格隆汇12月26日丨甬矽电子(688362.SH)公布，公司本次发行的116,500.00万元可转换公司债券于2025年 7月16日起在上海证券交易所上市交易，债券简称"甬矽转债"，债券代码"118057"。 转股价格：28.36 元/股，转股起止日期：2026年1月2日（非交易日顺延至下一个交易日，即2026年1月5日）至2031年6月 25日。 ...

格隆汇12月26日丨甬矽电子(688362.SH)公布，公司本次发行的116,500.00万元可转换公司债券于2025年 7月16日起在上海证券交易所上市交易，债券简称"甬矽转债"，债券代码"118057"。 转股价格：28.36 元/股，转股起止日期：2026年1月2日（非交易日顺延至下一个交易日，即2026年1月5日）至2031年6月 25日。 ...

Core Viewpoint - The company stated that the convertible bonds held will be measured at fair value, with changes impacting the current profit and loss, subject to annual audit by accountants [1] Group 1 - The company holds convertible bonds from Yongxi, which will be measured at fair value [1] - The fair value changes of the convertible bonds will affect the company's current profit and loss [1] - The final impact will be confirmed by the annual audit conducted by accountants [1]

Core Viewpoint - The China Convertible Bond Index experienced a decline of 0.26% on October 15, closing at 478.56 points, indicating a downward trend in the convertible bond market [1] Group 1: Market Performance - The top decliners in the market included Guanzhong Convertible Bond, Changji Convertible Bond, Huicheng Convertible Bond, Shima Convertible Bond, and Yongxi Convertible Bond, with declines of 7.04%, 5.37%, 5.01%, 4.74%, and 4.39% respectively [1] - Conversely, the top gainers were Saili Convertible Bond, Zhongchong Convertible Bond, Jingxing Convertible Bond, Shuiyang Convertible Bond, and Fuxin Convertible Bond, which saw increases of 9.99%, 5.69%, 5.62%, 5.51%, and 4.12% respectively [1]

Group 1 - The company, Yongxi Electronics, announced the convening of its 23rd meeting of the third board of directors on September 19, 2025, to review the proposal for adjusting the conversion price of "Yongxi Convertible Bonds" [1] - For the fiscal year 2024, the revenue composition of Yongxi Electronics is as follows: integrated circuit packaging and testing accounts for 97.96%, while other businesses account for 2.04% [1] - As of the report date, Yongxi Electronics has a market capitalization of 14 billion yuan [1]

Core Viewpoint - Yongxi Electronics (Ningbo) Co., Ltd. announced an adjustment to the conversion price of "Yongxi Convertible Bonds" from 28.39 CNY per share to 28.36 CNY per share, effective from 2025 [1] Summary by Relevant Sections - **Adjustment Details** - The conversion price adjustment is due to the completion of the first vesting period of the 2024 restricted stock incentive plan, increasing the total share capital from 409,625,930 shares to 410,483,030 shares [1] - The adjustment complies with the relevant terms outlined in the prospectus [1] - **Conversion Period** - The conversion period for "Yongxi Convertible Bonds" is set from January 2, 2026, to June 25, 2031 [1] - Currently, the bonds have not entered the conversion period, and investors should be aware of the investment risks [1]

Group 1 - The company approved a share repurchase plan on October 28, 2024, allowing for the repurchase of shares at a price not exceeding RMB 32.44 per share, with a total amount between RMB 70 million and RMB 90 million [2][3] - The repurchase will utilize both the company's own funds and a special loan from a bank, and is intended for employee stock ownership plans or convertible bond conversions [3][4] - As of September 15, 2025, the company has repurchased a total of 2,655,280 shares, accounting for 0.65% of the total share capital, with an average repurchase price of RMB 26.92 per share [3][4] Group 2 - The repurchased shares will not enjoy rights such as profit distribution or voting rights, and if not used within three years, the company will reduce its registered capital accordingly [7] - The company completed the second vesting period of its restricted stock incentive plan on June 10, 2025, with a total of 210,000 shares allocated to a senior executive [6] - The company issued RMB 1.165 billion in convertible bonds, with a net fundraising amount of approximately RMB 1.151 billion after deducting issuance costs [11][12] Group 3 - The convertible bonds will be listed on the Shanghai Stock Exchange starting July 16, 2025, and can be converted into shares from January 2, 2026 [11][12] - Investors must meet the suitability requirements for investing in Sci-Tech Innovation Board stocks to convert the bonds into shares, otherwise, they may face risks [12]

Core Points - Yongxi Electronics (Ningbo) Co., Ltd. announced that the "Yongxi Convertible Bonds" can be converted into company shares starting from January 2, 2026 [1] - The company issued 1.165 billion yuan of convertible bonds to unspecified investors on July 2, 2025, which began trading on the Shanghai Stock Exchange from July 16 [1] - As a Sci-Tech Innovation Board listed company, investors participating in the conversion of convertible bonds must meet the suitability management requirements for Sci-Tech Innovation Board stock investors [1]

Summary of Key Points Core Viewpoint - The convertible bond market, which had shown strong performance earlier in the year, has recently entered a phase of continuous adjustment, with over 90% of convertible bonds experiencing declines in the last seven trading days [1][2]. Market Performance - Since reaching a peak on August 25, the convertible bond market has seen a downturn, with the China Convertible Bond Index entering a correction phase starting August 26, including a significant drop of 2.82% on August 27 [1][2]. - In the last seven trading days, more than 400 convertible bonds have declined, representing over 90% of the total, with nearly 230 bonds falling more than 5% and over 50 bonds dropping more than 10% [2][3]. Specific Bond Performance - Notable convertible bonds such as Tianyuan Convertible Bond have seen a price drop from over 240 yuan to 191.700 yuan, marking a cumulative decline of over 20% [3]. - The Borui Convertible Bond has also faced a decline, dropping from over 320 yuan to 260.457 yuan, with a cumulative decrease of 18.84% [5]. Market Influences - The recent adjustment in the convertible bond market is believed to be influenced by the weak performance of the underlying stocks. The Shanghai Composite Index has shown a slowdown, with a cumulative decline of 1.80% over the past seven trading days [7]. - The average decline of the underlying stocks corresponding to convertible bonds that fell over 10% is more than 10%, indicating a significant underperformance compared to the broader market [7][8]. Future Outlook - According to research from Guojin Securities, the overall probability of continued upward movement in the equity market remains high, but there is a short-term impulse for profit-taking in convertible bonds. The market is expected to experience increased trading activity and volatility [10][11].

Company Overview - Yongxi Electronics Co., Ltd. was established in November 2017 and listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in November 2022, with stock code 688362 [2] - The company specializes in integrated circuit packaging and testing solutions, focusing on mid-to-high-end packaging and advanced packaging technologies [2] - The first phase of the factory covers an area of approximately 126 acres with a total investment of about 4.5 billion yuan, producing various mid-to-high-end advanced packaging products [2] - The second phase will cover 500 acres with a total investment of 11.1 billion yuan, focusing on advanced wafer-level packaging technologies [2] Financial Performance - For the first half of 2025, Yongxi Electronics achieved operating revenue of 2.0103 billion yuan, a year-on-year increase of 23.37% [2] - The net profit attributable to shareholders was 30.3191 million yuan, representing a year-on-year increase of 150.45% [2] - The non-recurring net profit was -43.2 million yuan, showing a year-on-year decline of 177.14% [2] Shareholder Structure - As of June 2025, the concentration of shares is relatively high, with the top ten shareholders holding a combined 52.69% of shares [2] - The top ten circulating shareholders account for 35.19% of shares [2] - The number of shareholders is approximately 16,750, with an average circulating shareholding of 16,700 shares and an average holding amount of 497,300 yuan [2] Convertible Bond Details - On August 29, the Yongxi convertible bond fell by 2.0% to 172.068 yuan per bond, with a trading volume of 123 million yuan and a conversion premium of 33.01% [1] - The bond has a credit rating of "A+" and a maturity of 6 years, with a coupon rate starting at 0.20% in the first year and increasing to 2.50% in the sixth year [1] - The conversion price is set at 28.39 yuan, with the conversion period starting on January 2, 2026 [1]