1. JSLink’s ₩12 Billion CB Issuance: What Happened?

On September 22, 2025, JSLink announced its decision to issue ₩12 billion worth of private convertible bonds. The bonds carry a coupon rate of 2% and a maturity rate of 8%, with ‘Rare Earth Mobility Investment Association’ as the main investor. The payment date is October 2, 2025, and the conversion period is from October 2, 2026, to September 2, 2028.

2. Why Issue Convertible Bonds?

According to the disclosure, JSLink plans to use the funds raised through this CB issuance to invest in its new permanent magnet manufacturing business and strengthen its existing genomics and healthcare business. Having recently achieved profitability and secured growth momentum, JSLink is interpreted as seeking to secure future growth engines and strengthen its market competitiveness through this investment.

3. So, What’s the Impact on Company Value?

  • Positive aspects: Securing funds for business expansion and R&D investment, potential debt reduction upon conversion, increased growth expectations
  • Negative aspects: Potential equity dilution upon conversion, interest expense burden due to the 8% maturity rate, possibility of conversion price adjustments, impact of macroeconomic variables

4. What Should Investors Watch Out For?

Investors should carefully analyze the impact of the CB conversion ratio, conversion timing, and potential conversion price adjustments on future shareholder value. It’s also crucial to continuously monitor the performance of the new business, macroeconomic variables (exchange rates and interest rates), and the profitability of the existing business. Considering JSLink’s history of financial difficulties, investment decisions should be made cautiously.