又一批！最后交易日，请注意转股

Core Viewpoint - A significant number of convertible bonds are approaching their last trading day, with over 10 expected in December, leading to potential price suppression and risks related to forced redemption for investors [1][2][4]. Group 1: Convertible Bonds Overview - Multiple convertible bonds are set to reach their last trading day, including Hongfa Convertible Bond, Mingdian Convertible Bond 02, and Guocheng Convertible Bond on December 8, followed by others like Ying 19 Convertible Bond and Ceihui Convertible Bond on December 9 [2]. - As of December, the total number of convertible bonds entering their last trading day has increased significantly, with more than 10 expected [2]. - After the last trading day, there are several days available for conversion; unconverted bonds will be forcibly redeemed at a specified price [2][3]. Group 2: Redemption and Market Performance - Convertible bonds are categorized into two scenarios: early redemption due to conditional redemption clauses and maturity for repayment and delisting [3]. - Many convertible bonds have experienced price declines as they approach their last trading day, with some, like Guocheng Convertible Bond and Limin Convertible Bond, seeing cumulative declines exceeding 10% in December [4]. - The average price change for the convertible bonds entering their last trading day in December is -0.12%, with a median change of -0.65%, underperforming the overall market represented by the Zhongzheng Convertible Bond Index, which rose by 0.48% during the same period [4]. Group 3: Investor Considerations - Forced redemption remains a primary exit strategy for convertible bonds, relieving companies from interest and principal repayment pressures [4]. - Investors must be cautious as failure to convert or sell before the deadline can lead to significant losses, particularly for those who purchased bonds at a high premium [4][5]. - For instance, the current price of Guocheng Convertible Bond is 180.151 yuan per share, with a redemption price of 100.82 yuan per share, indicating a potential loss exceeding 40% for investors who do not convert before the deadline [5].