SPD BANK(SH:600000) Zhong Guo Zheng Quan Bao·2025-10-22 04:50Core Viewpoint - The Shanghai Pudong Development Bank (SPDB) convertible bonds are set to cease trading on October 23, with the final conversion date on October 27, and redemption of principal and interest scheduled for October 28 at 110 CNY per bond [4][6]. Group 1: Trading and Redemption Details - The last trading day for SPDB convertible bonds is October 22, after which they will stop trading on October 23 [4][6]. - The final conversion date for the bonds is October 27, allowing holders to convert their bonds into company stock before the trading halt [4][6]. - The total redemption amount for the bonds is set at 110 CNY per bond, with funds to be distributed on October 28 [6]. Group 2: Conversion Activity - As of October 17, China Mobile converted 18.15 million SPDB convertible bonds into 150 million shares, increasing its shareholding from 17.80% to 18.15% [6]. - Prior to this, two asset management companies (AMCs) also converted their holdings into SPDB shares, indicating a trend of increasing conversion activity as the bonds approach maturity [6]. Group 3: Market Impact - Following the maturity of SPDB convertible bonds, the total number of bank convertible bonds in the market will decrease to six, with the overall scale dropping below 100 billion CNY [9]. - The exit of multiple bank convertible bonds from the market is expected to impact institutional investors' asset allocation, as these bonds are traditionally a core holding for fixed-income funds [9]. - Analysts suggest that the reduction in supply of bank convertible bonds may lead to a restructuring of the market and a revaluation of these assets, as they become scarcer [9].