证券时报·2025-10-29 11:43Core Viewpoint - Several convertible bonds are experiencing significant declines as they approach their last trading days, highlighting the importance of understanding the details and investment risks associated with these bonds [1][2]. Summary by Sections Convertible Bond Performance - Tongguang Convertible Bond fell by 5.29% on October 29, following a 16.06% drop on October 28, marking four consecutive days of decline. October 29 is its last trading day, with forced redemption at 113 RMB per bond if not converted by November 3, leading to a potential loss of 6.3% based on the closing price of 120.602 RMB [3][4]. - Fushi Convertible Bond closed at 137.805 RMB, down approximately 17% from its historical high in September. It also has its last trading day on October 29, with forced redemption at 100.19 RMB per bond, resulting in a potential loss of 27.30% if not converted [4]. - Changji Convertible Bond has been declining since an early redemption announcement on October 14, with a current price of 117.358 RMB. If not redeemed by November 3, it will be redeemed at 101.151 RMB, leading to a potential loss of 13.81% [5]. - Enjie Convertible Bond has dropped 20.58% from its October high of 160.8 RMB, currently priced at 127.714 RMB. If not converted by the last trading day on October 30, it will be redeemed at 101.44 RMB, resulting in a loss of 20.57% [5]. Market Trends - Despite the overall decline in many convertible bonds, some have shown resilience and even increased in value due to the strong performance of the equity market [6]. Important Considerations - Investors holding convertible bonds nearing their last trading days should consider options such as selling, waiting for redemption, or converting to stocks. Companies typically remind bondholders to convert before trading stops [8]. - For convertible bonds issued by companies on the ChiNext board, investors must have the appropriate trading permissions to convert their bonds into stocks, highlighting the risk of being unable to convert [8]. - Upcoming convertible bonds entering their last trading days include Niutai Convertible Bond on October 30, Chunqiu Convertible Bond on November 3, Sheng24 Convertible Bond on November 10, Chenfeng Convertible Bond on November 17, and Hengbang Convertible Bond on November 24 [8].