Zheng Quan Shi Bao·2025-07-31 11:50Core Viewpoint - A significant number of convertible bonds are facing mandatory redemption, with over 10 bonds identified, prompting investors to pay attention to the last trading days and conversion details to avoid potential losses [1][2][3]. Group 1: Mandatory Redemption Announcements - Multiple companies, including China Shipbuilding Emergency (300527) and Lian De Equipment (300545), have issued announcements regarding the early redemption of their convertible bonds, indicating a trend of mandatory redemptions [2]. - China Shipbuilding Emergency's convertible bond will be redeemed at a price of 100.77 CNY per bond if not converted by August 27, 2025, highlighting a significant price difference from the current market price [2]. - Lian De Equipment's convertible bond will be redeemed at 101.70 CNY per bond if not converted by August 11, 2025, with a recommendation for holders to resolve any pledges or freezes before the conversion deadline [2]. Group 2: Last Trading and Conversion Dates - Over 10 convertible bonds are confirmed for early mandatory redemption, with specific last trading and conversion dates approaching, including North Lu Convertible Bond, which will stop trading on July 30, 2025, and has a last conversion date of August 4, 2025 [3][4]. - The last trading price of North Lu Convertible Bond was 133 CNY per bond, indicating a potential loss of 23.58% if not converted by the deadline [3]. - Many convertible bonds are priced above 110 CNY per bond, with some exceeding 150 CNY, suggesting that investors may incur significant losses if they do not act in time [4]. Group 3: Non-Redemption Decisions - Some companies, such as Microchip Biotech and Tongguang Cable (300265), have opted not to redeem their convertible bonds early, despite meeting the conditions for conditional redemption [5][6]. - Microchip Biotech's board decided not to exercise the early redemption option for its convertible bonds, while Tongguang Cable also announced it would not redeem its bonds early and plans to redeem them at maturity [6].