SPD BANK(SH:600000) Nan Fang Du Shi Bao·2025-10-28 04:36Core Insights - The high conversion rate of SPDB convertible bonds, reaching 99.67%, reflects investor confidence in the bank's profitability and future development [2][3] - Following the delisting of SPDB convertible bonds, only six bank convertible bonds remain in the market, most with conversion rates below 1% [2][7] Group 1: SPDB Convertible Bonds - SPDB convertible bonds were issued in 2019 with a total amount of 50 billion yuan, and the last trading day was October 22, 2025 [3] - As of the day before delisting, the remaining balance of SPDB convertible bonds was only 163.78 million yuan, accounting for 0.33% of the total issuance [3] Group 2: Support from Major Shareholders - The high conversion rate is supported by major shareholders and Asset Management Companies (AMCs), with significant conversions occurring this year [4] - China Mobile, the second-largest shareholder, has conducted multiple large-scale conversions, increasing its shareholding to 18.18% [4] Group 3: Capital Adequacy Improvement - The funds raised from the convertible bonds will be used to support the bank's future business development and enhance its core Tier 1 capital adequacy ratio [5] - As of June, SPDB's core Tier 1 capital adequacy ratio was 8.91%, below the industry average of 10.93% [5] - If all convertible bonds are converted, the core Tier 1 capital adequacy ratio is expected to increase by 0.5 percentage points to 9.41% [5][6] Group 4: Challenges in the Convertible Bond Market - Currently, only six bank convertible bonds remain, with most having conversion rates below 1%, indicating a challenging market environment [7] - The low conversion rates are attributed to the dual challenges of "trading below net asset value" and "high conversion prices," which discourage investor participation [7]