SPD BANK(SH:600000) Di Yi Cai Jing·2025-10-15 12:52Core Viewpoint - The market is closely monitoring the conversion and repayment situation of Shanghai Pudong Development Bank's (SPDB) 50 billion yuan convertible bonds, with significant institutional support for the conversion process [1][2][3] Summary by Sections Convertible Bond Conversion - On October 13, SPDB announced that China Mobile converted 56.31 million SPDB convertible bonds into 450 million ordinary shares at a price of 12.51 yuan per share, increasing its shareholding from 17.00% to 18.18% [1] - In June, a single asset management plan managed by Cinda Securities converted approximately 118 million SPDB convertible bonds, accounting for 23.57% of the total issuance, becoming one of SPDB's top ten shareholders [1][2] - As of September 30, Oriental Asset Management and its concerted parties increased their stake to 3.44% through market purchases and bond conversions, becoming the fifth-largest shareholder [1][2] Market Reactions and Stock Performance - SPDB's stock price has seen a continuous rise in October, with a 5.66% increase on October 13, closing at 12.51 yuan per share, which is the adjusted conversion price for the bonds [2][3] - The stock price must rise above 13.82 yuan per share to trigger mandatory redemption, while the strong redemption price is approximately 16.27 yuan per share, indicating challenges in achieving these price levels [3] Institutional Support and Capital Strength - Analysts suggest that the recent increase in shareholding by major institutions may alleviate the repayment pressure of SPDB's convertible bonds [3] - If the bonds convert successfully, SPDB's core Tier 1 capital ratio could improve to about 9.39%, enhancing its capital strength for future business expansion [3][4] Historical Context and Comparisons - The involvement of China Mobile and other institutions in SPDB's bond conversion process is reminiscent of the "Everbright Model," where large asset management companies (AMCs) assist banks in managing convertible bond pressures [5][6] - Similar cases have been observed where AMCs have taken significant stakes in banks, providing financial support through bond conversions and market purchases [6][7]