Announcement of Shenzhen Kedali Industrial Co., Ltd. on the Conversion of Convertible Bonds in the First Quarter of 2026

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Stock code: 002850 Stock abbreviation: Keda Li Announcement No.: 2026-020

Bond code: 127066 Bond abbreviation: Keli Convertible Bond

Shenzhen Keda Li Industrial Co., Ltd. Announcement on the Conversion of the Keli Convertible Bond during the First Quarter of 2026

The Company and all members of the board of directors warrant that the information disclosed in this announcement is true, accurate, and complete, and there are no false records, misleading statements, or material omissions.

Special Notice:

Stock code: 002850 Stock abbreviation: Keda Li

Bond code: 127066 Bond abbreviation: Keli Convertible Bond

Current conversion price: RMB 148.70 per share

Conversion start date: January 16, 2023

Conversion end date: July 7, 2028

Source of converted shares: newly added shares

Pursuant to the relevant provisions of the 《Stock Listing Rules of the Shenzhen Stock Exchange》 and the 《Self-regulatory Guidance No. 15 of the Shenzhen Stock Exchange for Convertible Corporate Bonds,》 Shenzhen Keda Li Industrial Co., Ltd. (hereinafter referred to as the “Company”) hereby announces the conversion of its convertible corporate bonds during the first quarter of 2026 and changes in the Company’s share capital as follows:

I. Issuance and Listing of Convertible Corporate Bonds

(I) Issuance of the convertible bond

Approved by the China Securities Regulatory Commission (hereinafter referred to as the “CSRC”) 《Reply on Approving Shenzhen Keda Li Industrial Co., Ltd. to Publicly Issue Convertible Corporate Bonds》 (CSRC Approval No.〔2022〕1143), the Company publicly issued convertible corporate bonds (hereinafter referred to as the “This Convertible Bond Offering”) on July 8, 2022. A total of 15,343,705 lots were issued, each with a par value of RMB 100, with a term of 6 years. The total amount of proceeds raised was RMB 1.53B. After deducting various issuance expenses of RMB 19.27M (excluding tax), the net proceeds raised were RMB 1.52B. The Company’s receipt of the aforementioned proceeds was verified by Rongcheng Accountants (Special General Partnership), and they issued the 《Verification Report》 (Rongcheng Yan Zi [2022] 518Z0084).

(II) Listing of the convertible bond

With approval from the Shenzhen Stock Exchange (hereinafter referred to as the “SZSE”) in the document “SZSE Approval〔2022〕715,” the Company’s RMB 1.53B convertible corporate bonds were listed and traded on the SZSE starting August 3, 2022. The bond abbreviation is “Keli Convertible Bond,” and the bond code is “127066.”

(III) Conversion period of the convertible bond

Pursuant to the relevant provisions of the 《Offering Memorandum for the Public Issuance of Convertible Corporate Bonds by Shenzhen Keda Li Industrial Co., Ltd.》 (hereinafter referred to as the “《Offering Memorandum》”): the conversion period of the convertible corporate bonds under this offering shall run from the first trading day falling 6 months after the conclusion of the offering (January 16, 2023) to the bond maturity date (July 7, 2028).

II. Adjustments to the Conversion Price of the Convertible Corporate Bonds

Pursuant to the agreement in the 《Offering Memorandum》 “Basis for determining the initial conversion price,” the initial conversion price of “Keli Convertible Bond” is RMB 159.35 per share. Subsequently, due to the exercise of stock options, profit distribution, and adjustments to the conversion price resulting from issuing shares to specific targets, the conversion price is as follows:

(I) In January 2023, from the completion of the Company’s convertible corporate bond issuance to January 16, 2023, due to the independent exercise by the incentive holders of the first exercise period under the Company’s 2021 stock option incentive plan, the Company’s total share capital increased by 328,683 shares compared with before this convertible bond issuance. Pursuant to the provisions of the 《Offering Memorandum》 “Methods for adjusting the conversion price and calculation formula,” the conversion price of “Keli Convertible Bond” was adjusted from RMB 159.35 per share to RMB 159.22 per share. The adjusted conversion price became effective on January 18, 2023. For details, please refer to the Company’s disclosures on January 18, 2023 in 《Securities Times》, 《China Securities Journal》, 《Shanghai Securities News》, 《Securities Daily》 and on the Juchao Information website (

(II) In May 2023, the Company implemented its 2022 annual equity distribution plan. After the close of trading on the equity distribution record date at the SZSE, cash dividends were distributed to all shareholders of the Company who were registered with China Securities Depository and Clearing Co., Ltd. Shenzhen Branch (hereinafter referred to as “CSDC Shenzhen Branch”) in the books, with cash dividends of RMB 3.00 per 10 shares (including tax). Pursuant to the provisions of the 《Offering Memorandum》 “Methods for adjusting the conversion price and calculation formula,” the conversion price of “Keli Convertible Bond” was adjusted from RMB 159.22 per share to RMB 158.92 per share. The adjusted conversion price became effective on May 19, 2023. For details, please refer to the Company’s disclosure on May 13, 2023 in 《Securities Times》, 《China Securities Journal》, 《Shanghai Securities News》, 《Securities Daily》 and on the Juchao Information website (

(III) In August 2023, approved by the CSRC 《Reply on Approving Shenzhen Keda Li Industrial Co., Ltd. to Register the Issuance of Shares to Specific Targets》 (CSRC Approval No.〔2023〕1356), the Company issued 33,471,626 shares of RMB ordinary shares (A shares) to specific targets (hereinafter referred to as the “This Targeted Issuance”). The newly issued shares under this targeted issuance completed registration, custodianship, and other procedures with CSDC Shenzhen Branch on August 2, 2023, and were listed on the SZSE on August 15, 2023. The issuance of shares to specific targets will result in an increase in the Company’s total share capital by 33,471,626 shares. The Company’s total share capital increased from 235,909,596 shares before this targeted issuance to 269,381,222 shares after this targeted issuance. Pursuant to the provisions of the 《Offering Memorandum》 “Methods for adjusting the conversion price and calculation formula,” the conversion price of “Keli Convertible Bond” was adjusted from RMB 158.92 per share to RMB 152.20 per share. The adjusted conversion price became effective on August 15, 2023. For details, please refer to the Company’s disclosure on August 8, 2023 in 《Securities Times》, 《China Securities Journal》, 《Shanghai Securities News》, 《Securities Daily》 and on the Juchao Information website (

(IV) In May 2024, the Company implemented its 2023 annual equity distribution plan. After the close of trading on the equity distribution record date at the SZSE, cash dividends were distributed to all shareholders of the Company who were registered with CSDC Shenzhen Branch in the books, with cash dividends of RMB 15.00 per 10 shares (including tax). Pursuant to the provisions of the 《Offering Memorandum》 “Methods for adjusting the conversion price and calculation formula,” the conversion price of “Keli Convertible Bond” was adjusted from RMB 152.20 per share to RMB 150.70 per share. The adjusted conversion price became effective on May 24, 2024. For details, please refer to the Company’s disclosure on May 16, 2024 in 《Securities Times》, 《China Securities Journal》, 《Shanghai Securities News》, 《Securities Daily》 and on the Juchao Information website (

(V) In May 2025, the Company implemented its 2024 annual equity distribution plan. After the close of trading on the equity distribution record date at the SZSE, cash dividends were distributed to all shareholders of the Company who were registered with CSDC Shenzhen Branch in the books, with cash dividends of RMB 20.00 per 10 shares (including tax). Pursuant to the provisions of the 《Offering Memorandum》 “Methods for adjusting the conversion price and calculation formula,” the conversion price of “Keli Convertible Bond” was adjusted from RMB 150.70 per share to RMB 148.70 per share. The adjusted conversion price became effective on May 30, 2025. For details, please refer to the Company’s disclosure on May 23, 2025 in 《Securities Times》, 《China Securities Journal》, 《Shanghai Securities News》, 《Securities Daily》 and on the Juchao Information website (

III. Conversion of “Keli Convertible Bond” and Changes in Share Capital

During the first quarter of 2026, the number of “Keli Convertible Bond” converted decreased by 32 lots due to conversions, with an aggregate amount of RMB 3,200.00, and the number of converted shares was 19 shares. As of the end of the first quarter of 2026, “Keli Convertible Bond” has cumulatively completed conversion of 1,212 shares, and the remaining convertible bond amount is RMB 1,534,176,800.00 (15,341,768.00 lots).

The Company’s share capital changes during the first quarter of 2026 are as follows:

■

Note: The total share capital increased by 806,800 shares for the following reasons: 1) during this period, the incentive holders of the Company’s 2022 stock option incentive plan exercised options, resulting in an increase of 806,781 shares; 2) “Keli Convertible Bond” was converted during this period into 19 shares.

IV. Other Matters

If investors need to know about other relevant information regarding “Keli Convertible Bond,” please refer to the Company’s disclosure published on July 6, 2022 on the Juchao Information website (

V. Documents for Reference

(I) The share capital structure table issued by CSDC Shenzhen Branch;

(II) Other documents.

Hereby announced.

Shenzhen Keda Li Industrial Co., Ltd.

Board of Directors

April 2, 2026

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