What happens if the share price rises again after the conversion price has been refixed downward?

If a listed company's privately placed convertible bond includes a condition for lowering the conversion price when the market price falls, the board must also set out, at issuance, that the conversion price will be adjusted upward on the adjustment dates if the market price rises again, together with the specific method.

The raised conversion price is set within a range that does not exceed the conversion price at issuance and is not below the same floor that applies to downward adjustments. This rule was introduced by a 2021 amendment, and the upward adjustment requirement does not apply to convertible bonds issued through a public offering.