Group 1 - The company issued 9.75 million convertible bonds with a total value of 975 million yuan, each with a face value of 100 yuan, approved by the China Securities Regulatory Commission [1] - The convertible bonds began trading on the Shenzhen Stock Exchange on April 18, 2023, under the name "Tianyang Convertible Bonds" with the code "123184" [1] - The initial conversion price for the bonds was set at 14.92 yuan per share [2] Group 2 - The conversion period for the bonds started on October 9, 2023, and will last until the maturity date on March 22, 2029 [2] - The board of directors approved a downward adjustment of the conversion price to 11.88 yuan per share effective from February 27, 2024, due to the stock price being below 85% of the conversion price for a specified period [3] - The conversion price was further adjusted to 11.83 yuan per share effective from May 22, 2024, following the annual profit distribution plan [4] Group 3 - The company has a conditional redemption clause for the convertible bonds, which can be triggered if the stock price exceeds 130% of the conversion price for a specified period [11] - As of May 28, 2025, the stock price met the conditions for triggering the redemption clause, allowing the company to redeem the bonds [11] - The redemption price was calculated to be 100.24 yuan per bond, including interest, with a total redemption amount of approximately 1.49 million yuan for 14,885 bonds [12] Group 4 - The total face value of the redeemed bonds accounted for 0.15% of the total issuance, which will not significantly impact the company's financial status or cash flow [13] - Following the redemption, the convertible bonds will be delisted from the Shenzhen Stock Exchange [14] - The total number of shares increased by 82,710,679 due to the conversion of the bonds, which may dilute earnings per share in the short term [14]

Group 1 - The A-share market is recovering, but the convertible bond market is facing challenges with frequent strong redemption alerts [1][3] - From July 10 to July 31, nine convertible bonds will have redemption registration dates, posing significant risks for holders who do not act in time [1] - For instance, the Jin Dan Convertible Bond and Tian Yang Convertible Bond could lead to losses of nearly 50% if not converted by the last operation day on July 10 [1][3] Group 2 - The strong redemption frequency is attributed to the continuous rise in stock prices of listed companies [1] - Tian Yang Technology's stock price has remained above 130% of the conversion price for 15 consecutive trading days, triggering conditional redemption clauses [1] - Investors have two options when facing strong redemption: sell the convertible bonds or convert them into stocks, with the latter changing the trading rules from "T+0" to "T+1" [3] Group 3 - Other convertible bonds like Nan Yin, Hua Feng, and Guan Sheng are also set to exit the market, with Guan Sheng Convertible Bond potentially leading to losses exceeding 50% if not acted upon [3] - The occurrence of strong redemptions serves as a reminder for investors to closely monitor announcements related to their holdings, especially as redemption registration dates approach [3]

Core Viewpoint - The frequent occurrence of forced redemption events for convertible bonds in the A-share market is highlighted, with specific emphasis on the upcoming redemption dates for several bonds [1][4]. Group 1: Forced Redemption Events - As of July 10 to July 31, nine convertible bonds will have their redemption registration dates, leading to their exit from the market [1]. - Jin Dan Convertible Bond and Tian Yang Convertible Bond will face forced redemption on July 10, with significant losses for holders who do not act promptly [2][4]. - Tian Yang Convertible Bond has a current price of 197.478 yuan per bond, and failure to convert will result in a loss of 49.24% for investors [3]. Group 2: Company Announcements and Actions - Tian Yang Technology issued 9.75 billion yuan worth of convertible bonds, with a conditional redemption triggered due to the stock price exceeding 130% of the conversion price for 15 trading days [2][4]. - The board of Tian Yang Technology decided to exercise the early redemption rights based on current market conditions [2]. Group 3: Market Trends and Investor Actions - Other convertible bonds, such as Nan Yin and Hua Feng, will also exit the market following the redemption of Jin Dan and Tian Yang bonds [4]. - Investors have two main options to mitigate risks: selling the convertible bonds or converting them into stocks, with the latter changing the trading rules from "T+0" to "T+1" [5]. - New regulations have introduced a "Z" identifier for the last trading day of convertible bonds, alerting investors to act promptly [6].

Group 1 - The China Convertible Bond Index opened up by 0.04% [1] - Electric Chemical Convertible Bonds and Anke Convertible Bonds surged by 30%, triggering a trading halt [1] - Several other convertible bonds, including Saili Convertible Bonds and Tianyang Convertible Bonds, saw increases of nearly 8% and 5% respectively [1] Group 2 - Jingao Convertible Bonds and Beilu Convertible Bonds rose over 3% [1] - On the downside, Jinguan Convertible Bonds fell by over 5%, while Yong'an Convertible Bonds and Huitong Convertible Bonds dropped by over 4% and 2.7% respectively [1]

Key Points - The company Tianyang Technology announced that its convertible bond "Tianyang Convertible Bond" will stop trading after the market closes on July 7, 2025, and will be forcibly redeemed at a price of 100.24 CNY per bond after July 10, 2025, if not converted into shares [1][2][3] - The bond has triggered the conditional redemption clause as the stock price met the requirement of being at least 130% of the conversion price (15.23 CNY) for at least 15 trading days within a 30-day period [2][12] - The initial conversion price of the bond was set at 14.92 CNY per share, which has been adjusted multiple times, with the latest adjustment bringing it to 11.71 CNY per share effective from May 27, 2025 [4][11] - The company issued a total of 975 million CNY in convertible bonds, with a face value of 100 CNY per bond, and the funds raised have been verified by an accounting firm [2][3] - The bond's interest rate is 0.80%, and the interest for the current period is calculated based on the number of days from the last interest payment to the redemption date [13]

Group 1 - The core opinion of the article is that Guohai Securities has conducted a review of Tianyang Hongye Technology Co., Ltd.'s early redemption of "Tianyang Convertible Bonds" and found it compliant with relevant regulations and agreements [1][12] - Tianyang Technology issued convertible bonds amounting to 975 million yuan on March 23, 2023, with the funds verified and deposited into a designated account [1][2] - The initial conversion price of the bonds was set at 14.92 yuan per share, which was later adjusted downwards to 11.88 yuan per share due to stock price conditions [2][3] Group 2 - The bond's conversion period is from October 9, 2023, to March 22, 2029, with specific conditions for price adjustments based on stock performance [2][4] - The company has triggered the conditional redemption clause as the stock price exceeded 130% of the conversion price for 15 trading days [8][9] - The redemption price is set at 100.24 yuan per bond, including accrued interest, with the redemption process scheduled for July 11, 2025 [9][11] Group 3 - The board of directors approved the early redemption of the bonds on June 18, 2025, based on market conditions and company circumstances [10][12] - The actual controller and major shareholders have engaged in trading the bonds prior to the redemption conditions being met, with specific trading details provided [11][12] - The review by the sponsor institution confirmed that the redemption process followed necessary decision-making procedures and complied with applicable laws and regulations [12][13]

Core Viewpoint - Tianyang Hongye Technology Co., Ltd. is set to redeem its convertible bonds early, having met the necessary conditions as outlined in its offering documents and relevant regulations [11][12][13]. Group 1: Redemption Conditions - The company has issued a total of 975 million yuan in convertible bonds, with a face value of 100 yuan each, which began trading on April 18, 2023 [4][5]. - The redemption conditions specified in the offering document include scenarios where the company's stock price remains above 130% of the conversion price for at least 15 out of 30 consecutive trading days [6][11]. - The initial conversion price was set at 14.92 yuan per share, which was later adjusted to 11.71 yuan per share due to various corporate actions [7][10]. Group 2: Legal Compliance and Approval - The legal opinion confirms that the company has complied with the necessary legal frameworks, including the Securities Law and the Company Law, in executing the redemption [2][12]. - The company has conducted the required internal approvals and disclosures, ensuring that all procedures align with the self-regulatory guidelines [12][14]. - The company is obligated to continue disclosing relevant information to the market regarding the redemption process as per regulatory requirements [12][13].

Core Viewpoint - Tianyang Technology's convertible bond, "Tianyang Convertible Bond," has triggered its conditional redemption clause, marking the first instance of forced redemption for a stablecoin concept bond [2][3]. Group 1: Company Overview - Tianyang Technology is categorized as a "stablecoin" concept stock and is known alongside other companies like Cuiwei Co., Hengbao Co., and Jingbeifang as the "Four Little Dragons of Stablecoin" [3]. - The company primarily provides software product application development and technical services to financial institutions, mainly banks [3]. Group 2: Convertible Bond Details - The "Tianyang Convertible Bond" will be redeemed on July 11 at a price of 100.24 yuan per bond, following the triggering of the redemption clause [2]. - The bond's initial conversion price was set at 14.92 yuan per share, which has been adjusted to 11.71 yuan per share due to various factors [4]. - The current outstanding scale of the Tianyang Convertible Bond is 288.54 million yuan [4]. Group 3: Market Reaction and Implications - Following the announcement of the forced redemption, both the bond and the underlying stock experienced a decline, with the bond dropping by 6.07% and the stock by 1.43% as of June 19 [4]. - Investors are advised to either sell the convertible bond or convert it into stock to avoid potential losses, as failure to act could result in a loss of approximately 84 yuan per bond if the bond is redeemed at around 101 yuan [6].

Core Viewpoint - Tianyang Technology Co., Ltd. has triggered the conditional redemption clause for its convertible bonds due to the stock price meeting specific criteria, leading to the decision to redeem the bonds at a price of 100.24 yuan per bond [2][12][13] Group 1: Bond Redemption Details - The company has decided to exercise its right to redeem the "Tianyang Convertible Bonds" early, following a board meeting on June 18, 2025 [2][3] - The redemption price is set at 100.24 yuan per bond, which includes accrued interest [12][13] - The bonds will be delisted from the Shenzhen Stock Exchange after the redemption is completed [12][14] Group 2: Triggering Conditions - The redemption clause was triggered as the stock price was at least 130% of the current conversion price (15.23 yuan per share) for at least 15 trading days within a 30-day period [2][12] - The current conversion price for the bonds is 11.71 yuan per share [11][12] Group 3: Bond Issuance and Terms - The company issued a total of 975 million yuan in convertible bonds, with an initial conversion price set at 14.92 yuan per share [3][5] - The bond's conversion period started on October 9, 2023, and will last until March 22, 2029 [3][5] - The bond's conversion price has been adjusted multiple times, with the latest adjustment setting it at 11.71 yuan per share effective from May 27, 2025 [11][12]

Core Viewpoint - The China Convertible Bond Index opened nearly flat, indicating a stable market environment for convertible bonds [1] Group 1: Market Performance - Hengshuai Convertible Bond and Jingda Convertible Bond both increased by over 5% [1] - Tianyang Convertible Bond and Mengsheng Convertible Bond rose by more than 3% [1] - Dongshi Convertible Bond declined by nearly 4%, while Beilu Convertible Bond fell by over 1% [1]