Zhong Guo Ji Jin Bao·2025-06-26 14:26Core Viewpoint - Recently, Cinda Securities purchased over 10 billion yuan of SPDB convertible bonds, indicating a strategic move to address potential redemption issues as the bonds approach maturity [2][5]. Group 1: Investment Details - Cinda Securities' asset management plan, XinFeng No. 1, has cumulatively increased its holdings of SPDB convertible bonds by 117,852,490 shares, representing 23.57% of the total issuance of 500 billion yuan [2][5]. - The face value of one convertible bond is 100 yuan, making the total value of the purchased bonds approximately 11.785 billion yuan, with a market value of 13.252 billion yuan based on the latest closing price of 112.451 yuan [5]. Group 2: Market Performance - The SPDB convertible bonds have shown a price increase of 3.17% year-to-date, closing at 112.451 yuan [5]. - The bonds were issued on October 28, 2019, with a maturity period of six years, set to mature in about four months [7]. Group 3: Strategic Implications - If the convertible bonds are not converted before maturity, SPDB will need to redeem them at a price of 110 yuan, which includes the final interest payment [7]. - The current bond balance is approximately 499.97 billion yuan, indicating minimal conversion activity thus far, raising questions about Cinda Investment's significant purchase and its potential role in facilitating the conversion process [7].