TANSUN(SZ:300872) Xin Hua Cai Jing·2025-06-19 13:48Core Viewpoint - Tianyang Technology's convertible bond, "Tianyang Convertible Bond," has triggered its conditional redemption clause, marking the first instance of forced redemption for a stablecoin concept bond [2][3]. Group 1: Company Overview - Tianyang Technology is categorized as a "stablecoin" concept stock and is known alongside other companies like Cuiwei Co., Hengbao Co., and Jingbeifang as the "Four Little Dragons of Stablecoin" [3]. - The company primarily provides software product application development and technical services to financial institutions, mainly banks [3]. Group 2: Convertible Bond Details - The "Tianyang Convertible Bond" will be redeemed on July 11 at a price of 100.24 yuan per bond, following the triggering of the redemption clause [2]. - The bond's initial conversion price was set at 14.92 yuan per share, which has been adjusted to 11.71 yuan per share due to various factors [4]. - The current outstanding scale of the Tianyang Convertible Bond is 288.54 million yuan [4]. Group 3: Market Reaction and Implications - Following the announcement of the forced redemption, both the bond and the underlying stock experienced a decline, with the bond dropping by 6.07% and the stock by 1.43% as of June 19 [4]. - Investors are advised to either sell the convertible bond or convert it into stock to avoid potential losses, as failure to act could result in a loss of approximately 84 yuan per bond if the bond is redeemed at around 101 yuan [6].