登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603608 证券简称：天创时尚（维权） 公告编号：临2025-082 债券代码：113589 债券简称：天创转债 天创时尚股份有限公司 关于可转债转股结果暨股份变动公告 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个别及连带责任。 重要内容提示： ● 本季度转股情况："天创转债"自2025年7月1日至2025年9月30日期间，累计转股金额为6,000元，因转 股形成的股份数量为487股，全部使用新增股份作为转股来源。 ● 累计转股情况：截至2025年9月30日，累计共有625,000元"天创转债"转换为公司股票，累计转股数量 为50,567股（其中2,026股为库存股，其余均为新增股份），占可转债转股前公司已发行股份总额（即 2021年1月3日总股本428,895,467股）的0.011790%。 ● 未转股可转债情况：尚未转股的可转债金额为66,600,000元，占可转债发行总量的11.1000%。 因触发回售条款，"天创转债"于2025年8月12日至2025年8月18日 ...

Core Viewpoint - The recent volatility in the market for convertible bonds, particularly the sharp decline in the price of Haitai Convertible Bond, serves as a cautionary lesson for investors regarding the risks associated with speculative trading in this asset class [1][2][4]. Group 1: Haitai Convertible Bond Performance - Haitai Convertible Bond experienced a significant price increase of over 19% on September 12, followed by a sharp decline, closing at a 20% limit down on September 15, despite the underlying stock showing minimal movement [1][2]. - On September 15, the underlying stock of Haitai Technology (301022) fell by 1.61%, while the convertible bond initially surged to 223.225 yuan per share before plummeting [2]. - The bond's price drop was attributed to unusual trading patterns and the impending forced redemption, which may have prompted some investors to sell off their holdings [2][3]. Group 2: Market Behavior of Convertible Bonds - The phenomenon of "flash crashes" in convertible bonds, referred to as "demon bonds," has been observed frequently this year, with several instances of significant price fluctuations occurring without corresponding movements in the underlying stocks [4]. - Other convertible bonds, such as Haibo Convertible Bond and Tianchuang Convertible Bond, have also exhibited similar volatile behavior, leading to substantial losses for investors who bought at high prices [4]. - The market for convertible bonds can be heavily influenced by speculative trading, particularly in smaller or newly issued bonds, which can lead to abnormal price movements and deviations in conversion premium rates [4][5]. Group 3: Investor Caution - Analysts warn that the speculative trading of these "demon bonds" resembles a "pump and dump" scheme, where prices are artificially inflated before a sudden sell-off occurs [5]. - Investors are advised to remain vigilant regarding convertible bonds with high conversion premiums to protect their investments in a volatile market [5].

Core Viewpoint - The recent sharp decline in Haitai Convertible Bond highlights the risks associated with speculative trading in the convertible bond market, particularly in the context of unusual price movements and impending forced redemption [1][3][4]. Group 1: Haitai Convertible Bond Performance - Haitai Convertible Bond experienced a significant price surge of over 19% on September 12, despite the underlying stock showing minimal volatility [1][3]. - On September 15, the bond reached a peak price of 223.225 CNY per share before closing with a 20% limit down, resulting in a loss exceeding 22% for investors who bought at the peak [3][4]. - The bond's price drop occurred even as the underlying stock, Haitai Technology, fell only 1.61% on the same day, indicating a disconnect between the bond and stock performance [3]. Group 2: Redemption and Market Dynamics - Haitai Technology announced that the bond would be subject to conditional redemption due to the stock price exceeding 130% of the conversion price for 15 trading days [4]. - The company plans to redeem the bonds at 100.260 CNY per share if they remain unconverted by September 29, 2025, urging investors to convert their bonds to avoid potential losses [4]. - The bond's conversion premium remains at 12.72%, suggesting that the bond's market price is still above its conversion value, which may attract speculative trading [3]. Group 3: Speculative Trading in Convertible Bonds - The phenomenon of "flash crashes" in convertible bonds, referred to as "demon bonds," has been observed frequently this year, with similar patterns seen in other convertible bonds like Haibo and Tianchuang [6][7]. - These bonds often experience extreme price volatility due to low liquidity and speculative trading, leading to significant losses for investors who buy at inflated prices [7][8]. - Analysts warn that such speculative behavior resembles a "kill pig" scheme, where prices are artificially inflated before a sudden sell-off, disrupting market order and harming investor interests [8].

Group 1 - The China Convertible Bond Index fell by 0.33% to 468.18 points on September 4 [1] - The largest declines were seen in Zhenhua Convertible Bond, Liyang Convertible Bond, Weidao Convertible Bond, Huamao Convertible Bond, and Ruichuang Convertible Bond, with declines of 8.64%, 6.67%, 5.69%, 5.69%, and 4.80% respectively [1] - The top gainers included Tianchuang Convertible Bond, Jingxing Convertible Bond, Dianhua Convertible Bond, Honghui Convertible Bond, and Hengshuai Convertible Bond, with increases of 5.33%, 4.73%, 4.38%, 3.57%, and 3.51% respectively [1]

Group 1 - The company held its 13th meeting of the 5th Supervisory Board, which was conducted both in-person and via communication methods, with all three supervisors present [1] - The meeting approved the 2025 semi-annual report and summary, with a unanimous vote of 3 in favor [1] Group 2 - The company approved a proposal to abolish the Supervisory Board and increase registered capital, transferring the Supervisory Board's powers to the Audit Committee of the Board of Directors, with a unanimous vote of 3 in favor [2] - The proposal to terminate the 2024 second phase employee stock ownership plan ahead of schedule was also approved, with a unanimous vote of 3 in favor [2]

Core Points - The company announced that during the buyback period from August 12 to August 18, 2025, there were no valid buyback applications for the "Tianchuang Convertible Bonds" [1][2] - The total buyback amount was 0 yuan, including accrued interest and tax, indicating no financial impact on the company's cash flow or asset status [2] Buyback Announcement - The company disclosed the buyback announcement on August 5, 2025, and issued several reminder announcements from August 6 to August 16, 2025 [1] - The buyback price was set at 100.27 yuan per bond, including accrued interest and tax [2] Impact of Buyback - The absence of buyback applications means the company does not need to process any payments to investors, thus maintaining its financial stability [2] - The unredeemed "Tianchuang Convertible Bonds" will continue to be traded on the Shanghai Stock Exchange [2]

Core Viewpoint - The company announced that there were no valid subscription applications for the "Tianchuang Convertible Bonds" during the buyback period, resulting in a total buyback amount of 0 yuan, which will not impact the company's financials or operations [3][4][7]. Summary by Sections Buyback Announcement - The buyback period for the "Tianchuang Convertible Bonds" was from August 12, 2025, to August 18, 2025 [2]. - The company disclosed the buyback announcement on August 5, 2025, and issued several reminder announcements during the buyback period [2]. Buyback Results - The buyback price was set at 100.27 yuan per bond (including accrued interest and tax) [3]. - The effective subscription quantity for the buyback was 0 bonds, resulting in a total buyback amount of 0 yuan [3][7]. Impact of Buyback - Since the buyback amount was 0 yuan, the company will not need to pay any buyback funds to investors, and there will be no impact on the company's cash flow, asset status, or equity situation [4][7]. Subsequent Matters - The unredeemed "Tianchuang Convertible Bonds" will continue to be traded on the Shanghai Stock Exchange [5].

Core Points - The company announces the right of "Tianchuang Convertible Bonds" holders to choose whether to sell back their bonds, which is not mandatory [1] - If bondholders do not declare and implement the sell-back during the specified period, they will lose the right to sell back for the interest year from June 24, 2025, to June 23, 2026 [1] - The current closing price of "Tianchuang Convertible Bonds" is higher than the sell-back price, indicating potential losses for bondholders who choose to sell back [1] Summary of Relevant Sections Sell-Back Terms and Price - Bondholders have the right to sell back their bonds at face value plus accrued interest if the stock price falls below 70% of the conversion price for any 30 consecutive trading days [2] - The sell-back price is set at 100.27 RMB per bond, including accrued interest and tax [4][10] - The sell-back period is from August 12, 2025, to August 18, 2025, with funds to be disbursed on August 21, 2025 [4][11] Accrued Interest Calculation - The accrued interest for the bonds is calculated using the formula: IA = B × i × t / 365, where B is the total face value, i is the annual coupon rate, and t is the number of days [5] - For the sixth year, with a coupon rate of 2% and 49 days of interest, the accrued interest amounts to approximately 0.27 RMB per bond [6] Sell-Back Procedures - Bondholders can sell back part or all of their unconverted bonds during the sell-back period [7] - The sell-back must be declared through the Shanghai Stock Exchange trading system and cannot be revoked once confirmed [7][8] - If a sell-back results in the total face value of convertible bonds being less than 30 million RMB, the bonds will continue to trade [12]

天创时尚股份有限公司 证券代码：603608 证券简称：天创时尚（维权） 公告编号：临2025-067 债券代码：113589 债券简称：天创转债 关于"天创转债"可回售的第九次提示性公告 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个别及连带责任。 重要内容提示： ● 回售价格：100.27元/张（含当期应计利息、含税） ● "天创转债"持有人有权选择是否进行回售，本次回售不具有强制性。 ● 本次满足回售条款而"天创转债"持有人未在上述回售期内申报并实施回售的，计息年度即2025年6月 24日至2026年6月23日不能再行使回售权。 ● 风险提示："天创转债"持有人选择回售等同于以人民币100.27元/张（含当期利息、含税）卖出持有 的"天创转债"。截至目前，"天创转债"的收盘价格高于本次回售价格，"天创转债"持有人选择回售可能 会带来损失，敬请"天创转债"持有人关注选择回售的投资风险。 天创时尚股份有限公司（以下简称"公司"）A股股票自2025年6月24日至2025年8月4日连续30个交易日 的收盘价格低于公司"天创转债"当期转股 ...

Core Viewpoint - Tianchuang Fashion announced that holders of "Tianchuang Convertible Bonds" can choose to sell their bonds at a price of RMB 100.27 per bond (including current interest and tax) [2] Summary by Relevant Sections - **Convertible Bonds** - The closing price of "Tianchuang Convertible Bonds" is currently higher than the repurchase price, indicating that holders choosing to sell may incur losses [2] - **Investor Awareness** - Investors are advised to pay attention to the investment risks associated with the decision to sell "Tianchuang Convertible Bonds" [2]