Group 1 - The core viewpoint of the announcement is that China Chengxin International has terminated the credit rating for Nanjing Quanfeng Automotive Precision Technology Co., Ltd. and its related debt instruments [1][2] - As of July 29, 2025, the remaining balance of the "Quanfeng Convertible Bonds" was 2,113,000 yuan, which accounted for 0.34% of the total issuance [1] - The total amount for the redemption payment, including interest, was 2,140,701.43 yuan, and the redemption payment date was July 30, 2025 [1] Group 2 - The termination of the credit rating means that the rating results will no longer be updated and will become invalid from the date of the announcement [2] - The company has exercised its early redemption rights for the "Quanfeng Convertible Bonds," and all bonds have been redeemed and delisted [1][2]

Core Points - Chengxin International Credit Rating Co., Ltd. has terminated the credit rating for Nanjing Quanfeng Automotive Precision Technology Co., Ltd. and its related bond, the "2021 Nanjing Quanfeng Automotive Precision Technology Co., Ltd. Publicly Issued Convertible Corporate Bonds" [1][2] - As of June 23, 2025, Chengxin International maintained the credit rating of Quanfeng Automotive and the "Quanfeng Convertible Bonds" at A+ and placed them on a credit rating watch list [1] - The company exercised its early redemption rights for the "Quanfeng Convertible Bonds," with a total redemption amount of 2,140,701.43 yuan, including interest, and the redemption date was set for July 30, 2025 [1] Summary by Sections - **Credit Rating Termination** - Chengxin International has officially terminated the credit rating for Quanfeng Automotive and the "Quanfeng Convertible Bonds," effective immediately upon the announcement [2] - The ratings will no longer be updated, and the previous rating results are now invalid [2] - **Redemption Details** - As of the redemption registration date on July 29, 2025, the remaining balance of the "Quanfeng Convertible Bonds" was 2,113,000 yuan, which accounted for 0.34% of the total issuance [1] - The total amount redeemed was 2,140,701.43 yuan, which includes the current interest [1]

Group 1 - The last trading day for Quan Feng convertible bonds is July 24, along with other convertible bonds such as Jing Zhuang, Heng Hui, Wei Long, and Bei Lu [1] - Industry insiders believe that without a significant increase in new bond supply, the scale of the convertible bond market may gradually shrink to below 600 billion yuan in the second half of the year [1] - Looking ahead, the convertible bond market is expected to continue to rise due to the support from underlying stocks and the influx of new capital [1]

Core Viewpoint - The convertible bond market is expected to gradually shrink to below 600 billion yuan in the second half of the year due to a lack of new issuance, despite potential positive market movements driven by underlying stocks and new capital inflows [1][2][3]. Group 1: Market Trends - The last trading day for several convertible bonds, including Quan Feng Convertible Bond, is approaching, with significant losses for investors who do not act in time [1][2]. - As of July 24, the total outstanding amount of convertible bonds in the market is 659.085 billion yuan, a decrease of 74.537 billion yuan since the beginning of the year [3]. - The China Convertible Bond Index rose by 0.79% on July 24, with a cumulative increase of 4.37% since July [3]. Group 2: Redemption and Investor Actions - Quan Feng Convertible Bond will be forcibly redeemed at a price of 101.3110 yuan per bond if investors do not convert their bonds by the deadline, leading to potential losses exceeding 13% for those who fail to act [1][2]. - Other convertible bonds, such as Jingzhuang, Henghui, Weilon, and Beilu, will also face redemption soon, with potential losses ranging from approximately 19.97% to 32.67% for investors who do not sell or convert in time [2]. - New regulations have introduced a "Z" identifier for the last trading day of convertible bonds to alert investors to the associated risks [2]. Group 3: Future Outlook - Analysts predict that the convertible bond market will see accelerated exits in the second half of the year, with a focus on high-quality existing bonds and mid-to-large market cap new issuances [2][3]. - There is an increasing opportunity for downshift speculation as the remaining maturity of convertible bonds is decreasing, with expectations of over 100 bonds maturing by the end of 2026 [3]. - Positive feedback mechanisms are forming in the equity market, which may support the convertible bond market's upward movement [4].

Core Viewpoint - Nanjing Quanfeng Automotive Precision Technology Co., Ltd. has announced the early redemption of its convertible bonds, leading to a suspension of trading for related securities [1][3]. Summary by Sections Redemption Details - The redemption registration date is set for July 29, 2025, with a redemption price of 101.3110 CNY per bond [3][4]. - The last trading day for the bonds is July 24, 2025, and the last conversion day is also July 29, 2025 [3][4]. - Following the early redemption, the bonds will be delisted from the Shanghai Stock Exchange on July 30, 2025 [3][4]. Conditions for Redemption - The redemption clause was triggered as the company's stock price was above 130% of the conversion price (10.2570 CNY) for at least 15 trading days within a 30-day period [4][6]. - The bonds can be redeemed at their face value plus accrued interest, which totals 101.3110 CNY per bond [5][6]. Interest Calculation - The accrued interest is calculated using the formula: IA = B × i × t / 365, where B is the total face value held, i is the annual coupon rate (1.50%), and t is the number of days from the last interest payment to the redemption date [5][6]. Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net redemption amount of 101.0488 CNY per bond after tax [6][7]. - Non-resident enterprises are exempt from corporate income tax on bond interest income [7]. Redemption Process - The company will issue a notice regarding the redemption process before the redemption period ends [8]. - All bonds registered on the redemption registration date will be frozen and cease trading and conversion [9].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - Since July 1, 2025, the "anti - involution" policy has been in force. The risk of price war in the automobile industry has decreased, and the valuation of convertible bonds in the manufacturing sector has risen. The weighted index of underlying stocks of convertible bonds has increased by 7.88% since the "anti - involution" market started at the end of June. As of July 11, the forced redemption probability in July is 62.0%, at the second - highest point since 2021 [1][12]. - The game space for near - maturity convertible bonds has narrowed. The fitted premium rates of convertible bonds with remaining terms of 0 - 1 year and 1 - 2 years have increased by 1.94pct and 1.85pct respectively compared to the end of June [2]. - As of July 11, among 463 listed companies in the convertible bond market, 40 have released 2025 semi - annual report performance forecasts, with a disclosure rate of 8.64% and a pre - happy rate of 60.00%. Performance clues are mainly concentrated in resource products, and their performance may continue to be realized in the second half of the year [3][19]. - Last week, the main stock indexes rose, and the convertible bond market followed. The weighted average closing price of convertible bonds increased by 0.72% compared to the previous Friday. Only the conversion premium rate of high - rated convertible bonds increased [22][32]. - Last week, 4 convertible bonds announced redemptions, and no convertible bond's board of directors proposed a downward revision. Huachen and Luwei convertible bonds were listed, and Guanghe convertible bond was issued, with an expected issuance scale of about 7 billion yuan [4][5]. Summary According to the Directory "Anti - involution" Market Continues to Heat Up, and Forced Redemptions are Triggered Concentratedly - The "anti - involution" policy has been continuously strengthened. The risk of price war in the automobile industry has decreased, and the fitted premium rate of the manufacturing sector's convertible bonds has increased by 0.45pct compared to the previous Friday as of July 11 [10]. - Driven by the equity market, most convertible bonds have accumulated more days to trigger redemption clauses. As of July 11, 10 convertible bonds have announced redemptions and are waiting for delisting, with a total balance of 5.414 billion yuan, and 50 convertible bonds have accumulated redemption days, with a total balance of 22.888 billion yuan [12]. - The proportion of forced redemptions has increased marginally. Some "new - issue bonds" are also actively redeeming. The game space for near - maturity convertible bonds has narrowed, and investment strategies may need adjustment [15]. How is the Performance Forecast During the Semi - annual Report Window? - As of July 11, 40 out of 463 listed companies in the convertible bond market have released 2025 semi - annual report performance forecasts, with a disclosure rate of 8.64% and a pre - happy rate of 60.00%. Performance clues are mainly concentrated in resource products [19]. - Due to the summer peak electricity consumption, price increases, and the "anti - involution" policy, the performance of resource products may continue to be realized, and convertible bonds upstream of the silicon chain may improve their profitability [19]. Market Review: Convertible Bonds Rise Weekly, and Valuation Slightly Increases at a High Level Weekly Market Conditions: The Convertible Bond Market Rises, and Most Sectors Perform Strongly - Last week, the main stock indexes rose, and the convertible bond market followed. There are 480 issued and non - matured convertible bonds, with a balance of 653.887 billion yuan. Some convertible bonds are yet to be listed, and there are no convertible bonds to be issued currently [22]. - Most industries in the A - share and convertible bond markets rose. The real estate, steel, and non - bank finance industries led the rise in the A - share market, while the environmental protection, non - bank finance, and coal sectors led the rise in the convertible bond market [27]. Valuation Performance: Only the Conversion Premium Rate of High - rated Convertible Bonds Increases - The weighted average closing price of convertible bonds is 124.16 yuan, a 0.72% increase from the previous Friday. The closing prices of equity - biased, bond - biased, and balanced convertible bonds have all increased. The proportion of convertible bonds in the 110 - 120 (including 120) price range has decreased significantly [32]. - The 100 - yuan parity fitted conversion premium rate of the convertible bond market is 25.38%, a 0.26pct increase from the previous Friday. Only the conversion premium rate of high - rated convertible bonds has increased, while most ratings and scales have seen a compression in the premium rate [32]. Terms and Supply: 4 Convertible Bonds Announce Redemptions, and the Expected Issuance Scale is About 12 Billion Yuan Terms: Last Week, 4 Convertible Bonds Announced Redemptions, and No Convertible Bond's Board of Directors Proposed a Downward Revision - As of July 11, Weilong, Quanfeng, Zhite, and Henghui convertible bonds announced redemptions; Guansheng, Huitong, and Qilu convertible bonds announced redemption arrangements. 13 convertible bonds announced no downward revisions, and 5 convertible bonds are expected to trigger downward revisions [4][49]. Primary Market: Last Week, Huachen and Luwei Convertible Bonds were Listed, and Guanghe Convertible Bond was Issued, with an Expected Issuance Scale of About 7 Billion Yuan - Last week, Huachen and Luwei convertible bonds were listed, with a total scale of 1.075 billion yuan, and Guanghe convertible bond was issued, with a scale of 4.9 billion yuan [54]. - As of July 11, 3 listed companies have obtained convertible bond issuance approvals, with a planned issuance scale of 4.11 billion yuan. 3 listed companies have passed the review committee, with a total scale of 2.62 billion yuan. There were no new board of directors' proposals last week [63].

Group 1 - The company held its 29th meeting of the third board of directors on July 8, 2025, via electronic communication, with all 7 directors present, confirming the legality and validity of the meeting [2][4]. - The board approved the proposal for the early redemption of "Quanfeng Convertible Bonds" due to the stock price being above 130% of the conversion price for 15 consecutive trading days from June 12 to July 8, 2025 [3][16]. - The company will redeem all registered "Quanfeng Convertible Bonds" at face value plus accrued interest, and the management is authorized to handle all related matters [3][16]. Group 2 - The "Quanfeng Convertible Bonds" were issued on September 14, 2021, with a total amount of RMB 620 million and a maturity of 6 years, featuring a tiered interest rate structure [9][10]. - The bonds became convertible into A-shares starting March 22, 2022, with an initial conversion price of RMB 23.03 per share, which has been adjusted multiple times due to various corporate actions [11][12][14]. - The redemption clause allows the company to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 trading days [15].

Core Viewpoint - The company has triggered the conditional redemption clause for its convertible bonds due to the stock price exceeding 130% of the conversion price for 15 trading days, leading to a decision for early redemption of the bonds [1][4]. Group 1: Convertible Bond Issuance Overview - The company issued 6.2 million convertible bonds with a total amount of RMB 62 million, with a maturity of 6 years and a tiered interest rate structure [2]. - The bonds were listed on the Shanghai Stock Exchange on October 21, 2021, under the name "泉峰转债" and code "113629" [2]. - The initial conversion price was set at RMB 23.03 per share, effective from March 22, 2022 [2]. Group 2: Conversion Price Adjustments - The conversion price has undergone several adjustments, with the latest being RMB 22.24 per share effective from September 15, 2023 [3]. Group 3: Redemption Terms and Trigger Conditions - The conditional redemption clause allows the company to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 trading days [4]. - From June 12 to July 8, 2025, the company's stock price met the criteria for triggering the redemption clause [4]. Group 4: Decision on Early Redemption - The company's board of directors approved the early redemption of the convertible bonds at face value plus accrued interest on July 8, 2025 [1][5]. - The management is authorized to handle all matters related to the early redemption process [5].

Group 1 - The article discusses the financial performance and projections of a company, highlighting a significant increase in revenue and market share [1][2] - It mentions that the company achieved a revenue of 62,000 million in 2021, with a growth rate of 0.6% to 3.0% projected for the upcoming years [1] - The article also notes fluctuations in stock prices, with a recorded price of 23.05 in July 2022, and subsequent changes leading to a price of 22.24 in September 2023 [1] Group 2 - The company is expected to maintain a strong market position, with projections indicating a 130% increase in certain financial metrics by 2025 [2] - The article outlines the company's strategic initiatives aimed at enhancing operational efficiency and market competitiveness [2] - It emphasizes the importance of ongoing investments in technology and innovation to sustain growth and profitability [2]

Group 1 - The company issued 6.2 million convertible bonds with a total amount of RMB 62 million, with a maturity of 6 years and a tiered interest rate starting from 0.4% in the first year to 3.0% in the sixth year [1][2] - The initial conversion price for the bonds was set at RMB 23.03 per share, with subsequent adjustments leading to a current conversion price of RMB 22.24 per share as of September 15, 2023 [2] - The company has a conditional redemption clause that allows it to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 out of 30 trading days [3][4] Group 2 - As of June 12, 2025, the company's stock price has exceeded the conversion price threshold for 10 trading days, indicating a potential trigger for the redemption clause if the stock price remains above the required level for an additional 5 trading days [4]