广汇汽车，小额刚兑！

Core Viewpoint - Guanghui Automotive announced a cash acquisition of "Huiche Debt" bonds, seen as a limited self-rescue amid debt difficulties, representing a clear small-scale repayment case in the delisted convertible bond market [1] Group 1: Acquisition Details - The company plans to acquire bonds at a price of 100.47 yuan per bond, with a maximum of 100 bonds per account, allowing for a maximum payout of 10,047 yuan per account [1][2] - As of November 3, 2025, the remaining principal of "Huiche Debt" is 1.885 billion yuan, held by approximately 62,700 bondholders, with 99.58% of the bonds confirmed [2] - The acquisition requires consent from bondholders; those who do not agree will not have their bonds purchased [3] Group 2: Debt Restructuring Strategy - The acquisition aims to protect small investors' interests, reduce the number of bondholders, and alleviate future debt restructuring pressures [3] - The company disclosed a long-term debt disposal plan, including cash repayment at a discount, stock repayment, trust debt settlement, and extension of debt [3] - The acquisition will reduce the company's non-restricted cash and available assets, potentially impacting its debt repayment capacity [3] Group 3: Market Implications - Small-scale repayment is intended to restore credit gaps and is seen as a strategy to gain support from numerous small bondholders, thereby increasing the likelihood of successful restructuring plans [4] - Historical cases show that small bondholders often receive full repayment, while larger amounts may be treated differently [4] - The report indicates that credit ratings will play a more significant role in convertible bond investments, with increased focus on the quality of bonds post-implementation of the comprehensive registration system [5]