QILU BANK(SH:601665) Zhong Guo Zheng Quan Bao·2025-08-07 15:24Core Points - Qilu Bank's convertible bond (Qilu Convertible Bond) will be delisted from the Shanghai Stock Exchange on August 14, following its last trading day on August 8 and last conversion day on August 13 [2][3] - 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 [2][3] - The bond was originally set to mature in 2028 but was triggered for early redemption due to the underlying stock price rising, with the stock closing above 130% of the conversion price for 15 trading days between June 3 and July 4 [3] Market Context - This year, five bank convertible bonds have triggered early redemption clauses, reflecting a broader trend in the banking sector [4] - The Shenwan Primary Bank Index has risen over 14% this year, with several banks, including Pudong Development Bank and Agricultural Bank, seeing significant stock price increases [4] - Two bank convertible bonds are set to mature this year, with the Citic Convertible Bond already delisted in March and the Pudong Convertible Bond expected to be delisted in October [5] Capital Implications - Bank convertible bonds are viewed as an important tool for capital replenishment, offering advantages such as easier issuance and lower financing costs [5] - Following the conversion of Qilu Convertible Bond, it is estimated that Qilu Bank's core Tier 1 capital adequacy ratio will reach 11.62% by 2025, an increase of 0.87 percentage points from 2024 [5]