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航天宏图: 关于不向下修正“宏图转债”转股价格的公告
Zheng Quan Zhi Xing· 2025-06-19 10:43
Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds despite triggering conditions for a downward adjustment, reflecting confidence in its long-term development and intrinsic value [5]. Convertible Bond Issuance and Trading - The company issued 10.088 million convertible bonds on November 28, 2022, with a total fundraising amount of RMB 1,008.80 million, and a net amount of RMB 991.37 million after expenses [1]. - The bonds began trading on the Shanghai Stock Exchange on December 22, 2022, with an initial conversion price set at RMB 88.91 per share [2]. Conversion Price Adjustment - The conversion price was adjusted downward from RMB 62.98 to RMB 40.94 per share on February 13, 2025, due to the stock price falling below the stipulated threshold [3]. - The company has a mechanism in place for adjusting the conversion price if the stock price remains below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [4]. Decision on Price Adjustment - As of June 19, 2025, the stock price had indeed triggered the conditions for a downward adjustment of the conversion price [4]. - However, the board of directors, after considering various factors, voted unanimously to not proceed with the downward adjustment, maintaining the current conversion price for at least one month [5].
起帆电缆: 起帆电缆关于不向下修正“起帆转债”转股价格的公告
Zheng Quan Zhi Xing· 2025-06-19 10:00
Group 1 - The company announced that it will not adjust the conversion price of its convertible bonds, "起帆转债" [5][7] - The initial conversion price was set at 20.53 yuan per share, which has been adjusted multiple times due to stock incentive plans and profit distributions, with the latest price being 19.59 yuan per share [2][3][4] - The board of directors decided not to exercise the downward adjustment of the conversion price despite triggering conditions being met, citing confidence in the company's long-term development and market conditions [6][7] Group 2 - The convertible bonds were issued on May 24, 2021, with a total amount of 1 billion yuan and a maturity of 6 years, featuring a tiered interest rate structure [1] - The bonds were listed on the Shanghai Stock Exchange on June 17, 2021, under the code "111000" [1] - The next period for potential downward adjustment of the conversion price will start from June 20, 2025, if the conditions are triggered again [5][7]
起帆电缆: 起帆电缆第三届董事会第三十七次会议决议公告
Zheng Quan Zhi Xing· 2025-06-19 09:54
Group 1 - The board of directors of Shanghai Qifan Cable Co., Ltd. held its 37th meeting on June 19, 2025, with all 9 directors present, confirming compliance with legal and procedural requirements [1][2] - The board reviewed and approved the proposal not to adjust the conversion price of the "Qifan Convertible Bonds" downwards, despite meeting the conditions for such an adjustment due to stock price performance [1] - The decision was made after considering the company's fundamentals, market conditions, and stock price trends, reflecting confidence in the company's long-term stable development and intrinsic value [1]
蓝帆医疗: 第六届董事会第二十四次会议决议公告
Zheng Quan Zhi Xing· 2025-06-19 09:54
Group 1 - The company held its 24th meeting of the 6th Board of Directors on June 19, 2025, via electronic communication, with all 8 directors participating [1] - The meeting confirmed that the company's stock had closed below 85% of the current conversion price for at least 15 out of the last 30 trading days, triggering the condition for downward adjustment of the "Lanfan Convertible Bonds" conversion price [1][2] - The Board proposed to adjust the conversion price of the "Lanfan Convertible Bonds" downward, which requires approval from the shareholders' meeting [2] Group 2 - The adjusted conversion price will not be lower than the higher of the average trading price over the 20 trading days prior to the shareholders' meeting and the trading price on the last trading day, and it must also not be lower than the latest audited net asset value per share and the par value of the stock [2] - If any of the aforementioned indicators exceed the current conversion price of 12.50 yuan per share at the time of the shareholders' meeting, no adjustment will be made [2] - The Board requested authorization from the shareholders' meeting to handle all matters related to the downward adjustment of the conversion price, including determining the new conversion price and effective date [2][3]
蓝帆医疗: 关于董事会提议向下修正蓝帆转债转股价格的公告
Zheng Quan Zhi Xing· 2025-06-19 09:45
Core Viewpoint - The company proposes to lower the conversion price of its convertible bonds, "蓝帆转债," due to the stock price falling below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [1][4]. Group 1: Convertible Bond Issuance and Adjustment - The total amount of the convertible bonds issued by the company is 314.404 million yuan, approved by the China Securities Regulatory Commission [1]. - The initial conversion price of "蓝帆转债" was set at 17.79 yuan per share, which was later adjusted to 18.64 yuan per share after the company repurchased and canceled 48,148,336 shares [2]. - The board of directors has decided to lower the conversion price to 12.50 yuan per share, effective from May 21, 2024 [3]. Group 2: Conditions for Price Adjustment - The adjustment of the conversion price is triggered when the company's stock price falls below 85% of the current conversion price for at least 15 trading days within a 30-day period [3][4]. - The adjusted conversion price must not be lower than the higher of the average stock price over the 20 trading days prior to the shareholders' meeting and the previous trading day's average price, as well as not lower than the latest audited net asset value per share and the par value of the stock [5]. Group 3: Shareholder Approval and Process - The proposal to adjust the conversion price requires approval from more than two-thirds of the voting rights held by shareholders present at the meeting, excluding those holding the convertible bonds [3][4]. - The company will publish the resolution of the shareholders' meeting, including the adjustment range, registration date, and any suspension of conversion [4].
正裕工业: 关于“正裕转债”赎回结果暨股份变动的公告
Zheng Quan Zhi Xing· 2025-06-19 09:45
Core Viewpoint - Zhejiang Zhengyu Industrial Co., Ltd. has triggered the conditional redemption clause for its convertible bonds due to the stock price exceeding 130% of the conversion price for 15 consecutive trading days, leading to the decision to redeem the bonds early [1][2]. Redemption Announcement - The company announced the early redemption of the "Zhengyu Convertible Bonds" at a price of 101.1644 CNY per bond, which includes accrued interest calculated based on a 2.50% annual interest rate over 170 days [2][3]. - The total amount to be redeemed is 510,879.59 CNY, covering 5,050 bonds, with the redemption date set for June 19, 2025 [3][4]. Conversion and Share Capital Changes - As of June 18, 2025, a total of 289,495,000 CNY of "Zhengyu Convertible Bonds" has been converted into 31,226,743 shares, representing 14.95% of the total shares before conversion [3][4]. - The total share capital increased to 240,033,268 shares after the conversion, with the number of shares held by major shareholders slightly diluted but not affecting control [4][5]. Impact on Company - The early redemption will not significantly impact the company's cash flow and is expected to enhance capital strength while reducing future interest expenses, supporting sustainable development [5].
中金岭南: 关于中金转债转股价格调整的公告
Zheng Quan Zhi Xing· 2025-06-19 09:44
Core Points - The company announced an adjustment to the conversion price of its convertible bonds, changing from RMB 4.38 per share to RMB 4.29 per share, effective June 26, 2025 [1][3] - The adjustment is due to the company's planned distribution of cash dividends, where shareholders will receive RMB 0.87 per 10 shares [3] Group 1 - The previous conversion price of the convertible bonds was RMB 4.38 per share [1] - The new conversion price after adjustment will be RMB 4.29 per share [1][3] - The adjustment date for the conversion price is set for June 26, 2025 [1][3] Group 2 - The company will distribute cash dividends to shareholders at a rate of RMB 0.87 per 10 shares, which is inclusive of tax [3] - The adjustment to the conversion price is in accordance with the regulations set forth in the company's bond issuance prospectus [1][3] - The company will disclose the details of the conversion price adjustment on the Shenzhen Stock Exchange and other designated media [2]
华辰转债:输配电及控制设备领域先锋
Soochow Securities· 2025-06-19 09:33
证券研究报告·固定收益·固收点评 固收点评 20250619 华辰转债:输配电及控制设备领域先锋 2025 年 06 月 19 日 [Table_Tag] [Table_Summary] 事件 观点 证券分析师 李勇 执业证书:S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 陈伯铭 执业证书:S0600523020002 chenbm@dwzq.com.cn 相关研究 《安克转债:消费电子出海龙头》 2025-06-17 《电化转债:动力电池锰系材料主供 2025-06-17 东吴证券研究所 1 / 11 请务必阅读正文之后的免责声明部分 商》 ◼ 华辰转债(113695.SH)于 2025 年 6 月 20 日开始网上申购:总发行规 模为 4.60 亿元,扣除发行费用后的募集资金净额用于新能源电力装备 智能制造产业基地建设项目(一期)、新能源电力装备数字化工厂建设 项目、补充流动资金。 ◼ 当前债底估值为 84.22 元,YTM 为 2.97%。华辰转债存续期为 6 年,联 合资信评估股份有限公司资信评级为 A+/A+,票面面值为 100 元,票面 ...
可转债周报:转债市场小幅承压,防御性板块占优-20250619
Changjiang Securities· 2025-06-19 08:41
丨证券研究报告丨 报告要点 [Table_Summary] 当周(2025 年 6 月 9 日–2025 年 6 月 14 日)可转债市场表现分化,日均成交额回升至 696.1 亿元,风格上大盘转债相对抗跌。估值端看,低价区间转债估值延续拉升,高价区受正股调整 影响估值压缩,资金偏好防御中寻找弹性。行业方面,有色金属、农林牧渔板块表现居前。个 券层面,短期表现领先者多具正股催化及主题博弈特征。一级市场方面,发行节奏整体平稳, 条款博弈持续活跃。整体来看,市场风格由主题偏好逐步向防御类低估值切换,配置上建议均 衡布局低估值顺周期方向与高评级大盘转债,关注结构性轮动中的阶段性机会。 分析师及联系人 [Table_Author] 赵增辉 熊锋 SAC:S0490524080003 SAC:S0490524120004 SFC:BVN394 请阅读最后评级说明和重要声明 固收资产配置丨点评报告 [Table_Title] 转债市场小幅承压,防御性板块占优 ——可转债周报 20250614 转债配置建议 ⚫ 优先布局估值安全边际高、票面结构稳健的大盘高评级转债,以对冲市场波动、获取稳健 收益;同时,适度参与中低价、高弹 ...
多只可转债信用评级被下调
证券时报· 2025-06-19 07:59
近期,可转债市场迎来评级调整密集期。 受业绩亏损、债务压力及行业政策冲击等多重因素影响,百畅转债、闻泰转债、普利转债等十余只可转债相继遭遇评级下调,引发市场对相关可转债信用风险的关 注。 业内人士指出,尽管当前可转债退市风险整体可控,但行业分化加剧与评级下调的"季节性规律"仍需警惕。 百畅转债等遭遇评级下调 6月18日,百川畅银发布公告称,公司近日收到中证鹏元资信评估股份有限公司(简称"中证鹏元")出具的《2023年河南百川畅银环保能源股份有限公司向不特定 对象发行可转换公司债券2025年跟踪评级报告》,中证鹏元将公司主体信用等级由"A+"调整为"A",百畅转债评级由"A+"调整为"A",评级展望为稳定。 中证鹏元表示,本次评级下调主要是基于公司2024年业绩亏损加剧和2025年一季度连续亏损,沼气发电业务面临项目可开发机会减少、填埋气不足、垃圾焚烧发 电替代、资产损失减值加大等风险,并需关注沼气发电上网电价补贴政策变动及公司的补贴款存在不能及时回收的风险;公司拟通过布局移动储能供热业务补亏, 但该业务的规模化拓展受制于资金压力,快速规模化发展尚需时间。此外,公司流动性风险高企,现金资产无法覆盖短期债务,短期 ...