to the implementation of the restricted** incentive plan, and the conversion of "Hope Convertible Bonds" was increased by 1975 yuan shares adjusted to 1966 yuan shares;On July 25, 2023, New Hope reserved the granting of restricted ** to 377 incentive recipients, and the conversion of "Hope Convertible Bonds" was adjusted to 1964 yuan shares. In response to the latest downward revision of the board of directors' proposal to "hope to convert bonds into shares", New Hope said that this move is to support the company's long-term and steady development, optimize the company's capital structure, and safeguard the rights and interests of investors. **The reporter of Times E Company noticed that since February 2020, after the "Hope Convertible Bond" was listed and traded on the Shenzhen Stock Exchange, the share price of New Hope has risen sharply, from the initial 17 yuan share to 42 yuan share (September 2020). But since then, with the decline in the prosperity of the pig breeding industry, New Hope's share price has also quickly entered the ** channel, and as of December 7, 2023, the stock price closed at 964 yuan shares, only a fraction of the "hope to convert bonds" into shares**. 
According to the announcement, during the duration of the convertible bonds issued, when the price of New Hope** is lower than 80% of the current conversion of shares for at least 15 trading days in any 30 consecutive trading days, the board of directors of New Hope has the right to propose a downward revision plan for the conversion of shares and submit it to the general meeting of shareholders of the company for voting. The period for triggering the amendment conditions for the share transfer** is from November 16, 2023, and as of December 6, New Hope** has been *** lower than the current share transfer **19 for 15 trading days$64 80% of the shares (i.e. 15.).712 yuan shares). 
However, the above plan can only be implemented if it is approved by more than two-thirds of the voting rights held by shareholders present at the meeting, and shareholders holding the convertible bonds issued this time should recuse themselves from voting at the shareholders' meeting. It should be pointed out that the revised transfer of shares** shall not be lower than the higher of the average trading price of New Hope** in the 20 trading days before the date of the general meeting of shareholders and the average price of the previous trading day;At the same time, the amended conversion shall not be lower than the most recent audited net asset value per share and par value. At the time of the general meeting of shareholders of Nu Skin Hope, any of the above indicators was higher than the conversion of shares of "Hope Convertible Bonds" before the adjustment**(19.).64 yuan shares), then the "hope to convert bonds" to shares** does not need to be adjusted. In addition, New Hope also publicly issued 81.5 million convertible corporate bonds, each with a face value of RMB100, with a total issuance amount of 81500 million yuan;The convertible bond was listed and traded on the Shenzhen Stock Exchange on November 29 of that year, and the bond was referred to as "Hope to Turn 2", and the bond ** was "127049". Also after several changes, the transfer of "Hope to 2" was adjusted to 14 on July 25, 202339 yuan shares, but the ** also triggered the downward revision condition of the transfer of shares ** on December 6 (i.e. 11512 yuan shares). As a result, the Board of Directors of New Hope also proposed to revise downwards the transfer of shares of "Hope to 2" and submit it to the general meeting of shareholders for voting. In this regard, New Hope said that the future downward revision of the transfer price is not determined now, but until the day of the shareholders' meeting, the final price is not lower than the higher of the average trading price 1 day and 20 days before the shareholders' meeting. This also means that the ** that will be transferred over in the future will be higher than the current shareholder's position, so it will not affect the interests of the current shareholders. New Hope believes that by increasing equity capital and enhancing the company's overall capital strength, it will help improve the company's profitability in the medium and long term and bring greater returns to shareholders. From the perspective of operating business, in the first three quarters of 2023, New Hope achieved operating income of 106.7 billion yuan, a year-on-year increase of 63%；Net profit was -385.8 billion yuan, a year-on-year decrease of 4252%。During the reporting period, domestic pig prices continued to be under pressure, pigs continued to be high, and consumption recovery was lower than expected, resulting in the continuous operation of pigs at a level lower than the average cost line of the industry, which made the whole industry bear greater loss pressure. In the first three quarters, New Hope slaughtered a total of 13.06 million pigs, a year-on-year increase of 32%;The pig industry suffered a cumulative loss of 4.3 billion yuan in the first three quarters. 
According to the latest data disclosed by New Hope, in November 2023, New Hope sold 167 live pigs590,000 heads, an increase of 1389%, down 089%；Realized revenue of 238 billion yuan, an increase of 167%, down 3165%；The average sales price of commercial pigs is 1395 yuan kg, down 644%, down 40 percent year-on-year13%。
New Hope said that the main reason for the large year-on-year decline in the average sales price of commercial pigs is the fluctuation of the industry cycle, the pig price in the same period last year is faster, the base is higher, and the industry production capacity is relatively oversupplied this year, and the pig price is low this month. In addition, the year-on-year decline in the average sales price also further caused the year-on-year decline in pig sales revenue. Editor-in-charge: Zhang Qianyao Proofreader: Liu RongzhiThese, users are watchingSuddenly!The "national team" entered the field, and the "Chinese prefix" broke out!The stock price fell endlessly, and the "big composition" of the high-energy environment responded to the "small composition".
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