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Core Viewpoint - The article discusses the increasing use of convertible bonds as a payment method in mergers and acquisitions, particularly in the technology sector, highlighting their advantages in terms of flexibility, risk management, and alignment of interests between acquiring and target companies [1][2][3]. Group 1: Convertible Bonds in M&A - The Shanghai Chip导电子科技股份有限公司 is progressing with the acquisition of Shanghai Shunlei Technology Co., Ltd. through convertible bonds and cash payments [1]. - Since the China Securities Regulatory Commission's policy announcement in September last year, 14 A-share companies have incorporated convertible bonds into their M&A strategies, with 8 of these companies from the information technology sector [1]. - The characteristics of convertible bonds align well with the high capital demands and long cycles of the technology industry, providing a financing method that alleviates short-term cash flow pressures while supporting long-term strategic investments [1][3]. Group 2: Advantages of Convertible Bonds - Using convertible bonds allows acquirers to avoid large upfront cash payments, distributing payment pressure over time while ensuring sufficient liquidity for R&D and operations [2]. - Convertible bonds do not immediately dilute existing equity before conversion, helping maintain stability in ownership and control, which is crucial for technology firms reliant on core talent [2]. - The "shared benefits" mechanism of convertible bonds transforms the relationship between acquirers and targets into a long-term partnership, incentivizing key personnel to remain and reducing the risk of losing critical technology [2]. Group 3: Risk Mitigation - The dual nature of convertible bonds provides effective risk buffering, offering a guaranteed return through principal and interest, which is vital in the rapidly changing technology sector [3]. - The potential for future value realization through stock price appreciation without additional cash payments enhances the attractiveness of convertible bonds for acquirers [3]. - The inherent flexibility of convertible bonds makes them appealing to market investors, providing stable funding support for technology-related M&A transactions [3]. Group 4: Future Outlook - Convertible bonds are increasingly becoming a key payment tool for listed companies, especially in the technology sector, as they navigate mergers and acquisitions [3]. - With the ongoing market-oriented reforms in M&A, convertible bonds are expected to play a central role in more restructuring transactions across emerging industries [3].