Core Viewpoint - The China Convertible Bond Index experienced a decline of 0.17% on August 20, closing at 479.59 points, indicating a mixed performance in the convertible bond market [1] Group 1: Market Performance - The top five declining convertible bonds were Xinzhiyuan Convertible Bond, Mingdian Convertible Bond, Zhongqi Convertible Bond, Huahong Convertible Bond, and Taifu Convertible Bond, with declines of 6.75%, 5.01%, 4.91%, 4.74%, and 4.54% respectively [1] - Conversely, the top five gaining convertible bonds were Dongshi Convertible Bond, Songyuan Convertible Bond, Jinlun Convertible Bond, Jincopper Convertible Bond, and Tianjian Convertible Bond, with increases of 20.00%, 13.32%, 11.57%, 8.71%, and 6.13% respectively [1]

Core Viewpoint - Shanghai Xinzhisoft Co., Ltd. maintains its credit ratings for both the company and its convertible bonds as "A" with a stable outlook following a recent tracking credit rating report by United Credit Rating Co., Ltd. [1][2] Group 1: Credit Ratings - The previous credit rating for the company was "A" with a stable outlook, and the same rating applies to the Xinzhitong convertible bonds [1][2] - The recent tracking rating report issued on June 25, 2025, confirms that both the issuer's credit rating and the bond's credit rating remain at "A" with a stable outlook [2]

Core Viewpoint - Shanghai Newtouch Software Co., Ltd. has issued convertible bonds totaling RMB 484.81 million, with a maturity of six years and a structured interest rate that increases over time [2][3][12]. Section 1: Overview of Convertible Bonds - The company has received approval from the China Securities Regulatory Commission to issue 4,848,100 convertible bonds, each with a face value of RMB 100, amounting to a total of RMB 48,481,000 [2][3]. - The bonds are listed on the Shanghai Stock Exchange under the name "Newtouch Convertible Bonds" with the code "118021" [3]. Section 2: Basic Information of the Bonds - The bonds have a structured interest rate starting at 0.5% in the first year and increasing to 3.0% by the sixth year [3][12]. - The bonds will pay interest annually and will return the principal at maturity [3][10]. Section 3: Financial Performance - In 2024, the company reported total revenue of RMB 1.995 billion, an increase of 18.57% year-on-year, while net profit attributable to shareholders decreased by 88.21% to RMB 8.09 million [15][16]. - The company’s net assets increased by 0.93% to RMB 1.458 billion, and total assets rose by 14.95% to RMB 3.103 billion [16]. Section 4: Use of Proceeds - The proceeds from the bond issuance will be used for various projects, with a total investment amount of RMB 62.55 million, of which RMB 48.48 million will be funded by the bond proceeds [12][18]. - The company has also engaged in cash management for temporarily idle funds, investing up to RMB 100 million in safe, liquid financial products [18][19]. Section 5: Credit Rating - The bonds have been rated "A" by a credit rating agency, with a stable outlook for the company [13][21]. Section 6: Management of Bondholder Interests - The bond trustee, Changjiang Securities, is responsible for monitoring the company's financial health and ensuring compliance with disclosure obligations [12][22].

中证转债指数开盘涨0.02%，新致转债涨4.83%，万顺转2涨3%，科蓝转债涨2.44%；恒锋转债跌 2.28%，联得转债跌1.09%。 ...

中证转债指数高开0.02%。新致转债涨近5%，万顺转2涨3%，科蓝转债涨2.4%；恒锋转债跌超2%，联 得转债跌超1%。 ...

Core Viewpoint - The convertible bond market has experienced increased volatility following a recent peak in the China Securities Convertible Bond Index, with a notable decline observed in late March due to cooling bullish sentiment in the stock market and potential delisting risks for underlying stocks [1][3][5]. Group 1: Market Performance - On March 24, the China Securities Convertible Bond Index opened lower and saw a maximum intraday decline of over 1%, closing down 0.44% [3][5]. - Since March 19, the index has experienced a cumulative pullback of over 3% from its year-to-date high [3][5]. - The overall performance of convertible bonds has been negatively impacted by a shift in market sentiment and style, particularly affecting mid-to-low priced securities [5]. Group 2: Specific Bond Movements - The Yong'an Convertible Bond fell sharply by 20% on March 24, closing at 147.026 yuan per share, with a negative conversion premium of -3.95% [8][9]. - This decline was linked to the underlying stock Yong'an's price drop, which was influenced by a recent change in control and associated risk disclosures [9]. Group 3: Institutional Perspectives - Different institutions have varying views on the future of the convertible bond market. Huatai Securities has shifted its stance to cautious, focusing on low-priced and balanced stock-bond varieties due to high valuations and potential risks [5][12]. - Huazhong Securities suggests that despite high valuations, the convertible bond market could see a rebound in 2025, emphasizing the importance of selecting high-quality, liquid bonds [12][13]. - The current market environment has led to a reduction in risk appetite among institutional investors, with a focus on high-rated, stable companies and sectors such as banking and utilities [13].