SPD BANK(SH:600000) 券商中国·2025-06-30 23:21Core Viewpoint - The rapid conversion of convertible bonds into common stock by Xinda Investment in Shanghai Pudong Development Bank (SPDB) reflects a new trend in managing convertible bond maturity pressures, similar to the "Everbright model" [10][11]. Group 1: Convertible Bond Conversion - On June 27, Xinda Investment converted nearly 118 million SPDB convertible bonds into approximately 912 million shares of common stock [1][3]. - The total share capital of SPDB increased to approximately 30.264 billion shares, with Xinda Investment holding about 3.01% of the total shares, entering the top ten shareholders [2][7]. - The conversion process took only three days, highlighting the efficiency of the transaction [2][3]. Group 2: Background of Convertible Bonds - SPDB issued 500 billion yuan worth of convertible bonds in October 2019, with a maturity of six years [5]. - As of March 2023, only 144,000 yuan worth of SPDB convertible bonds had been converted, indicating a conversion rate of only 0.0029% [6]. Group 3: Market Context and Trends - The "Everbright model" involves strategic shareholders converting bonds to alleviate maturity repayment pressures, especially when the underlying stock performs poorly [10]. - Previous cases, such as Everbright Bank's bond conversion by China Huarong, demonstrate the effectiveness of this strategy in reducing repayment burdens and enhancing core capital [11][13]. - The current market conditions show a high demand for bank convertible bonds due to their strong credit quality and risk resistance, despite a stagnation in new issuances since 2023 [17].