"十一"假期前，浦发银行发布公告称，东方资产通过二级市场购入普通股及可转债转股的形式增持该银 行股份。记者调研后发现，增持市净率低于1倍的银行股，有助于改善资产管理公司（AMC）的财务报 表。浦发转债即将到期，当下市场比较关注东方资产会否继续增持浦发转债并转股，进而缓解浦发转债 的兑付压力。 东方资产增持浦发银行 9月30日，浦发银行发布公告称，东方资产及其一致行动人通过二级市场购入普通股及可转债转股的形 式增持该银行股份。截至9月29日，东方资产持有浦发银行普通股10.73亿股，持股比例3.44%，另持有 浦发转债860万张。而今年二季度末，东方资产尚未出现在浦发银行前十大普通股股东行列，这说明东 方资产在三季度大举增持了浦发银行普通股和浦发转债。 另外，浦发银行在公告中还表示，经东方资产推荐，该银行董事会同意提名计宏梅为银行董事候选人。 公告显示，计宏梅现任东方资产上海市分公司党委书记。 今年以来，已有多家AMC增持银行股。其中，中信金融资产增持了光大银行和中国银行。截至6月末， 中信金融资产直接持有光大银行股份的比例达7.93%，持有中国银行普通股的比例达4.71%。而在6月 末，中国信达旗下的信达投资 ...

"十一"假期前，浦发银行发布公告称，东方资产通过二级市场购入普通股及可转债转股的形式增持该银 行股份。中国证券报记者调研后发现，增持市净率低于1倍的银行股，有助于改善资产管理公司 （AMC）的财务报表。浦发转债即将到期，当下市场比较关注东方资产会否继续增持浦发转债并转 股，进而缓解浦发转债的兑付压力。 东方资产增持浦发银行 9月30日，浦发银行发布公告称，东方资产及其一致行动人通过二级市场购入普通股及可转债转股的形 式增持该银行股份。截至9月29日，东方资产持有浦发银行普通股10.73亿股，持股比例3.44%，另持有 浦发转债860万张。而今年二季度末，东方资产尚未出现在浦发银行前十大普通股股东行列，这说明东 方资产在三季度大举增持了浦发银行普通股和浦发转债。 另外，浦发银行在公告中还表示，经东方资产推荐，该银行董事会同意提名计宏梅为银行董事候选人。 公告显示，计宏梅现任东方资产上海市分公司党委书记。 今年以来，已有多家AMC增持银行股。其中，中信金融资产增持了光大银行和中国银行。截至6月末， 中信金融资产直接持有光大银行股份的比例达7.93%，持有中国银行普通股的比例达4.71%。而在6月 末，中国信达旗下 ...

另外，浦发银行在公告中还表示，经东方资产推荐，该银行董事会同意提名计宏梅为银行董事候选人。 公告显示，计宏梅现任东方资产上海市分公司党委书记。 今年以来，已有多家AMC增持银行股。其中，中信金融资产增持了光大银行和中国银行。截至6月末， 中信金融资产直接持有光大银行股份的比例达7.93%，持有中国银行普通股的比例达4.71%。而在6月 末，中国信达旗下的信达投资将自身持有的1.18亿张浦发转债全部转为浦发银行A股普通股。截至6月 末，信达投资持有浦发银行普通股9.18亿股，占该行普通股总额的3.03%。 有助于AMC改善财务报表 对于AMC而言，投资银行股的有利之处或是改善财务报表，原因在于AMC采用权益法核算对银行的长 期股权投资。 ● 李玉敏 李蕴奇 "十一"假期前，浦发银行发布公告称，东方资产通过二级市场购入普通股及可转债转股的形式增持该银 行股份。中国证券报记者调研后发现，增持市净率低于1倍的银行股，有助于改善资产管理公司 （AMC）的财务报表。浦发转债即将到期，当下市场比较关注东方资产会否继续增持浦发转债并转 股，进而缓解浦发转债的兑付压力。 东方资产增持浦发银行 9月30日，浦发银行发布公告称，东 ...

"光大模式"火速复刻落定！ 6月30日晚间，浦发银行发布《关于可转债持有人转股暨股份变动公告》显示，6月27日，信达投资将其 持有的近1.18亿张"浦发转债"转为该行普通股，合计转股股数为9.12亿股。 而从增持转债、划转可转债，再到完成转股，信达投资仅用时3天。转股完成后，浦发银行总股本增至 302.64亿股，其中信达投资持股比例超过3%，进入该行前十大股东序列。 3天内落定转股 浦发银行最新公告显示，6月27日，该行收到信达投资的通知，后者将其持有的近1.18亿张浦发转债转 为该行A股普通股，合计转股股数约9.12亿股。 而在信达投资转股完成后，浦发银行总股本增至约302.64亿股。其中，信达投资持有约9.12亿股，占该 行总股本的3.01%，进入该行前十大股东序列。 此前，浦发银行于6月26日公告称，截至25日，信达证券管理的单一资管计划已累计增持近1.18亿张该 行可转债，随后，该项资管计划于26日将其持有的浦发转债全部转让至信达投资账户。 据了解，2019年10月底，浦发银行向社会公开发行5亿张可转债，每张面值100元，对应发行总额500亿 元，期限6年，并于当年11月在上交所挂牌交易，债券名称为" ...

Group 1 - The overall stock of bank convertible bonds is expected to significantly decrease within the next year, with approximately 100 billion yuan of bank convertible bonds likely to complete conversion this year [1][8][9] - The strong performance of bank stocks has led to multiple convertible bonds triggering mandatory redemption clauses, including Hangzhou Bank and Nanjing Bank convertible bonds [2][3] - As of July 3, 41 out of 42 bank stocks have seen price increases this year, with some banks like Pudong Development Bank and Qingdao Bank experiencing over 30% growth [3] Group 2 - The conversion of convertible bonds is crucial for banks as it helps reduce financial costs and supplement core tier one capital, while also signaling financial stability to the market [3][5] - The recent trend of asset management companies (AMCs) converting bonds into stocks is seen as a strategic move to enhance their asset allocation and share in the rising stock prices of banks [6][7] - Regulatory changes have tightened the issuance of new bank convertible bonds, leading to a significant reduction in the market supply and altering the investment landscape [8][9] Group 3 - The Hangzhou Bank convertible bond will officially delist on July 7, with investors facing potential losses exceeding 30% if they do not convert or sell before the last trading day [2] - The conversion process for Pudong Development Bank's convertible bonds has been slow, with a significant portion remaining unconverted until recent interventions by institutional shareholders [4][5] - The market is witnessing a shift in investment strategies as institutional investors reduce their allocation to bank convertible bonds, seeking alternative assets to fill the gap [9]

Core Viewpoint - The conversion of convertible bonds into common shares by China Cinda Asset Management Co., Ltd. in Shanghai Pudong Development Bank significantly alleviates the bank's cash repayment pressure and enhances its core capital position, reflecting a trend of asset management companies (AMCs) acting as strategic investors in banks [1][3][4]. Group 1: Convertible Bond Conversion - As of June 30, 2025, a total of 11,788,617,000 yuan of Pudong Development Bank's convertible bonds have been converted into common shares, representing 3.1085% of the bank's total issued common shares [1]. - China Cinda acquired 117.85 million convertible bonds in just three days, becoming one of the top ten shareholders of Pudong Development Bank [2]. - Prior to China Cinda's intervention, only 144,000 yuan of Pudong convertible bonds had been converted, indicating a conversion rate of 0.0029% [3]. Group 2: Market Context and Implications - The recent strength in bank stock prices has increased the conversion value of convertible bonds, prompting AMCs to convert bonds into equity [5][7]. - The "Everbright Model," where AMCs convert bonds to alleviate banks' repayment pressures, has been successfully replicated, demonstrating a win-win situation for both parties [4][5]. - The conversion of convertible bonds into equity not only reduces financial costs for banks but also signals financial stability to investors, potentially attracting more investment [6][7]. Group 3: Financial Health and Future Outlook - The successful conversion of convertible bonds is crucial for banks to count these as core tier one capital, and failure to convert before maturity could lead to repayment obligations [3]. - Despite the positive developments, Pudong Development Bank still faces significant cash pressure, with a large portion of its convertible bonds remaining unconverted as the maturity date approaches [7].

Group 1 - The core point of the article is that Cinda Investment's significant increase in convertible bonds and subsequent conversion into shares has positioned it as the 10th largest shareholder of Pudong Development Bank, providing crucial capital support as the bank approaches the maturity of its convertible bonds [1][2][3] - Cinda Investment converted 118 million shares of Pudong Development Bank's convertible bonds into common stock, which represents 23.57% of the total issued convertible bonds, thereby increasing the bank's total common stock to approximately 30.26 billion shares [2][3] - Prior to Cinda's intervention, 99.99% of Pudong Development Bank's convertible bonds had not been converted, highlighting the urgency for capital replenishment as the bond maturity date approaches [1][3] Group 2 - The article discusses the trend of Asset Management Companies (AMCs) acting as "white knights" to support banks by converting convertible bonds into equity, which has been seen as a viable solution for capital replenishment [4][5] - This model has been previously demonstrated with Everbright Bank, where China Huarong converted a significant portion of its convertible bonds into equity, becoming a major shareholder [4] - The dual benefits of this model for both AMCs and banks include reduced financial costs for banks and potential investment returns for AMCs, suggesting that this approach may become a regular practice in the industry [5][6]

Group 1 - The core point of the news is that China Cinda Asset Management Co., Ltd. has converted approximately 117.85 billion yuan worth of SPDB convertible bonds into common shares, increasing its holdings in SPDB significantly and marking a key step for AMCs in alleviating banks' capital pressure [1][2][3] - As of June 25, 2023, Cinda Securities managed to accumulate 1.1785 billion SPDB convertible bonds, representing 23.57% of the total issuance, which were then transferred to Cinda Investment [2] - Following the conversion, the total number of SPDB common shares increased to 30.264 billion, with the unconverted balance of SPDB convertible bonds dropping to 38.211 billion yuan, reducing the unconverted ratio to 76.42% [3] Group 2 - The SPDB convertible bonds, issued in October 2019, had a total issuance of 500 billion yuan, with a maturity of six years, and had not triggered redemption clauses since their listing [2][3] - Cinda Investment's conversion of the bonds is part of a broader trend where banks are increasingly looking to convert convertible bonds into equity to enhance their core tier one capital and improve capital adequacy ratios [5] - The "Everbright model" is referenced as a precedent where strategic investors can assist banks in converting convertible bonds to alleviate repayment pressures, highlighting a potential new channel for banks to manage their capital needs [5][6]

Core Viewpoint - The conversion of approximately 117.85 billion yuan worth of SPDB convertible bonds into common stock by China Cinda Asset Management signifies a crucial step in alleviating capital pressure for banks and optimizing financial resource allocation in China [1][3]. Group 1: SPDB Convertible Bonds - On June 30, SPDB announced that China Cinda's subsidiary, Cinda Investment, converted about 117.85 million SPDB convertible bonds into 912 million shares of SPDB common stock [1][3]. - The total number of SPDB common shares increased to 30.264 billion after the conversion [3]. - The SPDB convertible bonds, issued in October 2019, had a total issuance of 500 billion yuan and were set to mature in six years [3][4]. Group 2: Impact on Capital Adequacy - Prior to the conversion, as of June 26, 2025, the unconverted balance of SPDB convertible bonds was 499.97 billion yuan, representing 99.99% of the total issuance [4]. - Following the conversion, the unconverted balance dropped to 382.11 billion yuan, reducing the unconverted ratio to 76.42% [4]. - If the SPDB convertible bonds remain unconverted, the bank would face a rigid repayment pressure of 500 billion yuan in principal and interest, posing a significant challenge to its capital adequacy ratio [4]. Group 3: Market Context and Trends - The trend of banks converting convertible bonds into equity has been observed, with several banks' convertible bonds exiting the market due to triggering redemption clauses [5][6]. - The issuance of convertible bonds primarily aims to provide low-cost financing and enhance core tier one capital, thereby improving capital adequacy ratios [6]. - The "Everbright Model" is referenced, where strategic investors convert their holdings to alleviate repayment pressures, indicating a potential new channel for banks to manage convertible bond exits [6].

Core Viewpoint - The rapid conversion of convertible bonds into common stock by Xinda Investment in Shanghai Pudong Development Bank (SPDB) reflects a new trend in managing convertible bond maturity pressures, similar to the "Everbright model" [10][11]. Group 1: Convertible Bond Conversion - On June 27, Xinda Investment converted nearly 118 million SPDB convertible bonds into approximately 912 million shares of common stock [1][3]. - The total share capital of SPDB increased to approximately 30.264 billion shares, with Xinda Investment holding about 3.01% of the total shares, entering the top ten shareholders [2][7]. - The conversion process took only three days, highlighting the efficiency of the transaction [2][3]. Group 2: Background of Convertible Bonds - SPDB issued 500 billion yuan worth of convertible bonds in October 2019, with a maturity of six years [5]. - As of March 2023, only 144,000 yuan worth of SPDB convertible bonds had been converted, indicating a conversion rate of only 0.0029% [6]. Group 3: Market Context and Trends - The "Everbright model" involves strategic shareholders converting bonds to alleviate maturity repayment pressures, especially when the underlying stock performs poorly [10]. - Previous cases, such as Everbright Bank's bond conversion by China Huarong, demonstrate the effectiveness of this strategy in reducing repayment burdens and enhancing core capital [11][13]. - The current market conditions show a high demand for bank convertible bonds due to their strong credit quality and risk resistance, despite a stagnation in new issuances since 2023 [17].