JX Advanced Metals experienced a 15% drop in its stock price on May 12, marking its largest single-day decline in over a year. The decline followed the company's announcement of a ¥250 billion ($1.6 billion) zero-coupon convertible bond issuance aimed at financing a share buyback. The bonds, maturing in 2029, offer no interest payments but can be converted into equity, potentially diluting existing shares. The proceeds from the bond issuance will fund a tender offer to repurchase up to 57.3 million shares at ¥436 each, representing 6.17% of the company's total issued capital. The buyback is scheduled from May 21 to June 17, 2026. However, concerns over potential dilution from future bond conversions and disappointing operating income guidance have led to investor skepticism, triggering the selloff.