科创可转债的推出如何影响可转债市场

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The birth of science - innovation convertible bonds is an important institutional innovation for the bond market to serve technological innovation. They are not a simple replacement for the traditional convertible bond market but create a more precisely positioned segment within the market, presenting a co - existence pattern of complementarity and stratification. In the short term, science - innovation convertible bonds will not directly impact the traditional market, but in the long run, as their issuance becomes normalized and the growth logic is verified, they are expected to form a multi - level capital market pattern with traditional convertible bonds, each serving different stages of enterprises' life cycles [22]. 3. Summary According to the Directory 3.1 Introduction - In 2025, the construction of the "technology board" in the Chinese bond market was crucial. In May, the Shanghai, Shenzhen, and Beijing stock exchanges encouraged the setting of innovative terms such as convertible to equity. In October, the Shanghai Stock Exchange accepted the issuance applications of the first batch of science - innovation convertible bond projects. Subsequently, the convertible bonds of Zhishengxin Electronics and Gangyan Function were successfully listed, marking the official entry of science - innovation convertible bonds into the market practice stage. The birth of science - innovation convertible bonds is due to the financing difficulties of technology - based enterprises and the problems faced by equity investment institutions. It provides a market - based solution through the combination of "science - innovation bonds + conversion terms" [9][10]. 3.2 Dislocation Development, Complementarity Greater than Substitution - From the perspective of market stratification, science - innovation convertible bonds and traditional convertible bonds form a clear dislocation development pattern. The issuing subjects of the first batch of science - innovation convertible bonds are non - listed private science - innovation enterprises, serving "earlier, smaller, and newer" science - innovation entities. In terms of product design, traditional convertible bonds are standardized public - offering products with homogeneous issuance terms and the conversion price anchored to the secondary - market stock price. In contrast, science - innovation convertible bonds are mainly privately issued with highly flexible terms. The different product attributes lead to different investor groups. Traditional convertible bonds attract a diverse group of investors, while science - innovation convertible bonds are mainly subscribed by professional institutions [12][13][14]. 3.3 From "Gambling on Stock Prices" to "Investing in Growth" - In the pricing mechanism, science - innovation convertible bonds introduce a new valuation mechanism from "gambling on stock prices" to "investing in growth". Traditional convertible bonds' conversion value is anchored to the secondary - market stock price, while science - innovation convertible bonds break the "stock - price anchoring" pricing loop. Their conversion conditions are linked to non - price factors such as the enterprise's operating performance, audit progress, and IPO process. The innovation in the pricing mechanism is mainly reflected in two aspects: the conversion price is anchored to the enterprise value, and the conversion trigger conditions are linked to the operating conditions. This "growth - based pricing" mechanism may have a profound impact on the pricing logic of the traditional convertible bond market [15]. 3.4 Possibility of Hidden Diversion - In the short term, science - innovation convertible bonds have little impact on the large - scale traditional market, but there is a possibility of "hidden diversion" in the long term. The scale of science - innovation convertible bonds is currently small, while the traditional convertible bond market has a large stock and high liquidity. However, the science - innovation bond ETF market is expanding rapidly. Once the issuance of science - innovation convertible bonds becomes normal, they can obtain liquidity support through the science - innovation bond ETF and market - making mechanism, and may compete with traditional convertible bonds for funds pursuing "high - tech growth". If the "growth - based gambling" of science - innovation convertible bonds is successful, it may lead to a hidden migration of funds [19]. 3.5 Science - Innovation Convertible Bonds Promote the Closed - Loop of Full - Life - Cycle Financing for Technological Innovation - Science - innovation convertible bonds are building a full - life - cycle financing closed - loop for technological innovation. They provide diversified exit options for equity investment institutions other than IPO, solving the long - standing "exit difficulty" problem in the venture - capital industry. The more flexible terms of science - innovation convertible bonds provide three exit options: holding the bond to maturity, converting the bond into equity, and transferring the bond. This flexible design is in line with the functional positioning of equity investment institutions and is expected to start a virtuous cycle of "raising, investing, managing, and exiting" for technology enterprises. From a macro perspective, science - innovation convertible bonds and traditional convertible bonds will form a multi - level capital market pattern, each serving different life - cycle stages of enterprises [20][21]. 3.6 Conclusion - The birth of science - innovation convertible bonds is an important institutional innovation. They are not a simple substitute for the traditional convertible bond market but will co - exist in a complementary and stratified pattern. They fill the institutional gap in the equity - debt combined financing of non - listed technology enterprises and introduce a new pricing mechanism. In the short term, they will not directly impact the traditional market, but in the long term, they are expected to form a multi - level capital market pattern with traditional convertible bonds. Although they are in the initial stage, their long - term impact is worthy of continuous observation and in - depth research [22].