QILU BANK(SH:601665) Zhong Guo Zheng Quan Bao·2025-08-07 15:25Core Points - Qilu Bank's convertible bond (Qilu Convertible Bond) will be redeemed early, with the last trading day on August 8 and delisting on August 14 [1][2] - As of August 7, the market price of Qilu Convertible Bond was 123.69 CNY per share, significantly higher than the redemption price of 100.71 CNY per share, indicating a potential loss of approximately 19% for investors who do not convert or sell in time [1][2] - The bond was originally set to mature in 2028 but triggered the early redemption clause due to the underlying stock price rising above 130% of the conversion price for 15 trading days [2][3] Company Summary - Qilu Bank's stock price has increased nearly 16% year-to-date as of August 7, contributing to the bond's early redemption [2][3] - The unconverted balance of Qilu Convertible Bond is 453 million CNY, with an unconverted ratio of 5.67% [2] - The bank has warned investors about the significant potential losses if they fail to convert or sell their bonds within the specified timeframe [2] Industry Context - This year, five bank convertible bonds have triggered early redemption clauses, indicating a trend in the banking sector [3] - The Shanghai Securities Index for the banking sector has risen over 14% this year, with several banks experiencing substantial stock price increases, such as Pudong Development Bank (40%) and Agricultural Bank (30%) [3] - Convertible bonds are viewed as an important tool for banks to supplement core Tier 1 capital, with advantages including easier issuance and lower financing costs [3][4]