Group 1 - The company has decided not to exercise the early redemption rights for the "Microchip Convertible Bonds" despite meeting the conditions for conditional redemption [2][8][9] - The stock price of the company met the requirement of being at least 130% of the current conversion price (32.838 CNY/share) for at least 15 out of 30 trading days from July 11 to July 31, 2025, triggering the conditional redemption clause [2][7] - The board of directors held a meeting on July 31, 2025, to review and approve the decision not to redeem the bonds early, citing confidence in the company's sustainable development and intrinsic value [8][9][10] Group 2 - The company issued 5 million convertible bonds with a total amount of 500 million CNY, which are set to mature in six years from July 5, 2022, to July 4, 2028 [3][4] - The initial conversion price was set at 25.36 CNY/share, which was adjusted to 25.26 CNY/share on June 4, 2024, due to share buybacks and reductions in total share capital [4] - The redemption terms state that the company can redeem the bonds at 115% of the face value after maturity or under certain conditions during the conversion period [5][6]

Group 1 - The company Shanying International has changed its name from Shanying Paper, which raises questions about the reasoning behind the rebranding while still referring to itself as Shanying Paper in announcements [1] - China Shipbuilding Emergency's 2022 annual report revealed accounting errors, leading to an overstatement of revenue by 31.37 million yuan, which is 1.86% of the reported revenue, and an overstatement of profit by 7.14 million yuan, which is 36.64% of the reported profit [1] Group 2 - Shanying International plans to establish a partnership enterprise with a valuation of 2.977 billion yuan, aiming to attract long-term investors such as China Orient Asset Management and others, which will enhance its sustainable development and core competitiveness [2]

Group 1 - A significant number of convertible bonds, exceeding 10, are facing mandatory redemption, prompting investors to pay attention to the last trading days and conversion details to avoid losses [1][2][3] - Companies such as China Shipbuilding Emergency, Lian De Equipment, and Chu Jiang New Materials have issued announcements regarding the early redemption of their convertible bonds, with specific redemption prices and deadlines outlined [2][4] - The last trading day for Bei Lu Convertible Bond is set for July 30, 2025, with a mandatory redemption price of 101.64 yuan per bond if not converted by August 4, 2025, leading to a potential loss of 23.58% for investors who do not convert [3][4] Group 2 - Most of the convertible bonds scheduled for mandatory redemption will reach their last trading days and conversion days in August 2025, requiring investors to closely monitor these timelines [4] - The redemption prices for the identified convertible bonds are generally above 110 yuan per bond, with some exceeding 150 yuan, indicating a risk of significant losses if investors fail to act in time [4] - Some companies, such as Microchip Biotech and Tongguang Cable, have opted not to redeem their convertible bonds early, citing conditions met for redemption but choosing to retain the bonds instead [7][8]

Core Viewpoint - A significant number of convertible bonds are approaching mandatory redemption, with over 10 identified, prompting investors to pay close attention to the last trading days and conversion details to avoid losses [1][5]. Group 1: Mandatory Redemption Announcements - Multiple companies, including China Shipbuilding Emergency, Lian De Equipment, and Chu Jiang New Materials, have issued announcements regarding the early redemption of their convertible bonds [3]. - For instance, China Shipbuilding Emergency announced that its convertible bonds will be forcibly redeemed at a price of 100.77 CNY per bond if not converted by August 27, 2025, highlighting a significant price difference from the current market price [4]. - Lian De Equipment's convertible bonds will be redeemed at 101.70 CNY per bond if not converted by August 11, 2025, with a recommendation for holders to resolve any pledges or freezes before the conversion deadline [4]. Group 2: Last Trading and Conversion Dates - The North Lu convertible bonds have ceased trading, with the last trading day on July 30, 2025, and the final conversion day on August 4, 2025, after which they will be redeemed at 101.64 CNY per bond [6]. - The closing price of North Lu convertible bonds was 133 CNY per bond, indicating a potential loss of 23.58% for investors who do not convert by the deadline [7]. - Several convertible bonds, including Zhi Te, Fei Lu, and Lian De, will reach their last trading days in early August, necessitating close monitoring by investors [9]. Group 3: Risks of Non-Conversion - Convertible bond holders in the ChiNext board must have the appropriate trading permissions to convert their bonds, with a warning that those who do not meet suitability requirements cannot convert their bonds into stocks [8]. - Most of the identified convertible bonds are priced above 110 CNY per bond, with some exceeding 150 CNY, indicating a risk of significant losses if investors fail to sell or convert in time [10]. Group 4: Non-Redemption Decisions - Some companies, such as Microchip Biotech and Tongguang Cable, have opted not to redeem their convertible bonds early, citing compliance with specific price conditions [12][14]. - Microchip Biotech's board decided against early redemption after meeting the required stock price conditions, while Tongguang Cable also chose not to exercise its redemption rights [13][14]. - Other companies like Aofei Convertible Bonds and Huicheng Convertible Bonds have similarly announced their decision not to redeem early [15].

Core Viewpoint - Shenzhen Chipscreen Biosciences Co., Ltd. is announcing the potential triggering of the conditional redemption clause for its convertible bonds, "Microchip Convertible Bonds," based on the stock price performance relative to the conversion price [1][4]. Convertible Bond Issuance Overview - The company issued convertible bonds with a total amount of RMB 500 million, with a maturity period of six years from July 5, 2022, to July 4, 2028 [1]. - The initial conversion price was set at RMB 25.36 per share, which was adjusted to RMB 25.26 per share on June 4, 2024, due to share repurchase and cancellation [2]. Redemption Terms and Expected Triggering Conditions - The redemption terms state that the company can redeem all or part of the unconverted bonds at 115% of the face value plus the last interest payment within five trading days after the bond's maturity [2]. - The company has the right to redeem the bonds if, during the conversion period, the stock price remains above 130% of the conversion price for at least 15 out of 30 trading days [3]. - As of July 11, 2025, the stock price has met the condition of being above 130% of the conversion price for 10 trading days, and if this continues for 20 trading days with at least 5 days above the threshold, the redemption clause will be triggered [4].

Group 1 - The Zhongzheng Convertible Bond Index opened up by 0.1% [1] - Microchip Convertible Bond rose nearly 3% [1] - Julong Convertible Bond and Outong Convertible Bond increased by 2.8% [1] - Jinxian Convertible Bond fell over 2% [1]

Summary of Key Points Core Viewpoint - The convertible bonds issued by Shenzhen Chipscreen Biosciences Co., Ltd. have seen minimal conversion activity, with a significant majority remaining unconverted as of June 30, 2025. Group 1: Convertible Bond Issuance Overview - The company issued convertible bonds amounting to RMB 500 million on July 5, 2022, with a maturity period of six years until July 4, 2028 [2] - The bonds began trading on the Shanghai Stock Exchange on July 28, 2022, under the name "微芯转债" and code "118012" [2] - The initial conversion price was set at RMB 25.36 per share, adjusted to RMB 25.26 per share on June 4, 2024, due to share repurchase and cancellation [2] Group 2: Conversion Status - From April 1, 2025, to June 30, 2025, no bonds were converted into shares, resulting in a conversion amount of RMB 0 and a total of 0 shares converted, which is 0% of the total shares before conversion [1][2] - As of June 30, 2025, a cumulative total of RMB 124,000 has been converted into 4,875 shares, representing 0.0012% of the total shares before conversion [1][2] - The total amount of unconverted convertible bonds as of June 30, 2025, stands at RMB 499,876,000, accounting for 99.9752% of the total issuance [3] Group 3: Share Capital Changes - The total share capital remained unchanged at 407,796,477 shares, with no new shares issued from the convertible bonds [4]

Group 1 - The company maintains a credit rating of "A+" with a stable outlook for both its corporate credit and the "Microchip Convertible Bond" [1][2] - The credit rating was reaffirmed by Zhongzheng Pengyuan Credit Rating Co., Ltd. based on a comprehensive analysis of the company's operational status and related industry [2] - The tracking rating report was disclosed on June 25, 2025, on the Shanghai Stock Exchange website [2]

Group 1 - The core viewpoint of the article discusses the proposed adjustments to convertible bonds by various companies, highlighting the actions taken by their boards and shareholders [1] Group 2 - Gaoce Convertible Bond: The board has proposed a downward adjustment [1] - Baichuan Convertible Bond 2: The article questions the necessity of the downward adjustment [1] - Huat Gas: Shareholders plan to reduce their holdings by no more than 2% of the company's shares [1] - Jingyuan Environmental Protection: Directors and senior executives plan to reduce their holdings by no more than 1.18% of the company's shares [1] - Shanshi Convertible Bond, Fumiao Convertible Bond, Weixin Convertible Bond, and Lvyin Convertible Bond: No downward adjustments are proposed [1]