Qiaoyin Co., Ltd.: Qiaoyin Convertible Bonds are at risk of being unable to repay principal and interest in full on schedule.

Qiaoyin Co., Ltd. announced that the maturity date of the "Qiaoyin Convertible Bonds" is November 16, 2026, with a maturity redemption price of RMB 130 per bond, and the redemption funds payment date is November 17, 2026. The convertible bonds ceased trading on November 12, 2026; conversion remains available after the trading halt until November 16, and the current conversion price is RMB 10.60 per share. As of November 12, 2026, a total of 4.1965 million bonds remained unconverted, accounting for 99.92% of the total issuance. Due to pressure on the company's cash flow, the redemption funds are not yet fully in place, and there is a material risk that principal and interest may not be redeemed in full and on schedule. The company is raising funds by collecting accounts receivable and disposing of assets, and the effectiveness of these measures remains uncertain.