Group 1 - The overall market for convertible bonds opened flat, indicating stability in the sector [1] - Tongguang Convertible Bond increased by nearly 6%, showing strong investor interest [1] - Qizheng Convertible Bond and Weichip Convertible Bond both rose over 4%, reflecting positive market sentiment [1] Group 2 - Hailiang Convertible Bond saw an increase of nearly 3%, contributing to the overall positive performance [1] - Emergency Convertible Bond surged over 10%, indicating significant demand [1] - Hongfeng Convertible Bond and Jing23 Convertible Bond rose by over 3% and 2.5% respectively, further highlighting the upward trend in the market [1]

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]

Summary of Key Points Core Viewpoint - The company has decided not to exercise the early redemption rights for its convertible bonds, "微芯转债," based on confidence in its sustainable development and intrinsic value, considering various factors including market conditions and investor expectations [4]. Group 1: 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 for the bonds is set to be adjusted to RMB 25.26 per share starting from June 4, 2024 [2]. Group 2: Redemption Terms and Conditions - The redemption terms state that the company can redeem the bonds at 115% of the face value if the stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days, or if the remaining balance of the bonds is less than RMB 30 million [2][3]. - The conditional redemption terms were triggered between July 11, 2025, and July 31, 2025, as the stock price met the required threshold [3]. Group 3: Decision-Making Process - The company's board of directors approved the decision not to redeem the bonds early during a meeting held on July 31, 2025, emphasizing the company's confidence in its future [4]. - The company will not propose a conditional redemption plan even if the redemption conditions are met again within three months following the decision [4]. Group 4: Stakeholder Trading Activity - There has been no trading of the convertible bonds by major stakeholders, including the actual controller, significant shareholders, and senior management, within six months prior to the redemption condition being met [4]. Group 5: Sponsor's Verification Opinion - The sponsor institution has verified that the decision not to redeem the bonds early has followed the necessary decision-making procedures and complies with relevant regulations and agreements [6].

Core Viewpoint - Shenzhen Microchip Biotech Co., Ltd. has decided not to exercise the early redemption rights for its convertible bonds, despite triggering the conditional redemption clause due to stock prices exceeding 130% of the conversion price for 15 trading days [1][3]. Group 1: Conditional Redemption Trigger - The company's stock price has met the condition for the conditional redemption of the convertible bonds, with a closing price not lower than 32.838 CNY per share for at least 15 out of 30 trading days [1][3]. - The company will not propose a conditional redemption plan for the next three months, even if the redemption conditions are triggered again [2][4]. Group 2: Convertible Bond Issuance Overview - The company issued convertible bonds totaling 500 million CNY, with a maturity of six years from July 5, 2022, to July 4, 2028 [2]. - The initial conversion price was set at 25.36 CNY per share, adjusted to 25.26 CNY per share as of June 4, 2024, due to share repurchase and cancellation [2][3]. Group 3: Redemption Terms and Procedures - The redemption terms state that the company can redeem the bonds at 115% of the face value if the stock price conditions are met or if the remaining bond balance is below 30 million CNY [3][4]. - The board of directors convened on July 31, 2025, to review and approve the decision not to redeem the bonds early, considering the company's sustainable development and market conditions [4][5]. Group 4: Stakeholder Trading Restrictions - Major stakeholders, including the actual controller and significant shareholders, have not traded the convertible bonds within the six months leading up to the redemption condition being met [5]. Group 5: Sponsor's Verification Opinion - The sponsor has confirmed that the decision not to redeem the convertible bonds has followed necessary decision-making procedures and complies with relevant regulations [5].

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 - The company announced that it will not exercise the early redemption rights for the "Microchip Convertible Bonds" [2] - The decision was made during the 12th meeting of the third board of directors held on July 31, 2025 [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]