Group 1 - The board of directors of Guangdong Liyang Chip Testing Co., Ltd. held its tenth meeting on August 6, 2025, and unanimously agreed to waive the notice period for the meeting [2] - The meeting was legally convened with all nine directors present, ensuring compliance with relevant laws and regulations [2][4] Group 2 - The board approved the proposal not to redeem the "Liyang Convertible Bonds" early, despite the bonds triggering conditional redemption terms due to stock price performance [3][8] - The stock price met the condition of being at least 130% of the current conversion price (16.12 CNY) for 15 out of 30 trading days, equating to a price of 20.956 CNY [15] - The company will not exercise the early redemption right for the next six months, from August 7, 2025, to February 6, 2026, even if the redemption conditions are triggered again [3][16] Group 3 - The "Liyang Convertible Bonds" were issued with a total of 5.2 million bonds, each with a face value of 100 CNY, raising a total of 520 million CNY [9] - The initial conversion price was set at 16.13 CNY per share, which was adjusted to 16.12 CNY following an increase in the company's total shares [10][11] - The bonds are set to mature on July 1, 2030, with a redemption price of 115% of the face value at maturity [13]

Core Viewpoint - The article discusses the proposed adjustments to convertible bonds, highlighting the strong redemption and non-redemption statuses of various bonds, as well as shareholder reduction plans for specific companies [1][4]. Summary by Sections Convertible Bonds Overview - The article provides a detailed table of convertible bonds, including their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [2][6]. Strong Redemption and Non-Redemption - Specific convertible bonds such as "白电转债" and "游族转债" are noted for their strong redemption status, while "利扬转债" is mentioned as not being subject to strong redemption [4]. Shareholder Reduction Plans - Several companies are highlighted for their shareholder reduction plans, including: - 皓元医药: Shareholder 苏信基金 plans to reduce holdings by no more than 3% of the company's shares [4]. - 天能重工: Shareholder plans to reduce holdings by no more than 3% [4]. - 立高食品: Shareholders plan to reduce holdings by no more than 2.47% [4]. - 漱玉平民: Controlling shareholder plans to reduce holdings by no more than 2% [4]. Additional Convertible Bonds Information - The article includes further details on convertible bonds, such as their redemption prices, current prices, conversion values, and remaining scales, providing insights into their market performance [6][8].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In July, the convertible bond market continued its upward trend, with the equal - weighted index significantly outperforming the weighted index. The median convertible bond price reached a maximum of 129 yuan, approaching the level at the beginning of 2022, but the structure showed that low - priced bonds were significantly higher than those at the beginning of 2022, while high - priced bonds were significantly lower [2][9]. - The July market was a "second - derivative" fluctuation, while the equity "first - derivative" remained positive. Before the September 3 parade, A - shares may have opportunities, and the dumbbell strategy (high - dividend + micro - cap stocks) may rebound. The convertible bond market will continue to follow the underlying stocks and remain strong [2]. - The new VAT policy on the interest income of bonds such as treasury bonds may increase the cost - effectiveness of stable and low - volatility convertible bonds, and the buying volume of bond - type convertible bonds and the entire convertible bond market may increase [2]. - After short - term winning - rate volatility pricing, the market will shift to odds - based advantages. It is recommended to pay attention to the cost - effectiveness improvement of bank convertible bonds and high - elasticity varieties, and the future will shift from position - based victory to structure - based victory [4]. Summary According to Relevant Catalogs 1. Review of the Convertible Bond Market in July: Recovery under Strong Equity - **Price and Index Performance**: The convertible bond market continued to rise in July, with a steeper upward slope compared to June. The equal - weighted index significantly outperformed the weighted index, and there was a slight pullback at the end of the month. The median convertible bond price reached a maximum of 129 yuan and closed at around 127 yuan at the end of the month [2][9]. - **Style and Sector Performance**: In July, small - cap and low - rating styles were dominant again, and their excess performance since the beginning of the year reached a new high. The pharmaceutical sector led the rise, while the financial sector significantly underperformed other sectors since 2025 [10][12][15]. - **Comparison with Underlying Stocks**: Convertible bonds slightly underperformed the underlying stocks, but the underperformance margin further narrowed compared to June. The convertible bond market showed strong performance overall, and its valuation advantage was significant [16][21]. - **Valuation Situation**: The convertible bond valuation confirmed an upward trend, with the 100 - yuan premium rate rising to a maximum of 33% in July. The current high - valuation problem is mainly reflected in the low - parity area, while the 120 - 130 yuan parity is still a valuation depression [22][24][27]. 2. Outlook for the Convertible Bond Market in August: Shifting from Position - Based Victory to Structure - Based Comparison - **Equity Market and Convertible Bond Market**: The short - term adjustment of the equity market is due to the full implementation of the market rotation and catch - up market, and the market has returned to a volatile state. Before the September 3 parade, A - shares may have opportunities, and the convertible bond market will follow the underlying stocks and remain strong [2][46]. - **Valuation of Convertible Bonds**: The high valuation of convertible bonds may be maintained because the overall risk of the stock market is controllable. However, the absolute valuation of bond - type convertible bonds is relatively high, and there are potential adjustment risks. After the short - term adjustment, they have certain cost - effectiveness [48][53][60]. - **Impact of VAT Policy**: The adjustment of the bond VAT policy may increase the attractiveness of bond - type convertible bonds. After the tax increase, the cost - effectiveness of pure bonds decreases, and the buying volume of bond - type convertible bonds may increase [63][66]. - **Cost - Effectiveness of Different Types of Convertible Bonds**: The cost - effectiveness of high - dividend and low - volatility convertible bonds such as bank convertible bonds may increase, and attention should also be paid to high - elasticity varieties and individual bonds with odds advantages [4]. 3. Bond Selection Directions and Targets in August - **Bond Selection Directions**: First, pay attention to the directions favored by the high - to - low shift in the August market, such as bank convertible bonds and some "bank - like" convertible bonds; second, focus on small - cap growth sectors such as self - controllability and national defense and military industries; third, pay attention to convertible bonds that are not subject to forced redemption or have been listed for less than 6 months; fourth, pay attention to convertible bonds that can replace underlying stocks [4]. - **Targets in August**: Low - volatility convertible bonds include Lvdong Convertible Bond, Hengyi Convertible Bond 2, etc.; stable convertible bonds include Bo 25 Convertible Bond, Guanghe Convertible Bond, etc.; high - volatility convertible bonds include Daotong Convertible Bond, Jiahe Convertible Bond, etc. [4]

Summary of Key Points Core Viewpoint - The article discusses recent shareholder actions regarding stock reductions and provides detailed information on various convertible bonds, including their current prices, conversion values, and other relevant metrics. Group 1: Shareholder Actions - Foster's shareholders plan to reduce their holdings by no more than 1.25% of the company's shares [1] - Hongqiang's shareholders intend to reduce their holdings by no more than 1% of the company's shares [1] Group 2: Convertible Bonds Overview - The article lists several convertible bonds with their respective details, including current prices, strong redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stock. - For example, the Zlu Convertible Bond (code: 123052) has a current price of 151.350, a strong redemption price of 100.550, and a conversion value of 154.41, with a remaining scale of 0.543 billion and a proportion of 3.75% [1] - The article also highlights that the Fuxin Convertible Bond will not be forcibly redeemed [1] Group 3: Convertible Bonds Pricing and Metrics - A detailed table of convertible bonds is provided, showing various metrics such as current price, conversion value, premium rate, remaining scale, and the proportion of convertible bonds to the underlying stock. - For instance, the Liyang Convertible Bond (code: 118048) has a current price of 150.412, a conversion value of 134.31, and a premium rate of 11.99% [5] - The article notes that several convertible bonds are approaching their last trading days, indicating potential investment opportunities or risks [5]

Group 1 - Fangyuan Co. plans to reduce its repurchased shares by 3,320,000 shares, which accounts for 0.65% of the total share capital, to supplement its working capital [1] - Kangtai Medical's shareholders intend to reduce their holdings by no more than 3.59% of the company's shares [1] - Zhigao Machinery is listed for new share subscription on the Beijing Stock Exchange [1] Group 2 - Convertible bond data includes various bonds with their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [2][4][6] - Notable convertible bonds include Beilu Convertible Bond with a current price of 133.000 and a conversion value of 134.90, and Zte Convertible Bond with a current price of 163.100 and a conversion value of 164.90 [2] - The remaining scale of several convertible bonds varies, with some having a significant proportion of the underlying stock, such as Hongfeng Convertible Bond at 7.95% [6]

Core Viewpoint - Guangdong Liyang Chip Testing Co., Ltd. has announced that its convertible bonds, "Liyang Convertible Bonds," are expected to meet the redemption conditions based on stock price performance [1][2]. Group 1: Convertible Bond Issuance and Trading - The company has been approved by the China Securities Regulatory Commission to issue convertible bonds totaling RMB 520 million, with a term of 6 years [2][3]. - The bonds have been listed and traded on the Shanghai Stock Exchange since July 19, 2024, under the code "118048" [3]. Group 2: Conversion Price and Adjustments - The initial conversion price for the bonds was set at RMB 16.13 per share, which will be adjusted to RMB 16.12 per share starting July 9, 2025, due to an increase in the company's total share capital [4]. Group 3: Redemption Conditions - The company may redeem the bonds if, during a specified period, the stock price remains at or above 130% of the conversion price for a certain number of trading days [6][8]. - The redemption price will be at the face value plus accrued interest, with specific conditions outlined in the bond issuance prospectus [6][7].

Summary of Key Points Core Viewpoint - Guangdong Liyang Chip Testing Co., Ltd. has announced the potential conditional redemption of its convertible bonds if certain stock price conditions are met, indicating a strategic financial maneuver to manage its debt obligations and capital structure [1][2]. Group 1: Convertible Bond Issuance - The company has been authorized by the China Securities Regulatory Commission to issue convertible bonds totaling RMB 520 million, with a maturity of 6 years [1]. - The convertible bonds, named "Liyang Convertible Bonds" with code "118048," began trading on July 19, 2024 [2]. - The initial conversion price for the bonds was set at RMB 16.13 per share, which has been adjusted to RMB 16.12 per share following a stock incentive plan [2][4]. Group 2: Redemption Conditions - The company may redeem the convertible bonds if, during the conversion period, the stock price remains at or above 130% of the conversion price for at least 5 out of 12 consecutive trading days [1][4]. - As of the announcement, the stock price has already met the condition for 10 trading days, indicating a strong likelihood of triggering the redemption clause [4]. - The redemption will be executed at the bond's face value plus accrued interest, should the conditions be satisfied [3][4]. Group 3: Interest Calculation - The accrued interest for the bonds is calculated based on the formula: IA = B × i × t / 365, where IA is the accrued interest, B is the total face value of the bonds held, i is the annual coupon rate, and t is the number of days since the last interest payment [3].

Core Viewpoint - Liyang Chip (688135) has experienced a price increase of 3.59% this week, closing at 21.64 yuan, with a total market capitalization of 4.393 billion yuan [1] Company Announcements Summary - The company has been approved to issue 5.2 million convertible bonds, with a total fundraising amount of 520 million yuan, maturing in 6 years [1] - The initial conversion price for the bonds is set at 16.13 yuan per share, adjusted to 16.12 yuan as of July 9, 2025 [1] - The company's 2024 operating revenue is projected to be 488 million yuan, reflecting a year-on-year decline of 2.98%, while net profit is expected to be -59 million yuan, a significant drop of 336% [1][3] - Total assets have increased by 24.84% year-on-year, reaching 2.593 billion yuan, while total debt has surged by 76.98% to 1.276 billion yuan [1][3] - The company maintains a stable credit rating outlook with a credit rating of "A+" for both the company and its convertible bonds [1][3]

Group 1 - The company's previous credit rating was "A+" with a stable outlook for both the company and the convertible bond "Liyang Convertible Bond" [1][2] - The current credit rating remains "A+" with a stable outlook, as assessed by the credit rating agency Zhongzheng Pengyuan on July 24, 2025 [2] - The credit rating report has been disclosed on the Shanghai Stock Exchange website [2]

Core Points - Guangdong Liyang Chip Testing Co., Ltd. has been approved to issue convertible bonds totaling 520,000 units, each with a face value of RMB 100, raising a total of RMB 52 million [2][4] - The bonds have a maturity period of 6 years, from July 2, 2024, to July 1, 2030 [7] - The initial conversion price for the bonds is set at RMB 16.13 per share, subject to adjustments based on various corporate actions [18] Summary by Sections Approval and Issuance - The issuance of convertible bonds has been approved by the China Securities Regulatory Commission, allowing the company to raise funds through the issuance of 520,000 convertible bonds [2] - The total amount raised from this issuance is RMB 52 million, with each bond having a face value of RMB 100 [4] Bond Characteristics - The bonds are classified as convertible corporate bonds, with a total issuance amount of RMB 52 million [4][3] - The bonds will pay interest annually, with rates starting at 0.2% in the first year and increasing to 1.5% by the fourth year [7] Conversion and Adjustment Mechanism - The conversion period for the bonds begins six months after issuance and lasts until maturity [8] - The conversion price can be adjusted based on corporate actions such as stock dividends, capital increases, and cash dividends [9][18] - The adjusted conversion price is calculated using specific formulas to ensure fair treatment of bondholders [9][18] Redemption and Buyback Provisions - The company has the right to redeem the bonds at face value plus accrued interest under certain conditions, such as if the stock price exceeds 130% of the conversion price for a specified period [12][14] - Bondholders have the right to sell back their bonds to the company if the stock price falls below 70% of the conversion price during the last two interest years [14][15] Credit Rating and Management - The bonds are not secured by any collateral, and the credit rating is provided by China Chengxin International Credit Rating Co., Ltd. [15] - The bond management is overseen by GF Securities Co., Ltd., which will monitor the company's compliance with bondholder interests [18]