Group 1 - The board of directors of Wenta Technology Co., Ltd. held its 14th meeting of the 12th session on June 12, 2025, via telecommunication voting, with all 5 directors present [1][2] - The board decided not to adjust the conversion price of the "Wenta Convertible Bonds" despite triggering the downward adjustment clause, citing confidence in the company's long-term development potential and intrinsic value [2]

会通股份公告，因实施2024年年度权益分派，会通转债转股价格将从9.21元/股调整为9.06元/股，调整 实施日期为权益分派股权登记日后的第一个交易日。权益分派方案为每10股派发现金红利1.5元(含税)。 会通转债将于2025年6月18日至权益分派股权登记日期间停止转股，股权登记日后的第一个交易日起恢 复转股。 ...

债券研究 证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20250611 市场概况：今日转债跟随正股上涨，估值环比抬升 指数表现：中证转债指数环比上涨 0.31%、上证综指环比上涨 0.52%、深证成 指环比上涨 0.83%、创业板指环比上涨 1.21%、上证 50 指数环比上涨 0.59%、 中证 1000 指数环比上涨 0.40%。 市场风格：大盘成长相对占优。大盘成长环比上涨 1.02%、大盘价值环比上涨 0.63%、中盘成长环比上涨 0.64%、中盘价值环比上涨 0.47%、小盘成长环比 上涨 0.81%、小盘价值环比上涨 0.52%。 资金表现：转债市场成交情绪减弱。可转债市场成交额为 712.24 亿元，环比 减少 3.88%；万得全 A 总成交额为 12866.77 亿元，环比减少 11.35%；沪深两 市主力净流出 49.92 亿元，十年国债收益率环比降低 1.49bp 至 1.64%。 转债价格：转债中枢提升，高价券占比提升。转债整体收盘价加权平均值为 120.30 元，环比昨日上升 0.30%。其中偏股型转债的收盘价为 161.40 元，环比 下降 0.98%；偏债型转债的收盘价 ...

Core Viewpoint - Nanjing Bank has announced the early redemption of its convertible bond, Nan Yin Convertible Bond, due to the triggering of conditional redemption clauses, reflecting a strong performance in the banking sector and a trend of multiple banks' convertible bonds being redeemed early [1][3][4]. Group 1: Convertible Bonds Redemption - Nanjing Bank's stock price has been above 130% of the conversion price of 8.22 CNY per share for 15 out of 19 trading days, leading to the decision to exercise the early redemption right [3]. - Other banks, including Suzhou Bank and Hangzhou Bank, have also seen their convertible bonds trigger early redemption this year, indicating a broader trend in the banking sector [2][4]. - The Hangzhou Bank's convertible bond was also recently announced for early redemption, with its stock price exceeding 130% of the conversion price of 11.35 CNY per share [4]. Group 2: Market Supply and Demand - The market is currently facing a short-term supply shortage of bank convertible bonds, as no new bank convertible bonds have been issued recently, leading to potential price increases for existing bonds [4]. - As of now, there are 10 bank convertible bonds in the market, with the Shanghai Pudong Development Bank's bond set to mature on October 28, 2025, with an issuance scale of 50 billion CNY [4]. Group 3: Banking Sector Performance - The banking sector has shown strong performance, with multiple bank stocks reaching new highs, contributing to the favorable conditions for convertible bond redemptions [5]. - Analysts remain optimistic about the absolute value of bank stocks, citing historical stability in returns during the traditional dividend distribution period in June and July [6]. - Long-term policies aimed at stabilizing the economy and promoting consumption are expected to benefit the banking sector, with continued demand from institutional investors [6].

Core Viewpoint - The company, Wenzhou Guansheng Automotive Parts Group Co., Ltd., has announced an adjustment to the conversion price of its convertible bonds, "Guansheng Convertible Bonds," due to the implementation of its 2024 annual profit distribution plan [1][2]. Group 1: Bond Suspension and Resumption - The "Guansheng Convertible Bonds" will be suspended from trading from June 11, 2025, until the equity registration date [1]. - The resumption of trading for the convertible bonds will occur after the completion of the annual profit distribution [2]. Group 2: Conversion Price Adjustment - The previous conversion price was set at 17.01 CNY per share, which will be adjusted to 16.41 CNY per share effective from June 18, 2025 [2][5]. - The adjustment is based on the company's decision to distribute a cash dividend of 6.00 CNY per 10 shares, which translates to a cash dividend of 0.5993 CNY per share [2][4]. - The adjustment formula for the conversion price is outlined in the company's prospectus, ensuring compliance with the relevant regulations [3][4].

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds due to the implementation of its 2024 annual equity distribution plan, resulting in a decrease from 32.54 CNY to 32.14 CNY per share [1][3]. Group 1: Bond Information - The convertible bond, referred to as "益丰转债," was publicly issued on March 4, 2024, and listed on the Shanghai Stock Exchange on March 27, 2024 [1]. - The bond has a maturity period of 6 years, from March 4, 2024, to March 3, 2030, with a conversion period from September 8, 2024, to March 3, 2030 [1]. Group 2: Equity Distribution Details - The company plans to distribute a cash dividend of 0.40 CNY per share (including tax) to all shareholders, with the record date set for June 17, 2025, and the ex-dividend date on June 18, 2025 [2]. - The adjustment to the conversion price is based on the company's equity distribution plan, which includes provisions for adjusting the conversion price in the event of cash dividends, stock dividends, or other equity changes [2]. Group 3: Conversion Price Adjustment - The conversion price adjustment formula is specified in the company's prospectus, detailing how the price will be recalculated based on various equity distribution scenarios [2]. - The adjusted conversion price of 32.14 CNY per share will take effect on June 18, 2025, following the equity distribution [3]. - The convertible bonds will be suspended from conversion from June 11, 2025, to June 17, 2025, and will resume conversion on June 18, 2025 [3].

具体内容详见公司于 2025 年 4 月 23 日在指定信息披露媒体上披露的《关于 因公司公开发行的"春秋转债"及"春 23 转债"目前处于可转换公司债券 转股期内，导致公司总股本发生变动。根据中国证券登记结算有限公司提供的《发 行人股本结构表》（权益登记日：2025 年 6 月 10 日），公司的总股本已由截至 益分派公告前一日（即 2025 年 6 月 11 日）至权益分派股权登记日（即 2025 年 因可转债转股发生变化，具体内容详见公司于 2025 年 6 月 6 日在指定信息披露 媒体上披露的《关于实施 2024 年度权益分派时停止转股的提示性公告》（公告 编号：2025-030）。 | 证券代码：603890 | 证券简称：春秋电子 | 公告编号：2025-033 | | --- | --- | --- | | 债券代码：113577 | 债券简称：春秋转债 | | | 债券代码：113667 | 债券简称：春23 转债 | | | | 苏州春秋电子科技股份有限公司 | | 关于调整 2024 年度利润分配股本基数及现金分红总额的公告 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 ...

Core Points - The company has completed the repurchase and cancellation of restricted stocks and adjusted the conversion price of the convertible bonds [1][2] - The previous conversion price was 20.81 CNY per share, and the new conversion price is 20.88 CNY per share, effective from June 13, 2025 [1][5] - The adjustment of the conversion price is due to the repurchase and cancellation of restricted stocks as part of the company's incentive plan [1][2] Summary by Sections Conversion Price Adjustment Basis - The adjustment was approved during meetings held on February 26, March 17, and the first extraordinary shareholders' meeting of 2025 [1][2] - The company has submitted the relevant application for the repurchase and cancellation of 2,749,932 shares of restricted stock [2] Conversion Price Adjustment Formula and Results - The adjustment formula for the conversion price is based on various corporate actions such as stock dividends, capital increases, and cash dividends [3][4] - The specific adjustment for the repurchase of restricted stocks is calculated using the formula: P1 = (P0 + A1 × k1 + A2 × k2) / (1 + k1 + k2) [4] - The final adjusted conversion price is determined to be 20.88 CNY per share [5]

Summary of Key Points Core Viewpoint - The company announced the suspension and subsequent resumption of convertible bond conversion due to the implementation of the 2024 annual profit distribution plan, with adjustments to the conversion price and cash dividend per share [1] Group 1: Convertible Bonds - The convertible bonds will be suspended from June 11 to June 17, 2025, and will resume conversion on June 18, 2025 [1] - The pre-adjustment conversion price was set at 3.44 CNY per share, which will be adjusted to 3.37 CNY per share effective June 18, 2025 [1] Group 2: Profit Distribution - The profit distribution plan for 2024 includes a cash dividend of 0.74 CNY per 10 shares (tax included) [1] - Due to factors such as convertible bond conversion and share repurchase, the total share capital will be reduced to 6.473 billion shares, leading to an adjustment in the per-share distribution ratio [1] - The cash dividend per share will remain unchanged at 0.074 CNY (tax included) despite the adjustments [1]

转债市场日度跟踪 20250610 市场概况：今日转债跟随正股下跌，估值环比压缩 指数表现：中证转债指数环比下降 0.28%、上证综指环比下降 0.44%、深证成 指环比下降 0.86%、创业板指环比下降 1.17%、上证 50 指数环比下降 0.39%、 中证 1000 指数环比下降 0.92%。 市场风格：大盘价值相对占优。大盘成长环比下降 0.71%、大盘价值环比下降 0.07%、中盘成长环比下降 0.70%、中盘价值环比下降 0.09%、小盘成长环比 下降 1.01%、小盘价值环比下降 0.34%。 资金表现：转债市场成交情绪升温。可转债市场成交额为 741.00 亿元，环比 增长 6.52%；万得全 A 总成交额为 14514.37 亿元，环比增长 10.57%；沪深两 市主力净流出 359.72 亿元，十年国债收益率环比上升 0.10bp 至 1.66%。 转债价格：转债中枢下降，高价券占比下降。转债整体收盘价加权平均值为 119.95 元，环比昨日下降 0.31%。其中偏股型转债的收盘价为 162.79 元，环比 上升 0.01%；偏债型转债的收盘价为 111.37 元，环比下降 0.20%；平 ...