Shentong Express Plans to Issue Convertible Bonds Not Exceeding 3 Billion Yuan; 22% of Total Share Capital Pledged

China Economic Net Beijing, March 17 — Shentong Express (002468.SZ) announced last night a preliminary plan to issue convertible corporate bonds to unspecified investors. The bonds will be convertible into the company’s A-shares listed on the Shenzhen Stock Exchange. The bonds and the shares resulting from future conversions will be listed on the Shenzhen Stock Exchange. Each bond has a face value of 100 RMB and is issued at face value. 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 for each interest year will be authorized by the company’s shareholders’ meeting. The company’s board of directors (or authorized personnel) will negotiate 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 20 trading days prior to the announcement of the bond offering prospectus (adjusted for any stock price adjustments due to rights issues, dividends, etc., during 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 personnel) before issuance, based on market conditions and the company’s circumstances.

The specific issuance method of the bonds will be negotiated and determined by the board of directors (or authorized personnel) and the sponsor (lead underwriter) in accordance with relevant laws and regulations. The bonds will be offered to natural persons, legal entities, securities investment funds, and other investors legally permitted to invest (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 to be raised from this issuance to unspecified investors will not exceed 3 billion RMB (including this amount). After deducting issuance costs, all funds will be invested in upgrading smart logistics equipment and enhancing trunk line transportation 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 be issued without guarantees. The company will engage qualified credit rating agencies to conduct credit ratings and follow-up ratings for the bonds.

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

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

(Responsible Editor: Sun Chenwei)