Core Viewpoint - The recent delisting of bank convertible bonds, including the Qi Lu convertible bond, indicates a significant reduction in the total outstanding balance of bank convertible bonds, with a potential for further shrinkage by year-end due to strong conversion demands from banks [1][3]. Group 1: Market Overview - The delisting of the Qi Lu convertible bond marks the sixth bank convertible bond to exit the market this year, resulting in a total reduction of approximately 42.5 billion yuan in the outstanding balance of bank convertible bonds since the beginning of the year [1]. - Currently, only seven bank convertible bonds remain in the market, with the balance of the Shanghai Pudong Development Bank (SPDB) convertible bond set to mature in two months [1][3]. - The strong redemption trend has been driven by the significant rise in bank stock prices, leading to multiple convertible bonds triggering redemption clauses [1][3]. Group 2: Convertible Bond Details - The Qi Lu convertible bond had an issuance amount of 8 billion yuan, with 7.993 billion yuan converted into equity, leaving a minimal balance of 0.07 million yuan at the time of redemption [1]. - As of now, the outstanding balances of other convertible bonds include SPDB at approximately 35.3 billion yuan, with a total of at least six convertible bonds having exited the market this year [2][3]. Group 3: Future Projections - Analysts predict that by year-end, depending on conversion activities, only two to four bank convertible bonds may remain, with the SPDB convertible bond expected to be the next to exit the market [3]. - The total outstanding balance of bank convertible bonds has decreased from 191 billion yuan at the beginning of the year to approximately 125 billion yuan, reflecting a reduction of about 66 billion yuan [3]. - The introduction of strategic investors, such as Cinda Investment, has facilitated the conversion of SPDB convertible bonds, alleviating some of the pressure associated with impending maturity [4][5].