Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report's Core View The report regularly tracks the latest private exchangeable bond (Private EB) project information from public channels, including basic elements such as issuance scale, underlying stocks, and project status. It emphasizes that the issuance terms and processes may change, and the final prospectus should be referred to. The latest update shows that the private exchangeable bond project of Hangzhou Iron & Steel Group Co., Ltd. in 2025 has been approved by the exchange [1]. 3. Summary by Related Catalog - **New Project Information**: Last week (20251103 - 20251107), the private exchangeable bond project of Hangzhou Iron & Steel Group Co., Ltd. in 2025 was approved by the exchange, with a proposed issuance scale of 1 billion yuan, and the underlying stock is Hangzhou Steel Co., Ltd. (600126.SH), and the lead underwriter is Zheshang Securities. The exchange updated the information on November 7, 2025 [1]. - **Project Status Table**: The table lists the status of multiple private exchangeable bond projects, including approved projects such as those of Yingfeng Group Co., Ltd. and Guangdong Guangxin Holdings Group Co., Ltd., and projects in the feedback stage such as those of Guangdong Shengyi Technology Co., Ltd. and New Hope Group Co., Ltd., as well as an accepted project of Strait Innovation Internet Co., Ltd. [3]

Group 1 - Shenzhen Huaqiang (000062.SZ) reported its semi-annual results for 2025, with 10 institutional investors holding a total of 754 million shares, representing 72.13% of the total share capital [1] - The top ten institutional investors include Shenzhen Huaqiang Group Co., Ltd., various trust accounts, and major financial institutions, with their combined holding ratio increasing by 0.26 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two new public funds were disclosed this period, including Southern CSI 500 ETF and Su Xin CSI 500 Enhanced A, while five public funds were not disclosed compared to the previous quarter [2] - Foreign investment sentiment showed a slight decrease, with one foreign fund, Hong Kong Central Clearing Limited, reducing its holdings, while one new foreign institution, Goldman Sachs International - proprietary funds, was disclosed [2]

Group 1 - The core point of the announcement is the completion of the release of guarantees and trust registration for the convertible bonds issued by the controlling shareholder, Shenzhen Huaqiang Group, which occurred on July 8, 2025 [1][2] - The convertible bonds, named "23 Huaqiang E1," were issued on June 16, 2023, with a total of 56,707,320 shares pledged as collateral for the bondholders [1][2] - After the release of the guarantee, Huaqiang Group holds a total of 727,888,840 shares in the company, representing 69.59% of the total share capital, with no restrictions or freezes on these shares [2] Group 2 - Prior to the release, Huaqiang Group had registered a total of 275,843,689 shares as collateral, which decreased to 219,136,369 shares post-release, accounting for 30.11% of its total holdings and 20.95% of the company's total share capital [2] - The announcement confirms that the company and its board ensure the accuracy and completeness of the disclosed information, with no false records or misleading statements [1][3]

Core Viewpoint - Shenzhen Huaqiang Group has completed the release of guarantees and trust registration related to its non-public issuance of exchangeable bonds, indicating a significant step in its financial management and capital structure [1][2]. Group 1 - On June 16, 2023, Huaqiang Group issued the first phase of exchangeable bonds (code "117207") and placed 56,707,320 shares as collateral in a dedicated account for bondholders [1]. - As of July 8, 2025, Huaqiang Group has transferred back 56,707,320 shares to its own securities account after completing the release of guarantees and trust registration [2]. - The total number of shares released from guarantee and trust registration from June 8, 2023, to July 8, 2025, was 31,707,320 shares, representing 4.36% of the shares held by Huaqiang Group and 3.03% of the total share capital [2]. Group 2 - As of the announcement date, Huaqiang Group holds 727,888,840 shares, all of which are unrestricted circulating shares, accounting for 69.59% of the total share capital [2]. - Prior to the release of guarantees and trust registration, Huaqiang Group had registered a total of 275,843,689 shares under guarantee and trust, which decreased to 219,136,369 shares after the release, representing 30.11% of its total holdings and 20.95% of the total share capital [2].

Group 1 - The announcement details the completion of the collateral and trust registration for the second phase of the privately placed exchangeable bonds issued by Shenzhen Huaqiang Group Co., Ltd. [2] - The collateral involves 112,000,000 unrestricted circulating shares held by the controlling shareholder, which will be used to guarantee the exchange of shares and repayment of the bond principal and interest [2][4] - As of the announcement date, Huaqiang Group holds a total of 727,888,840 shares, representing 69.59% of the company's total share capital [2][4] Group 2 - Prior to this registration, Huaqiang Group had already registered a total of 275,843,689 shares as collateral, which accounts for 37.90% of its total holdings and 26.37% of the company's total share capital [4] - The trust registration will be managed by Jinyuan Unified Securities Co., Ltd., which will act as the nominal holder of the shares without charging additional fees [4] - The actions taken for the issuance of the exchangeable bonds will not result in a change of actual control of the company [4]

Core Viewpoint - Shenzhen Huaqiang Group plans to issue non-public exchangeable bonds with a total scale not exceeding RMB 24 billion, with the first phase expected to raise up to RMB 17 billion [1][2]. Group 1: Bond Issuance Details - The bond issuance will be conducted in phases, with the first phase expected to raise up to RMB 17 billion [2]. - The bonds will be secured by 112 million shares of the company held by Huaqiang Group, which will be placed in a dedicated trust account for the bondholders [2]. Group 2: Shareholding Information - As of the announcement date, Huaqiang Group holds 727,888,840 shares, accounting for 69.59% of the company's total share capital [3]. - The shares intended for the trust account represent 15.39% of Huaqiang Group's total holdings and a corresponding percentage of the company's total share capital [3].

Core Viewpoint - Shenzhen Huaqiang Group plans to issue a non-public exchangeable bond for professional investors, with a total face value of up to RMB 2.4 billion, and the first phase expected to raise no more than RMB 700 million [2][3]. Group 1: Bond Issuance Details - The bond issuance will be secured by 46 million shares of Shenzhen Huaqiang held by Huaqiang Group, representing 6.32% of the company's total shares and 4.40% of the total share capital [2][3]. - The shares will be placed in a trust account managed by Jinyuan Unified Securities, which will act as the nominal holder for the bondholders [2][5]. - The total shares held by Huaqiang Group amount to 727,888,840, accounting for 69.59% of the company's total share capital [3]. Group 2: Previous Guarantees and Trust Registrations - Prior to this registration, Huaqiang Group had already registered a total of 163,843,689 shares as guarantees, which is 22.51% of its total holdings and 15.67% of the company's total share capital [3]. - The trust registration will not lead to any change in the actual control of the company [5].

Group 1 - The core announcement is about Shenzhen Huaqiang Group's plan to issue non-public exchangeable bonds, with a total issuance scale not exceeding RMB 2.4 billion [1][2] - The first phase of the bond issuance is expected to be up to RMB 700 million [2] - The bonds will be secured by 46 million shares of the company held by Huaqiang Group, which will be placed in a dedicated trust account for the bondholders [2][3] Group 2 - As of the announcement date, Huaqiang Group holds a total of 727,888,840 shares in the company, with a portion held in trust accounts [3] - The shares in trust accounts represent 6.32% of Huaqiang Group's total holdings and 4.40% of the company's total share capital [3] - The company will comply with regulatory requirements and disclose the completion of the trust registration and subsequent matters related to the bond issuance [3]