Core Viewpoint - The last conversion day for SPDB convertible bonds is October 27, 2023, with the bonds delisting from the Shanghai Stock Exchange on October 28, marking the largest convertible bond to delist this year, leaving only six bank convertible bonds in the market, with a total reduction of at least 90 billion yuan since the beginning of the year [2][6]. Group 1: Convertible Bond Details - SPDB convertible bonds were issued in November 2019 with a total size of 50 billion yuan and a six-year term, initially facing slow conversion due to the underlying stock's poor performance [3]. - As of October 27, 2023, the conversion rate reached 99.67%, with only 0.33% of the bonds remaining unconverted, significantly exceeding market expectations [2][5]. - The unconverted amount was 245.72 billion yuan as of September 30, 2023, representing 49.14% of the total issuance [3]. Group 2: Capital Support and Market Impact - Major investors, including China Mobile and China Orient Asset Management, have increased their stakes in SPDB through the conversion of convertible bonds, providing essential capital support [4][5]. - The conversion of these bonds is crucial for enhancing SPDB's core Tier 1 capital adequacy ratio, which stood at 8.91% as of June 30, 2023, thereby supporting business expansion and risk resilience [5]. - The delisting of SPDB convertible bonds reduces the number of bank convertible bonds in the market from 13 to 6, reflecting a significant contraction in the market size [6]. Group 3: Broader Market Context - The trend of convertible bonds in the banking sector has seen no new issuances in 2023, with several bonds exiting the market due to triggering early redemption clauses amid rising bank stock prices [6][7]. - The successful conversion of SPDB bonds is part of a broader strategy to strengthen banks' capital positions, as seen in previous cases like Everbright Bank, where significant conversions occurred just before bond maturity [7].

Core Insights - The high conversion rate of SPDB convertible bonds, reaching 99.67%, reflects investor confidence in the bank's profitability and future development [2][3] - Following the delisting of SPDB convertible bonds, only six bank convertible bonds remain in the market, most with conversion rates below 1% [2][7] Group 1: SPDB Convertible Bonds - SPDB convertible bonds were issued in 2019 with a total amount of 50 billion yuan, and the last trading day was October 22, 2025 [3] - As of the day before delisting, the remaining balance of SPDB convertible bonds was only 163.78 million yuan, accounting for 0.33% of the total issuance [3] Group 2: Support from Major Shareholders - The high conversion rate is supported by major shareholders and Asset Management Companies (AMCs), with significant conversions occurring this year [4] - China Mobile, the second-largest shareholder, has conducted multiple large-scale conversions, increasing its shareholding to 18.18% [4] Group 3: Capital Adequacy Improvement - The funds raised from the convertible bonds will be used to support the bank's future business development and enhance its core Tier 1 capital adequacy ratio [5] - As of June, SPDB's core Tier 1 capital adequacy ratio was 8.91%, below the industry average of 10.93% [5] - If all convertible bonds are converted, the core Tier 1 capital adequacy ratio is expected to increase by 0.5 percentage points to 9.41% [5][6] Group 4: Challenges in the Convertible Bond Market - Currently, only six bank convertible bonds remain, with most having conversion rates below 1%, indicating a challenging market environment [7] - The low conversion rates are attributed to the dual challenges of "trading below net asset value" and "high conversion prices," which discourage investor participation [7]

Core Viewpoint - The Shanghai Pudong Development Bank's convertible bond (浦发转债) will be delisted on October 28, marking the end of its conversion period, with a conversion rate reaching 99.67%, significantly higher than market expectations [2][5]. Group 1: Convertible Bond Details - The浦发转债 was issued in November 2019 with a total scale of 50 billion yuan, making it the largest convertible bond issuance at that time [2]. - As of October 27, the未转股 (unconverted) proportion was only 0.33%, indicating a successful conversion process [5]. - The bond faced challenges earlier in the year, with a未转股 proportion of 99.9971% as of March 31, and 49.14% as of September 30 [3]. Group 2: Capital Support and Conversion - Major investors, including China Mobile and China Orient Asset Management, have actively participated in the conversion process, providing capital support to浦发银行 [4][5]. - China Mobile increased its stake in浦发银行 from 17% to 18.18% after converting 56.31 million convertible bonds into 450 million shares [4][5]. - The conversion of浦发转债 is expected to enhance浦发银行's core Tier 1 capital adequacy ratio, which stood at 8.91% as of June 30, 2025 [5]. Group 3: Market Impact - Following the delisting of浦发转债, only six bank convertible bonds will remain in the market, with a total market size reduction of over 90 billion yuan since the beginning of the year [6]. - The trend of convertible bonds in the banking sector has seen no new issuances in 2023, with several bonds exiting the market due to strong redemption clauses being triggered [6][7]. - The conversion of convertible bonds is viewed as a strategic move to bolster banks' capital strength and support business expansion [7].

智通财经APP讯，中国移动(00941)发布公告，于2025年10月27日，广东移动行使换股权将其持有的合计 面值人民币 36.6万元(约合 40.11万港元)浦发银行 A 股可转债按照每股人民币 12.51 元(约合13.71 港元) 的转股价转为约 2.93万股的浦发银行 A股。实际转换的浦发银行A股股数可能会因清算及交收原因而有 所差异。 紧接转换前，本集团合计持有60.53亿股的浦发银行 A股，约占浦发银行已发行股本的约18.18%。紧随 转换后，本集团合计持有60.53亿股的浦发银行A股(可能会因清算及交收原因而有所调整)，约占浦发银 行扩大后已发行股本的约18.18%。 转换完成后，广东移动尚持有合计面值人民币9560.4万元(约合1.05亿港元)浦发银行A股可转债。该等浦 发银行A股可转债于2025年10月27日到期。本集团无意行使相关换股权。 转换允许广东移动以与市场交易价格可比的价格认购浦发银行的 A股，同时有利于浦发银行补充其核心 一级资本、提升其资本实力和风险抵御能力，让本集团能够更好地分享浦发银行经营成效。董事认为， 转换的条款和条件属公平合理，并符合本公司及其股东的整体利益。 ...

Core Viewpoint - The successful conversion of the 50 billion yuan SPDB convertible bonds marks a significant milestone in the convertible bond market, with a conversion rate of 99.67% [2][3][5]. Group 1: SPDB Convertible Bonds - The SPDB convertible bonds, issued on November 15, 2019, have reached their final conversion day on October 27, 2023, with only 0.33% remaining unconverted [2][3]. - The successful conversion is attributed to the support from major shareholders and strategic investors, including China Mobile, which increased its stake from 17.88% to 18.18% [5][6]. - The conversion will enhance SPDB's core Tier 1 capital, allowing the bank to maintain a strong capital quality and level amid industry challenges [3][6]. Group 2: Market Impact - The completion of the SPDB bond conversion has led to a significant reallocation of assets within the convertible bond market, with institutions now favoring sectors such as solar energy, agriculture, and technology [2][7]. - The overall convertible bond market has seen a decline, with the total market value dropping below 600 billion yuan, from 168 billion yuan at the beginning of the year to 11.5 billion yuan by the third quarter [7]. - As institutions reduce their holdings in SPDB bonds, they are increasingly investing in other promising sectors, particularly in solar and agricultural bonds [7][8].

Core Viewpoint - China Mobile announced the exercise of its conversion rights for a total face value of RMB 1,483,828,000 (approximately HKD 1,626,095,056) in SPDB A-share convertible bonds, converting them into approximately 118,611,350 shares at a conversion price of RMB 12.51 (approximately HKD 13.71) per share [1]. Summary by Categories Company Actions - China Mobile will convert its holdings in SPDB A-share convertible bonds into shares, indicating a strategic move to increase its equity stake in the bank [1]. Financial Details - The total face value of the convertible bonds being converted is RMB 1,483,828,000, which is about HKD 1,626,095,056 [1]. - The conversion price is set at RMB 12.51 per share, equivalent to approximately HKD 13.71 [1]. - The number of shares to be converted is approximately 118,611,350, although the actual number may vary due to settlement and clearing reasons [1].

Group 1: New Stock Offerings - The tender offer for Shangwei New Materials (688585) is open from September 29, 2025, to October 28, 2025[1] - Huajian Group (600629) announced significant updates on October 22, 2025[1] - ST Dongyi (002713) reported on October 22, 2025, regarding its stock status[1] Group 2: Stock Volatility Alerts - Dayou Energy (600403) experienced severe abnormal fluctuations, with updates on October 22 and 23, 2025[1] - Multiple companies, including Tianpu Co. (605255) and Guangming Real Estate (600708), reported abnormal trading activities on October 23, 2025[1] - ST Nanzhi (002305) and ST Aowei (002231) are under scrutiny for unusual market behavior as of October 23, 2025[1]

Core Viewpoint - The announcement from Shanghai Pudong Development Bank (SPDB) indicates that the SPDB convertible bonds will cease trading on October 23, with the last trading day being October 22, and will be delisted on October 28, marking a significant reduction in the number of bank convertible bonds in the market [1][2]. Group 1: Convertible Bond Details - SPDB convertible bonds have a total issuance amount of 50 billion yuan, which was the largest issuance at the time in 2019, and will be redeemed at 110% of face value after maturity [2][4]. - As of October 22, the closing price of SPDB convertible bonds was 110.80 yuan, with an unconverted proportion of 4.03%, amounting to 2.013 billion yuan [2][4]. Group 2: Market Impact - The exit of multiple bank convertible bonds from the market this year has reduced the total number of such bonds to six, with the overall scale dropping below 100 billion yuan [3][7]. - The scarcity of existing bank convertible bonds is expected to impact asset allocation for institutional investors, as these bonds are favored as fixed-income fund base assets [6][7]. Group 3: Capital Supplementation - Convertible bonds serve as an important tool for banks to supplement core Tier 1 capital, with a strong push from banks to convert these bonds into stocks to enhance capital strength [4][5]. - Following the announcement of SPDB's bond maturity, major shareholders, including China Mobile, have actively converted their bonds into shares, increasing their stake in the bank [4][5].

Core Viewpoint - The announcement details the implementation of the 2025 semi-annual profit distribution plan by Chongqing Water Group Co., Ltd, including the suspension of the conversion of its convertible bonds during the distribution period [1][2][3]. Group 1: Profit Distribution Plan - The profit distribution plan for the first half of 2025 involves a cash dividend of 0.26 yuan (including tax) per 10 shares for all registered shareholders, with no stock bonus or increase [3]. - The plan was approved at the third extraordinary shareholders' meeting held on October 16, 2025, and further details were disclosed on October 17, 2025 [3]. Group 2: Suspension of Conversion - The convertible bonds will be suspended from conversion from October 27, 2025, until the registration date for the profit distribution, with the resumption of conversion on the first trading day after the registration date [4]. - Holders of the convertible bonds wishing to enjoy the profit distribution must convert their bonds by October 24, 2025 [4]. Group 3: Additional Information - The company will disclose the implementation announcement and the adjustment of the conversion price for the convertible bonds on October 28, 2025 [4]. - Contact information for the company's board office is provided for further inquiries [5].

Core Viewpoint - China Mobile announced the exercise of conversion rights for its holdings in Shanghai Pudong Development Bank's convertible bonds, indicating a strategic move to increase its equity stake in the bank [1] Group 1: Conversion Details - China Mobile will convert a total face value of RMB 1.874 billion of Shanghai Pudong Development Bank's A-share convertible bonds at a conversion price of RMB 12.51 per share, resulting in approximately 149,805,835 shares [1] - Prior to the conversion, China Mobile held 5,785,049,012 shares of Shanghai Pudong Development Bank, representing about 17.80% of the bank's issued share capital [1] - Following the conversion, China Mobile's total holdings will increase to approximately 5,934,854,847 shares, which will account for about 18.15% of the bank's enlarged issued share capital, subject to adjustments due to settlement and clearing [1]