Core Viewpoint - The convertible bond market is experiencing significant growth, driven by a recovering stock market, with a transaction volume exceeding 6 trillion yuan and a year-on-year increase of over 28% as of June 6 [1] Market Performance - The convertible bond market has shown steady performance, with the China Convertible Bond Index rising by 4.67% year-to-date, compared to a 1% increase in the Shanghai Composite Index [3] - As of June 6, the total outstanding convertible bonds in the Shanghai and Shenzhen markets is 674.06 billion yuan, a decrease of 59.56 billion yuan since the beginning of the year [2] - In 2023, the total issuance of convertible bonds reached 143.33 billion yuan, while in 2024, it is projected to be 36.76 billion yuan [2] Valuation Outlook - The average price of convertible bonds is currently at 134.01 yuan, with an average conversion premium of 44.9%, indicating a "high price, high premium" characteristic [4] - The scarcity of bank convertible bonds is expected to increase their valuation, with several bonds nearing redemption triggers [5] Investment Strategy - Analysts suggest maintaining a neutral position in convertible bonds, focusing on those with higher yield to maturity (YTM) and lower conversion premiums [6] - Investment opportunities should prioritize growth-themed stocks and consider bonds nearing maturity while avoiding low-liquidity, low-priced bonds [6]

重要内容提示： ? 证券停复牌情况：适用 证券代码：601366 证券简称：利群股份 公告编号：2025-033 债券代码：113033 债券简称：利群转债 利群商业集团股份有限公司 关于实施 2024 年度权益分派时"利群转债"停止转股的提示 性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 因实施 2024 年度权益分派,本公司的相关证券停复牌情况如下：权益分派公告前 一交易日（2025 年 6 月 12 日）至权益分派股权登记日期间，本公司可转债将停止 转股。 停牌 证券代码 证券简称 停复牌类型 停牌起始日 停牌终止日 复牌日 期间 可转债转股停 牌 一、权益分派方案的基本情况 （一）利群商业集团股份有限公司（以下简称"公司"）2024 年度权益分派方 案如下：以实施权益分派股权登记日登记的总股本扣除公司回购专用证券账户里 的股份数后的股本为基数分配利润，向全体股东每股派发现金红利 0.02 元（含税）。 根据《上市公司股份回购规则》相关规定，公司已回购的股份不参与本次利 润分配。截至目前，公司总股本 913,9 ...

Group 1 - The company held its 15th meeting of the 8th Board of Directors on June 6, 2025, with all 6 directors present, ensuring compliance with relevant laws and regulations [1] - The Board approved a proposal to change part of the fundraising investment projects for convertible bonds, which will be submitted to the shareholders' meeting and the bondholders' meeting for review [2][3] - The Board agreed to hold the second extraordinary shareholders' meeting on June 24, 2025, using a combination of on-site and online voting [2] - The Board also approved the proposal to convene the first bondholders' meeting for "Rong 23 Convertible Bonds" on June 24, 2025 [3]

= | 中国移动 令 上午 10:45 中国平安公告 53.74 -0.46% 证券简称:中国平安 公告编号:临 2025-024 证券代码:601318 中国平安保险(集团)股份有限公司 关于拟根据 -- 般性授权发行 11,765,000,000 港元于 2030 年到期的零息 H 股可转换债券的公告 中国平安保险(集团)股份有限公司(以下简称"本公司")董事会及全体董事保 证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏,并对其内容的真 实性、准确性和完整性承担法律责任。 重要内容提示: ● 本公司拟根据一般性授权发行可转换为本公司 H 股股份的债券,不涉及本公 司 A 股发行。 一、本次发行概述 2025年6月3日(交易时间后),本公司与经办人签署认购协议。根据认购 协议,本公司已同意向经办人发行或根据经办人指示发行,且经办人已同意认购 并支付,或促使认购人认购并支付债券,但须遵守认购协议中规定的若干条件。 经办人已开展入标定价,关于债券的条款(包括但不限于本金金额和初始转 换价)已在入标定价后确定。 发行人拟发行的债券本金总额为 11,765,000,000 港元,可于条款及条件所载 情形下转 ...

Core Viewpoint - Company X has decided to terminate the issuance of convertible bonds to unspecified objects and withdraw the application documents due to changes in the external macro environment and its overall development plan [1][2]. Group 1: Termination of Bond Issuance - Company X held meetings on June 5, 2025, where it approved the termination of the issuance of convertible bonds and the withdrawal of related application documents [1]. - The decision was made after thorough communication with relevant parties, considering various factors including the current internal and external environment [2]. Group 2: Financial Implications - The planned fundraising amount from the convertible bond issuance was up to RMB 27 million, which was intended for projects including the construction of a production base in Vietnam, a research and development center, and to supplement working capital [2][4]. - The initial plan disclosed on February 27, 2023, indicated a higher fundraising target of up to RMB 42 million, showing a reduction in the expected amount [4]. Group 3: Company Performance - Company X reported that its business operations are normal and its financial condition is good, indicating that the termination of the bond issuance will not significantly impact its operations or harm the interests of shareholders, especially minority shareholders [2]. - In the first quarter of 2025, Company X's total revenue was RMB 167 million, a year-on-year decrease of 3.4%, while net profit attributable to shareholders increased by 689.47% to RMB 4.97 million [7].

Core Viewpoint - The Shenzhen Stock Exchange's listing review committee has approved Shenglan Technology Co., Ltd.'s plan to issue convertible bonds, indicating compliance with issuance, listing, and information disclosure requirements [1] Group 1: Convertible Bond Issuance - Shenglan Technology plans to raise a total of up to RMB 450 million through the issuance of convertible bonds, which will be used for the research and development of high-voltage connectors and components for new energy vehicles, as well as industrial control connectors [1] - The convertible bonds will be issued to unspecified investors, including natural persons, legal entities, and qualified institutional investors, with a face value of RMB 100 per bond [2] - The interest rate for the bonds will be determined by the company's board of directors in consultation with the lead underwriter, based on national policies, market conditions, and the company's specific situation [2] Group 2: Underwriting and Management - Dongguan Securities Co., Ltd. is the lead underwriter for this issuance, with representatives Zhu Zeliang and Yang Guohui overseeing the process [2]

Group 1 - The company will stop the conversion of "New 23 Convertible Bonds" from June 11, 2025, until the equity registration date due to the implementation of the 2024 annual profit distribution [1][2] - The profit distribution plan includes a cash dividend of 3.00 yuan (including tax) for every 10 shares held, with no capital reserve fund conversion or bonus shares issued [1][2] - Holders of the convertible bonds can convert their bonds into shares until June 10, 2025, to enjoy the profit distribution [2] Group 2 - The company assures that the announcement contains no false records, misleading statements, or significant omissions, and takes legal responsibility for its authenticity, accuracy, and completeness [1] - The company will adjust the total cash distribution amount if there are changes in the total share capital before the equity registration date, while maintaining the cash distribution per share [1] - The resumption of the bond conversion will occur on the first trading day after the equity registration date [2]

Core Viewpoint - The company announces the third notice regarding the optional redemption of its convertible bonds, "Jia Yue Convertible Bonds," allowing bondholders to sell back their bonds at a specified price during a designated period [1][2]. Summary by Sections Redemption Terms - Redemption Price: 100.00 RMB per bond (including current interest) [1][4] - Redemption Period: From June 5, 2025, to June 11, 2025 [1][4] - Payment Date for Redemption Funds: June 16, 2025 [1][4] - During the redemption period, the convertible bonds will stop being convertible into shares [1][4]. Bondholder Rights - Bondholders have the right to choose whether to redeem part or all of their unconverted convertible bonds, and this redemption is not mandatory [1][2][4]. - The redemption option is available if there are significant changes in the implementation of the investment projects funded by the bond issuance compared to the commitments made in the prospectus [2]. Interest Calculation - The current accrued interest is calculated using the formula: IA = B × i × t / 365, where: - IA: Current accrued interest - B: Total face value of the convertible bonds held - i: Annual coupon rate (2.00% for the sixth year) - t: Number of days from the last interest payment to the redemption date [3]. Redemption Process - Bondholders must submit their redemption requests through the Shanghai Stock Exchange trading system during the specified redemption period [4]. - If a redemption request is not successful on the first day, bondholders can continue to submit requests on subsequent days within the redemption period [4]. Trading During Redemption - The convertible bonds will continue to be traded during the redemption period but will not be convertible into shares [4]. - If the total face value of the convertible bonds in circulation falls below 30 million RMB due to redemptions, the bonds will still continue to trade until the end of the redemption period [4].

Core Viewpoint - The report discusses the adjustment of the conversion prices for the convertible bonds "Wei 22" and "Wei 24" issued by Zhejiang Weiming Environmental Co., Ltd, highlighting the impact of profit distribution on these adjustments [1][2][6]. Group 1: Convertible Bond Basic Information - "Wei 22" convertible bonds were issued on July 22, 2022, with a total of 14.77 million bonds and a total issuance amount of 1,477 million yuan. The bonds have a maturity of 6 years and a coupon rate that increases from 0.20% in the first year to 2.00% in the sixth year [1][2]. - "Wei 24" convertible bonds were issued on March 28, 2024, with a total of 2.85 million bonds and a total issuance amount of 285 million yuan, also with a similar coupon rate structure as "Wei 22" [4][5]. Group 2: Conversion Price Adjustments - The initial conversion price for "Wei 22" was set at 32.85 yuan per share, which has been adjusted to 27.75 yuan per share due to profit distribution adjustments [2][3]. - The initial conversion price for "Wei 24" was set at 18.28 yuan per share, which has been adjusted to 18.03 yuan per share following the company's profit distribution plan [5][6]. - The conversion prices for both bonds will be further adjusted due to the company's 2024 annual profit distribution plan, with "Wei 22" adjusted to 27.27 yuan per share and "Wei 24" adjusted to 17.55 yuan per share, effective from June 6, 2025 [7]. Group 3: Impact Analysis - The adjustments to the conversion prices for "Wei 22" and "Wei 24" are in accordance with the terms outlined in their respective prospectuses and do not adversely affect the company's daily operations or debt repayment capabilities [8].

Group 1 - The banking sector has seen a significant trend of convertible bonds being converted into shares since the second quarter, with Nanjing Bank and Hangzhou Bank being notable examples [1][2] - The strong performance of bank stocks has created favorable conditions for the conversion of convertible bonds, with several banks triggering redemption clauses [2][5] - Analysts predict that approximately 100 billion yuan of bank convertible bonds may complete conversion this year, leading to a reduction in the overall market size [4][5] Group 2 - The acceleration of convertible bond conversions poses challenges for bank wealth management subsidiaries and fund companies, as the scarcity of convertible bonds increases the difficulty of asset allocation [3] - The market currently has around 10 bank convertible bonds, with predictions that the total market size may shrink to about 100 billion yuan as several bonds complete conversion or reach maturity [5][6] - There are ongoing developments in the issuance of new convertible bonds, with banks like Changsha Bank and Minsheng Bank having their applications accepted for new issuances [6]