Core Viewpoint - Hainan Puli Pharmaceutical Co., Ltd. has announced that its stock and convertible bonds will enter a delisting arrangement period, with the last trading day set for May 21, 2025, following a decision by the Shenzhen Stock Exchange to terminate their listing [1][2][4]. Group 1: Delisting Announcement - The company received a notice from the Shenzhen Stock Exchange on April 18, 2025, regarding the termination of its stock and convertible bonds listing [2]. - The delisting arrangement period began on April 28, 2025, lasting for fifteen trading days, with the final trading day expected to be May 21, 2025 [4][5]. - During the delisting period, the stock will be traded on the risk warning board of the Shenzhen Stock Exchange, with no price fluctuation limits on the first trading day, followed by a 20% limit on subsequent days [3][4]. Group 2: Trading Rules and Restrictions - The stock and convertible bonds will not be subject to price fluctuation limits on the first trading day of the delisting period, but will have a 20% limit thereafter [3][4]. - Investors are advised that after the delisting, they will not be able to execute conversion, redemption, or repurchase operations until the bonds are listed again [2][5]. - The company will not plan or implement any major asset restructuring during the delisting period [5]. Group 3: Investor Communication - The company will issue risk warning announcements regarding the delisting every five trading days during the first ten trading days and daily during the last five trading days of the delisting period [4]. - Investors are encouraged to refer to the official announcements published on the designated information disclosure media for accurate information [6].

Core Viewpoint - The significant decline in Feikai Convertible Bond and Huaxiang Convertible Bond is primarily due to the announcement of early redemption by both companies, leading to a negative conversion premium in the current market environment [1][4][5]. Group 1: Market Reaction - Feikai Convertible Bond dropped by 10.18%, closing at 113.534 CNY per bond, while Huaxiang Convertible Bond fell by 6.97%, closing at 122.764 CNY per bond [2]. - Both convertible bonds experienced a negative conversion premium, indicating a rapid decrease in their time value due to the early redemption announcements [1][4]. Group 2: Company Announcements - Feikai announced that from March 27 to April 25, its stock price had met the condition for early redemption, with 15 trading days closing above 120% of the conversion price of 15.30 CNY per share [4][5]. - Huaxiang similarly triggered its early redemption clause, with its stock price closing above 130% of the conversion price of 11.65 CNY per share for 15 out of 25 trading days [5]. Group 3: Implications of Early Redemption - The early redemption of convertible bonds reduces their time value, compressing the conversion premium to near zero, which negatively impacts bond prices [6]. - Investors are advised to closely analyze the terms of the bonds and adjust their positions to mitigate potential losses from the early redemption [1][6]. Group 4: Broader Market Concerns - Investors should also be aware of the potential delisting risks associated with convertible bonds, particularly as some underperforming companies may trigger delisting scenarios [7][8]. - The case of Puli Pharmaceutical illustrates the risks, as its stock and convertible bonds faced significant declines due to impending delisting, with the convertible bond dropping by 18.13% [8][10].