证券代码：603377 证券简称：ST 东时 公告编号：临 2025-155 "东 时转债"将于公司重整受理之日提前到期。《中华人民共和国企业破产法》第四 十八条"债权人应当在人民法院确定债权申报期限内向管理人申报债权"，公司 自重整受理之日起进入债权申报期，债权人可基于依法享有的债权进行债权申报， 重整受理之日持有"东时转债"的债券持有人亦可基于依法享有的债权进行债权 申报，债权类型为无财产担保普通债权。根据司法实践，普通债权在重整程序中 的即时清偿比例可能较小，实际清偿情况尚存在不确定性。 转债代码：113575 转债简称：东时转债 东方时尚驾驶学校股份有限公司 关于召开"东时转债"2025 年第一次债券持有人会议 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。 重要内容提示： ? 东方时尚驾驶学校股份有限公司（以下简称"公司"）于 2025 年 7 月 书》，北京一中院决定对公司启动预重整，并指定东方时尚驾驶学校股份有限公 司清算组担任公司预重整期间的临时管理人。目前，公司各项预重整工作均有序 推进，公司、 ...

每经AI快讯，8月21日，中证转债指数午盘上涨0.75%，报485.73点。其中，东时转债、水羊转债、大元 转债、赛龙转债、易瑞转债涨幅居前，分别涨20.00%、11.18%、9.89%、8.02%、7.47%。崇达转2、金 田转债、金轮转债、力诺转债、博瑞转债跌幅居前，分别跌6.55%、5.42%、4.50%、3.74%、3.38%。 （文章来源：每日经济新闻） ...

Core Viewpoint - The trading price of the convertible bond "Dongshi Convertible Bond" of Dongfang Shifang Driving School Co., Ltd. has experienced an abnormal fluctuation, with a cumulative closing price increase exceeding 30% over two consecutive trading days [2][5]. Group 1: Convertible Bond Trading Situation - The price of "Dongshi Convertible Bond" reached 162.643 yuan per bond as of August 20, 2025, representing a premium of 62.643% over the face value and a conversion premium rate of 506.18% [2][12]. - The bond was approved for public issuance by the China Securities Regulatory Commission on December 27, 2019, with a total issuance of 4.28 billion yuan and a maturity period of six years [3]. Group 2: Company Operations and Financial Matters - The company confirmed that its production and operations are normal, with no significant changes in its main business or market environment [7]. - The company disclosed that its controlling shareholder and related parties have fully repaid non-operating fund occupations amounting to approximately 387.34 million yuan [8]. - The company has applied to the Shanghai Stock Exchange to revoke certain risk warnings related to its stock, as the non-operating fund occupation issue has been resolved [9]. Group 3: Market and Media Influence - The company has not identified any media reports or market rumors that could significantly impact the trading price of its convertible bonds [10]. - There have been no significant events that could affect the trading price of the convertible bonds during the abnormal fluctuation period [11].

荣泰转债：强赎 | 转债代码 | 转债名称 | 现价 | 强赎价 | 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | (亿元) | 流通市值比 | | 123156 | 博汇转债 | 177.000 | 100.020 | 2025-08-14 | 2025-08-19 | 177.25 | 1.458 | 3.60% | | 123063 | 大禹转债 | 145.250 | 100.200 | 2025-08-15 | 2025-08-20 | 147.00 | 0.103 | 0.22% | | 127035 | 濮耐转债 | 178.903 | 100.906 | 2025-08-15 | 2025-08-20 | 181.67 | 0.076 | 0.11% | | 118023 | 广大转债 | 126.400 | 100.866 | 2025-08-19 | 2025-08-22 | 126.97 | 0.460 | 0.63 ...

Group 1 - The company ST Dongshi (SH 603377) held its 29th meeting of the fifth board of directors on August 15, 2025, via communication methods [2] - The meeting reviewed the proposal to convene the first bondholders' meeting for "Dongshi Convertible Bonds" in 2025 [2] - For the year 2024, ST Dongshi's revenue composition was as follows: driving training industry accounted for 91.9%, retail industry 3.07%, other businesses 2.43%, other categories 2.21%, and leasing industry 0.37% [2]

证券代码：603377 证券简称：ST 东时 公告编号：临 2025-139 转债代码：113575 转债简称：东时转债 东方时尚驾驶学校股份有限公司 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： ? 东方时尚驾驶学校股份有限公司（以下简称"公司"）于 2025 年 7 月 书》，北京一中院决定对公司启动预重整，并指定东方时尚驾驶学校股份有限公 司清算组担任公司预重整期间的临时管理人。 ? 公司是否进入重整程序尚存在不确定性。北京一中院同意公司预重整， 尚不代表公司正式进入重整程序。根据《关于切实审理好上市公司破产重整案件 工作座谈会纪要》，控股股东、实际控制人及其他关联方违规占用上市公司资金、 利用上市公司为其提供担保的，原则上应当在进入重整程序前完成整改。如公司 在进入重整程序前未解决资金占用、违规担保等问题的，将直接影响公司重整进 程，公司能否进入重整程序存在不确定性。公司将及时披露有关事项的进展情况， 积极配合法院及临时管理人开展相关工作，并依法履行债务人的法定义务，无论 公司预重整是否成功、是否能进 ...

Core Viewpoint - The company, Oriental Fashion Driving School Co., Ltd., is undergoing a pre-restructuring process initiated by the Beijing First Intermediate People's Court, which may lead to formal restructuring or bankruptcy depending on the outcome of the proceedings [2][4]. Group 1: Restructuring Process - The court has decided to initiate pre-restructuring for the company, with a deadline for creditors to declare their claims by August 12, 2025 [2][4]. - The restructuring process is uncertain, as the court's acceptance of the restructuring application does not guarantee that the company will formally enter the restructuring process [4][5]. - If the restructuring fails, the company faces the risk of being declared bankrupt, which would lead to the termination of its stock listing [2][5]. Group 2: Financial Issues - The company has approximately 387 million yuan in non-operational funds occupied by its controlling shareholder and related parties through equipment procurement and accounts receivable factoring [6]. - The company failed to rectify the financial issues within the mandated six-month period, leading to a potential suspension of its stock trading starting June 20, 2025, if no corrective actions are taken [6][5]. - If the company does not complete the necessary rectifications within two months after suspension, the Shanghai Stock Exchange will decide to implement delisting risk warnings for the company's stock and convertible bonds [6]. Group 3: Regulatory Compliance - The company is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, and it has not yet received a conclusive opinion or decision from the CSRC regarding this matter [6][5]. - The company is committed to cooperating with the CSRC's investigation and will comply with relevant laws and regulations regarding information disclosure [6][8].

Core Viewpoint - The Beijing First Intermediate People's Court has decided to initiate a pre-restructuring process for Oriental Fashion Driving School Co., Ltd. and appointed a temporary administrator during this period [1][4]. Group 1: Pre-restructuring Overview - The company has been unable to repay its due debts and lacks clear repayment capability, which led to the restructuring application by Beijing Guofeng Jianye Construction Engineering Co., Ltd. [4] - The court's decision to initiate pre-restructuring does not guarantee that the company will formally enter the restructuring process [2][4]. Group 2: Financial Issues - As of December 31, 2024, the controlling shareholder, Oriental Fashion Investment Co., Ltd., and its affiliates have non-operationally occupied approximately 387 million yuan of the company's funds [3][9]. - The company failed to rectify the fund occupation and guarantee issues within the mandated six-month period, which could lead to a trading suspension of its stock and convertible bonds starting June 20, 2025 [3][9]. Group 3: Temporary Administrator Responsibilities - The court has appointed the liquidation team of Oriental Fashion Driving School Co., Ltd. as the temporary administrator, with specific responsibilities including investigating the company's financial status and supervising compliance with the court's regulations [5][6]. Group 4: Impact of Pre-restructuring - The initiation of pre-restructuring is expected to facilitate early communication and negotiation with creditors and potential investors, which may enhance the likelihood of a successful restructuring [6]. - The company will continue its daily operations while cooperating with the court and the temporary administrator to address debt risks and improve its financial structure [6].

Core Viewpoint - The article discusses the recent updates in credit ratings for convertible bonds, highlighting that while most ratings remain unchanged, some have been downgraded due to deteriorating company fundamentals, including losses, increased debt pressure, and worsening credit conditions [1][2]. Summary by Sections Credit Rating Updates - A total of 72 convertible bonds have updated their ratings this year, with 65 bonds maintaining their previous ratings, accounting for 90.28% [1]. - Seven convertible bonds have experienced downgrades, including Dongshi Convertible Bond, Fumiao Convertible Bond, and others, primarily due to continuous losses and increased debt pressure [2]. Specific Cases of Downgrades - Fumiao Convertible Bond's credit rating was adjusted from A+ to A due to the company's declining profitability and rising debt levels, with a significant increase in total liabilities expected by the end of 2024 [2]. - Dongshi Convertible Bond's rating was downgraded from B to CCC, indicating a rise in credit risk for the issuing company [3]. - Puli Pharmaceutical's credit rating was downgraded from BB to B+ following the termination of its stock and convertible bond listings due to significant financial discrepancies [3][4]. Market Impact and Risk Assessment - The overall credit risk exposure in the convertible bond market has influenced investors' risk assessments, although recent market recovery has alleviated some concerns [5]. - Historical data indicates that abnormal exits of convertible bonds are often linked to the issuing company's circumstances, with risks associated with both stock delisting and repayment pressures [5][6].

Group 1 - The core viewpoint of the announcement is that the credit rating for both the company and its convertible bonds remains unchanged at "CCC" with a negative outlook [1][2] - The previous credit rating results were also "CCC" for both the company and the convertible bonds, indicating a consistent assessment of the company's financial health [1][2] - The credit rating was conducted by United Ratings Co., Ltd., based on a comprehensive analysis of the company's operational status and industry conditions [2] Group 2 - The announcement confirms that the tracking credit rating for the convertible bonds issued in 2020 is still "CCC" [1][2] - The rating agency's report is available on the Shanghai Stock Exchange website, providing transparency and access to the evaluation process [2] - The announcement emphasizes the legal responsibility of the company's board of directors for the accuracy and completeness of the information provided [1]