Core Viewpoint - The market is experiencing heightened expectations for a small amount of guaranteed repayment for the convertible bond "Zhongzhuang Zhuang 2" as its last conversion date approaches on September 18 [1] Group 1: Convertible Bond Details - The conversion period for Zhongzhuang Zhuang 2 will officially end after the market closes on September 18, and any unconverted bonds will be treated as ordinary debt, with repayment amounts and timing pending the company's restructuring plan [2] - The current conversion price for Zhongzhuang Zhuang 2 is 3.79 yuan, while the stock price of *ST Zhongzhuang was 3.53 yuan at the close on September 17, indicating a conversion value of 93.14 yuan [2] - The unconverted balance of Zhongzhuang Zhuang 2 has decreased from 764 million yuan on September 1 to 266 million yuan by September 16, with the unconverted proportion dropping from 66.85% to 22.93% [2] Group 2: Restructuring and Repayment Plans - Some investors are opting to wait for small guaranteed repayments while others have converted their bonds into equity before the restructuring [3] - The company has announced that holders of unconverted Zhongzhuang Zhuang 2 bonds can file claims for their debts after the last conversion date, with expectations for full cash repayment for small ordinary creditors [3] - The repayment for amounts exceeding the small debt threshold will be in non-cash forms, with the specific repayment plan to be clarified in the approved restructuring plan [3] Group 3: Historical Context and Risks - Historically, companies undergoing restructuring have provided special treatment to small bondholders, ensuring full repayment for small amounts while larger debts may be converted to ordinary claims [4] - The success of *ST Zhongzhuang's restructuring will determine future potential returns for investors, with the risk of bankruptcy if the restructuring fails [4] - The company is currently under a delisting risk warning from the Shenzhen Stock Exchange due to its restructuring status [4] Group 4: Changes in Bondholder Composition - Significant changes in the holder composition of Zhongzhuang Zhuang 2 have been noted, with the latest reports indicating the presence of large foreign institutions like UBS AG among the bondholders [5] - The previous year's report showed that the top ten holders were mostly individual investors, while the latest report includes institutional investors and private equity products [5]