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Core Viewpoint - Guanghui Automotive's announcement regarding the acquisition of "Huiche Debt" is seen as a limited self-rescue measure amid its debt crisis, representing another clear case of small-scale cash repayment in the delisted convertible bond market [2][5]. Group 1: Acquisition Details - The company plans to acquire the bonds held by bondholders at a price of 100.47 yuan per bond, with a maximum purchase limit of 100 bonds per account, allowing for a maximum payout of 10,047 yuan per account [2][4]. - As of November 3, 2025, the remaining principal amount of "Huiche Debt" is 1.885 billion yuan, with 62,700 bondholders, of which 62,200 have confirmed their holdings, accounting for approximately 99.58% of the total remaining bonds [4]. - The acquisition will require consent from the relevant bondholders, and those who do not explicitly agree will not have their bonds purchased [5]. Group 2: Debt Restructuring Strategy - The company has disclosed a long-term plan for debt disposal, which includes cash repayment at a discount to face value, stock repayment, trust debt settlement, and extending the maturity of the bonds [5]. - The company aims to prioritize the interests of small investors to reduce the number of bondholders and alleviate future debt restructuring pressures [5]. - After the acquisition, the company's unrestricted cash will decrease, potentially impacting its debt repayment capacity [5]. Group 3: Market Implications - Small-scale cash repayment is intended to restore credit gaps and is viewed as a strategy to gain support from numerous small bondholders, thereby increasing the likelihood of passing the restructuring plan [7]. - Historical cases show that small bondholders often receive full repayment, while larger amounts may be treated differently under restructuring plans [7]. - The credit rating of convertible bonds is becoming increasingly significant, with lower-rated bonds facing potential sell-offs as the overall credit risk in the convertible bond market rises [8].