SPD BANK(SH:600000) 券商中国·2025-10-28 23:33Core Viewpoint - The completion of the Shanghai Pudong Development Bank (SPDB) convertible bond conversion marks a significant milestone, with a total of 498.37 billion yuan converted into common shares, representing a conversion rate of 99.67% [2][5]. Summary by Sections Convertible Bond Issuance and Conversion - SPDB issued a total of 500 billion yuan in convertible bonds on October 28, 2019, with the conversion period starting on May 6, 2020 [4]. - As of October 27, 2023, 498.37 billion yuan of the convertible bonds had been converted into 3.954 billion shares, increasing the total share capital to approximately 333.06 billion shares [5]. Financial Impact - The conversion of the bonds is expected to enhance the bank's core Tier 1 capital by approximately 351 billion yuan, improving the core Tier 1 capital adequacy ratio by 0.5 percentage points to 9.4% [5]. - The dilution effect on earnings per share (EPS) and dividends per share (DPS) is estimated at about 9% for the second half of the year, with a cumulative dilution of approximately 13.5% from the total conversion [5]. Market Dynamics and Stakeholder Actions - The bank accelerated the conversion process in 2023, aided by improved performance and strategic market signals [8]. - Prior to the recent conversions, the bond's conversion rate was low, with 99.9971% of the bonds remaining unconverted as of March 2023 [9]. - Significant stakeholders, including China Mobile and Orient Asset, actively participated in the conversion process, with China Mobile increasing its holdings to 60.53 billion shares, representing an 18.18% stake in SPDB [10].