广汇汽车，小额刚兑

Core Viewpoint - Guanghui Automotive's announcement regarding the acquisition of "Huiche Debt" is seen as a limited self-rescue measure amid its debt crisis, representing another clear case of small-scale cash repayment in the delisted convertible bond market [1] Group 1: Acquisition Details - The company plans to acquire the "Huiche Debt" held by bondholders at a price of 100.47 yuan per bond, with a maximum purchase limit of 100 bonds per account, allowing for a maximum payout of 10,047 yuan per account [1][3] - As of November 3, 2025, the remaining principal amount of "Huiche Debt" is 1.885 billion yuan, with 62,700 bondholders, of which 62,200 have confirmed their holdings, accounting for approximately 99.58% of the total remaining bonds [3] - The acquisition will only proceed with the consent of the relevant bondholders; those who do not explicitly agree will not have their bonds purchased [4] Group 2: Debt Restructuring Strategy - The acquisition aims to prioritize the interests of small investors, reduce the number of bondholders, and alleviate future debt restructuring pressures [4] - The company has disclosed a long-term debt disposal plan, which includes cash repayment at a discount to face value, stock repayment, trust debt settlement, and extending the maturity of the bonds [4] - The acquisition will use the company's own funds, which may reduce its available cash and assets for debt servicing, potentially impacting its debt repayment capacity [4] Group 3: Market Implications - Small-scale cash 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 [6] - Historical cases show that small bondholders often receive full repayment, while larger amounts may be treated differently, indicating a trend towards protecting smaller investors during corporate restructuring [6] - The overall credit risk in the convertible bond market is expected to rise, with a focus on the quality of the underlying assets and investor protection mechanisms becoming increasingly important [7]