Chaowei Power cuts conversion price of 7.25% convertible bonds

By Marisa Wong

Morgantown, W.Va., June 3 – Chaowei Power Holdings Ltd. announced it lowered the conversion price of its RMB 633 million dollar-settled 7.25% convertible bonds due 2017 to HK$4.63 per share from HK$4.76, effective June 14.

The adjustment is due to the declaration of a final dividend of RMB 0.097 for the year ended Dec. 31, 2015.

Based in Changxing, Zhejiang, China, Chaowei is a motive battery manufacturer operating in the electric bike market in China.

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