证券日报网讯 12月17日晚间，新化股份发布公告称，截至2025年12月17日收市后，距离2025年12月25 日（"新化转债"最后转股日）仅剩6个交易日，2025年12月25日为"新化转债"最后一个转股日。本次提 前赎回完成后，"新化转债"将自2025年12月26日起在上海证券交易所摘牌。投资者所持"新化转债"除在 规定时限内通过二级市场继续交易或按照19.81元/股的转股价格进行转股外，仅能选择100元/张的票面 价格加当期应计利息0.1151元/张（即合计100.1151元/张）被强制赎回。若被强制赎回，可能面临较大投 资损失。公司特提醒"新化转债"持有人注意在限期内转股或卖出。 （文章来源：证券日报） ...

证券日报网讯 12月15日晚间，新化股份发布公告称，截至2025年12月15日收市后，距离12月25日（"新 化转债"最后转股日）仅剩8个交易日，12月25日为"新化转债"最后一个转股日。本次提前赎回完成 后，"新化转债"将自2025年12月26日起在上海证券交易所摘牌。投资者所持"新化转债"除在规定时限内 通过二级市场继续交易或按照19.81元/股的转股价格进行转股外，仅能选择100元/张的票面价格加当期 应计利息0.1151元/张（即合计100.1151元/张）被强制赎回。若被强制赎回，可能面临较大投资损失。公 司特提醒"新化转债"持有人注意在限期内转股或卖出。 （文章来源：证券日报） ...

来源：上海证券报·中国证券网 上证报中国证券网讯 12月5日，中证转债指数高开0.02%。冠中转债涨2.5%，东时转债、兴发转债、惠 城转债涨超1%。利民转债跌7%，新化转债跌超2%。 来源：上海证券报·中国证券网 上证报中国证券网讯 12月5日，中证转债指数高开0.02%。冠中转债涨2.5%，东时转债、兴发转债、惠 城转债涨超1%。利民转债跌7%，新化转债跌超2%。 ...

Core Viewpoint - The article discusses the status of various convertible bonds, highlighting those that are subject to strong redemption and those that are not, along with their respective trading and conversion details [1][3][5]. Group 1: Strong Redemption Bonds - The following convertible bonds are subject to strong redemption: - Limin Convertible Bond (利民转债) with a strong redemption price of 100.222 and a last trading date of December 5, 2025 [1]. - Xinhua Convertible Bond (新化转债) with the same strong redemption conditions [1]. Group 2: Non-Strong Redemption Bonds - The following convertible bonds are not subject to strong redemption: - Yake Convertible Bond (亚科转债) [1]. - Aima Convertible Bond (爱玛转债) which will not undergo adjustment [1]. - Shenglan Convertible Bond (胜蓝转02) also will not undergo adjustment [1]. Group 3: Upcoming Subscription Opportunities - New stock subscriptions are available for: - Muxi Co., Ltd. (沐曦股份) and Angrui Microelectronics (昂瑞微) [1]. Group 4: Convertible Bond Pricing and Trading Details - Key pricing and trading details for selected convertible bonds include: - Hongfa Convertible Bond (宏发转债) priced at 122.939 with a conversion value of 122.93 and a remaining scale of 3.066 billion [3]. - Guocheng Convertible Bond (国城转债) priced at 176.268 with a conversion value of 176.23 and a remaining scale of 1.720 billion [3]. - Mingdian Convertible Bond (明电转02) priced at 137.779 with a conversion value of 137.50 and a remaining scale of 0.608 billion [3]. - Various other convertible bonds are listed with their respective prices, redemption values, last trading dates, and conversion values [3][5].

Core Points - The company announced that its convertible bonds issued on November 28, 2022, will start paying interest from November 28, 2024, to November 27, 2025 [2] Summary by Category Company Announcement - Zhejiang Xinhua Chemical Co., Ltd. will begin interest payments on its convertible bonds starting from November 28, 2024 [2] - The interest payment period will last for one year, concluding on November 27, 2025 [2]

Group 1 - The report indicates that the convertible bond market experienced significant fluctuations in August, with the convertible bond index showing an upward trend but facing adjustments towards the end of the month due to various factors including the weakening of the banking sector and an increase in strong redemption of convertible bonds [3][6][7] - The strategy for September suggests a cautious approach towards convertible bonds, with expectations for lower returns due to the "dumbbell" style weakening and the potential for short-term adjustments in the market [3][33] - The report highlights the validation of the "potential yield" indicator system, which indicated a significant risk of short-term adjustments in the convertible bond market as the implied three-month yield fell below -5% [3][19][22] Group 2 - The report outlines a revised monthly strategy composition for September, which includes three components: short-term high-odds selection, low-price enhancement strategy, and active selection, reflecting the current market environment [3][35] - Specific convertible bonds are recommended for attention in September, including the high-odds selection of Pudong Development Bank Convertible Bond, and low-price enhancement strategies focusing on Jia Yuan, Jingke, Southeast, and Fangyuan Convertible Bonds [3][36][37] - The active selection strategy emphasizes avoiding bonds with a high likelihood of strong redemption while maintaining a focus on sectors with growth potential [3][38]

Group 1 - The actual controller of Huakang Clean, Mr. Tan Pingtao, is under investigation and has been placed under detention by the Guangdong Provincial Supervisory Committee [1] - The company received a notification regarding the investigation and detention of its chairman, which may impact its operations and investor confidence [1] Group 2 - Limin Convertible Bond and Xinhua Convertible Bond will not be forcibly redeemed [2][3] - Zhengfan Technology plans to acquire 62.23% of Hanjing Semiconductor for 1.12 billion [2] - Jialitu's controlling shareholder intends to reduce its stake by no more than 1% [2] - Yongji Co., Ltd. is planning to acquire control of Tena Fei Electronics Technology and will be suspended from trading starting August 14 [2] - Zhigao Machinery has listed new shares on the Beijing Stock Exchange [2] Group 3 - A detailed table of various convertible bonds is provided, including their current prices, redemption prices, last trading dates, conversion values, and remaining scales [5][7]

Core Points - Company announced that from July 15, 2025, to August 13, 2025, its stock price closed above 130% of the conversion price of "Xinhua Convertible Bonds" at 25.753 CNY per share, triggering the conditional redemption clause [1] - The board of directors decided not to exercise the early redemption rights for "Xinhua Convertible Bonds" at this time [1] - For the next three months (from August 14, 2025, to November 13, 2025), if the redemption clause is triggered again, the company will still not exercise the early redemption rights [1] - After November 13, 2025, if the redemption clause is triggered again, the board will hold a meeting to decide on the early redemption rights [1]

Summary of Key Points Core Viewpoint - The company, Zhejiang Xinhua Chemical Co., Ltd., has decided not to exercise the early redemption option for its convertible bonds, "Xinhua Convertible Bonds," based on a comprehensive assessment of its long-term development potential and market conditions [5]. Group 1: Convertible Bond Issuance Overview - The company issued 6.5 million convertible bonds with a total value of 650 million yuan, each with a face value of 100 yuan, on November 28, 2022, with a maturity of six years and a tiered interest rate structure [1]. - The initial conversion price was set at 32.41 yuan per share, which has been adjusted to 19.81 yuan per share as of the current date [2]. Group 2: Redemption Terms and Conditions - The redemption clause allows the company to redeem the bonds if the closing price exceeds 130% of the current conversion price for a specified period [3]. - The redemption condition was triggered between July 15, 2025, and August 13, 2025, when the stock price was above 25.753 yuan per share [5]. Group 3: Decision Against Early Redemption - The company's board of directors decided not to redeem the bonds early during a meeting on August 13, 2025, citing confidence in the company's long-term value and market conditions [5]. - The company will not exercise the early redemption right for three months following the decision, and any future redemption will be reassessed after November 13, 2025 [5]. Group 4: Trading Activity of Related Parties - The trading activity of major shareholders and executives in the six months prior to the redemption condition being met showed no significant selling of the convertible bonds, indicating confidence in the investment [6].

Core Viewpoint - Zhejiang Xinhua Chemical Co., Ltd. has successfully issued convertible bonds totaling RMB 65 million, with a net amount of RMB 63.93 million after deducting issuance costs, to be used for specific investment projects [2][11]. Group 1: Approval and Issuance Details - The issuance of convertible bonds was approved by the China Securities Regulatory Commission, allowing the company to issue 6.5 million bonds at a face value of RMB 100 each [2]. - The bonds were listed on the Shanghai Stock Exchange on December 16, 2022, under the name "Xinhua Convertible Bonds" with the code "113663" [2][14]. Group 2: Bond Terms - The bonds have a term of up to 6 years, from November 28, 2022, to November 27, 2028, with an annual interest rate that increases from 0.3% in the first year to 3.0% in the sixth year [2][14]. - The initial conversion price is set at RMB 32.41 per share, with provisions for adjustments based on various corporate actions [4][5]. Group 3: Use of Proceeds - The total planned investment for the projects funded by the bond proceeds is RMB 74.32 million, with the company committing to cover any shortfall if the actual net proceeds are less than this amount [11]. - The company will utilize its own funds or other means to initiate project investments before the bond proceeds are available [11]. Group 4: Credit Rating - The bonds have been rated "AA-" by China Chengxin International Credit Rating Co., Ltd., with a stable outlook [11][12]. Group 5: Redemption and Conversion Rights - The company has decided not to exercise its right to redeem the bonds early, despite meeting the conditions for redemption, to protect investor interests [17]. - Holders of the convertible bonds have the right to convert their bonds into shares during the specified conversion period from June 2, 2023, to November 27, 2028 [14].