“光大模式”再现，信达超百亿转股浦发银行

Core Viewpoint - The article discusses the significant investment by Xinda Investment, a subsidiary of China Xinda, in converting a large amount of convertible bonds into shares of Shanghai Pudong Development Bank (SPDB), highlighting a trend among state-owned asset management companies to convert bonds into equity to mitigate financial risks [2][9]. Group 1: Investment Details - Xinda Investment purchased 1.18 billion yuan worth of SPDB convertible bonds and subsequently converted them into SPDB shares at a premium [2][5]. - The conversion involved 117,852,490 bonds, which accounted for 23.57% of the total issuance of SPDB convertible bonds [8]. - After the conversion, Xinda Investment holds approximately 3.01% of SPDB's total shares, increasing the total share capital of SPDB to 30,264,497,406 shares [9]. Group 2: Market Context - On June 30, SPDB's stock price rose by 2.44%, while the price of the convertible bonds increased slightly by 0.31%, indicating a positive market reaction [3][10]. - The conversion occurred while the convertible bonds had a premium rate of 7.17%, which later decreased to 4.95% after the stock price adjustment [9][10]. Group 3: Historical Context - This event mirrors a previous instance where China Huarong, another state-owned asset management company, invested over 100 billion yuan in Everbright Bank's convertible bonds before converting them into equity, thus becoming a strategic investor [9].