Core Viewpoint - The significant purchase of over 11.78 million shares of SPDB convertible bonds by Xinda Securities, amounting to over 11.78 billion yuan, raises questions about the potential resolution of SPDB's convertible bond conversion issues before maturity [2][4][6]. Group 1: Investment Activity - Xinda Securities' asset management plan, Xinfeng No. 1, has cumulatively increased its holdings of SPDB convertible bonds to 11,785,249 shares, representing 23.57% of the total issuance [2][4]. - The total face value of the purchased convertible bonds is approximately 11.785 billion yuan, with a market value of around 13.252 billion yuan based on the latest closing price [4]. Group 2: Bond Performance - The SPDB convertible bonds have shown a price increase of 3.17% year-to-date, closing at 112.451 yuan [5]. - The bonds, issued on October 28, 2019, have a total issuance of 50 billion yuan and are set to mature in four months, with a redemption price of 110 yuan [5]. Group 3: Implications for SPDB - If the convertible bonds are not converted before maturity, SPDB will need to redeem them, with the current bond balance at approximately 49.997 billion yuan, indicating minimal conversion activity [6]. - The substantial increase in holdings by Xinda Investment, a subsidiary of China Cinda, may be aimed at assisting SPDB in addressing its convertible bond conversion challenges [6].