Core Viewpoint - The China Convertible Bond Index rose by 0.01% to 493.52 points on December 26, indicating a slight upward trend in the convertible bond market [1] Group 1: Top Gainers - The top gainers in the convertible bond market included: - Jiamei Convertible Bond, which increased by 12.68% - Mengsheng Convertible Bond, which rose by 12.45% - Dazhong Convertible Bond, which saw an increase of 8.69% - Jinzong Convertible Bond, which went up by 6.16% - Beigang Convertible Bond, which gained 4.68% [1] Group 2: Top Losers - The top losers in the convertible bond market included: - Huicheng Convertible Bond, which decreased by 3.46% - Jiazhe Convertible Bond, which fell by 3.17% - Guanzhong Convertible Bond, which dropped by 3.10% - Jingzhuang Convertible Bond, which declined by 3.02% - Huayi Convertible Bond, which saw a decrease of 2.91% [1]

Core Viewpoint - The China Convertible Bond Index rose by 0.28% on December 17, reaching 479.97 points, indicating a positive market sentiment in the convertible bond sector [1][2]. Summary by Categories Market Performance - The index's increase was driven by notable gains in several convertible bonds, with Jia Mei Convertible Bond leading the rise at 20.00%, followed by Da Zhong Convertible Bond at 7.23%, Huan Xu Convertible Bond at 7.06%, Li Qun Convertible Bond at 3.87%, and Tian Run Convertible Bond at 3.22% [1][2]. Declining Bonds - Conversely, several convertible bonds experienced declines, with Neng Hui Convertible Bond dropping by 7.68%, Hua An Convertible Bond by 4.00%, Zai 22 Convertible Bond by 3.02%, Hong Tu Convertible Bond by 1.76%, and Meng Sheng Convertible Bond by 1.58% [1][2].

来源：上海证券报·中国证券网 来源：上海证券报·中国证券网 上证报中国证券网讯 12月11日，中证转债指数开盘涨0.08%，报483.5点。盟升转债涨超4%，再22转 债、应流转债涨超3%；运机转债、瑞达转债跌近1%。 上证报中国证券网讯 12月11日，中证转债指数开盘涨0.08%，报483.5点。盟升转债涨超4%，再22转 债、应流转债涨超3%；运机转债、瑞达转债跌近1%。 ...

Group 1 - The core point of the article is that shareholders of Juxing Agriculture and Animal Husbandry plan to reduce their holdings by no more than 2% of the company's shares [1] - The last trading day for Pudong Development Convertible Bond is October 22, 2025 [1] - Hengbang Convertible Bond is subject to strong redemption [1] Group 2 - Mengsheng Convertible Bond will not be subject to strong redemption [1] - Honglu, Hongtu, and Meinuo Convertible Bonds will not undergo price adjustments [1] - Yingliu Convertible Bond is set to be listed on October 22 [1] Group 3 - A table lists various convertible bonds, including their codes, names, current prices, redemption prices, last trading days, last conversion days, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [4][6] - For example, Keda Convertible Bond has a current price of 128.087, a strong redemption price of 101.858, and a last trading day of October 15, 2025 [4] - The remaining scale of Hengbang Convertible Bond is 29.342 billion, with a conversion value of 132.08 [6]

Core Viewpoint - Chengdu Mingsheng Electronics Technology Co., Ltd. has triggered the conditional redemption clause for its convertible bonds due to stock price performance, but the company has decided not to exercise this redemption right at this time [2][14]. Group 1: Convertible Bond Issuance and Trading - The company issued 3 million convertible bonds on September 12, 2023, with a total amount of 300 million yuan and a maturity of six years [3]. - The initial conversion price of the bonds was set at 42.72 yuan per share, which was later adjusted downwards to 35.00 yuan and subsequently to 21.10 yuan due to specific conditions [4][6]. - The latest conversion price is now 20.94 yuan per share following adjustments related to share repurchases [7]. Group 2: Redemption Conditions and Trigger Events - 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 out of 30 trading days [8]. - The redemption condition was triggered from September 19 to October 17, 2025, as the stock price met the required threshold [13]. - The company has held multiple board meetings to decide against exercising the redemption right during various triggered periods [10][11][12][14]. Group 3: Company Decisions and Future Considerations - The board of directors decided not to redeem the convertible bonds during the latest triggered period, considering market conditions and investor interests [14]. - The company will reassess the situation if the redemption conditions are triggered again after January 18, 2026 [14]. - There have been no transactions of the convertible bonds by major stakeholders in the six months leading up to the redemption condition being met [15].

Core Viewpoint - Chengdu Mingsheng Electronics Technology Co., Ltd. has decided not to exercise the early redemption rights for its convertible bonds, "Mingsheng Convertible Bonds," despite meeting the conditions for redemption due to market considerations and to protect investor interests [2][15]. Group 1: Convertible Bond Issuance and Terms - The company issued 3 million convertible bonds with a total amount of 300 million yuan, with a maturity of six years and a tiered interest rate starting from 0.20% in the first year to 2.50% in the sixth year [3]. - The initial conversion price was set at 42.72 yuan per share, which was subsequently adjusted down to 20.94 yuan per share due to specific conditions outlined in the prospectus [4][5][7]. Group 2: Redemption Conditions and Trigger Events - The redemption clause allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days [8]. - The recent trigger occurred from September 19 to October 17, 2025, when the stock price met the redemption condition [14]. Group 3: Board Decisions and Future Considerations - The board convened on October 17, 2025, and resolved not to redeem the bonds, stating that if the redemption conditions are met again in the next three months, the company will still not exercise the redemption rights [15]. - The next evaluation date for potential redemption will be January 18, 2026, if the conditions are met again [17]. Group 4: Shareholder Transactions - There have been no transactions of the convertible bonds by major shareholders, including the actual controller and senior management, in the six months leading up to the redemption condition [16].

Core Viewpoint - The company has decided not to exercise the early redemption rights for its convertible bonds, indicating a strategic choice to maintain the current financing structure [1] Company Summary - On October 17, 2025, the company will hold its fifth board meeting to review and approve the proposal regarding the non-early redemption of "Mengsheng Convertible Bonds" [1]

Core Viewpoint - Chengdu Mingsheng Electronics Technology Co., Ltd. has announced that its convertible bond "Mingsheng Convertible Bond" is expected to meet the redemption conditions based on the stock price performance [2][14]. Convertible Bond Issuance and Trading - The company issued 3 million convertible bonds with a total amount of 300 million yuan, with a maturity of six years from September 12, 2023, to September 11, 2029, and a tiered interest rate structure [2][3]. - The initial conversion price was set at 42.72 yuan per share, which has been adjusted multiple times due to specific conditions, with the latest conversion price being 20.94 yuan per share [4][5][7]. Redemption Conditions - The redemption terms include a conditional redemption clause, which allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price for a specified number of trading days [8][9]. - The company has previously triggered the redemption conditions but decided not to exercise the redemption rights in several instances to protect investor interests [11][12][13]. Current Stock Performance - As of the period from September 19 to October 10, 2025, the company's stock has closed above 130% of the current conversion price for 10 trading days, indicating a potential trigger for the redemption clause if the trend continues [2][14].

Core Points - The company announced that its stock price has been above 130% of the current conversion price for 10 trading days from September 19, 2025, to October 10, 2025 [2] - If the stock price remains above 130% of the conversion price for 5 out of the next 20 trading days, it will trigger the conditional redemption clause in the bond issuance document [2] - The company has the right to redeem all or part of the unconverted "Mengsheng Convertible Bonds" at face value plus accrued interest [2]

Summary of Key Points Core Viewpoint - Chengdu Mingsheng Electronics Technology Co., Ltd. announced the interest payment details for its convertible bonds, "Mingsheng Convertible Bonds," which will be paid on September 12, 2025, for the period from September 12, 2024, to September 11, 2025 [2][9]. Convertible Bond Issuance and Terms - The company issued 3 million convertible bonds at a total value of 300 million yuan, with a maturity of six years from September 12, 2023, to September 11, 2029, and a tiered interest rate structure [2][3]. - The interest rates are set at 0.20% for the first year, 0.40% for the second year, 0.60% for the third year, 1.50% for the fourth year, 1.80% for the fifth year, and 2.50% for the sixth year [2]. Trading and Conversion Details - The convertible bonds began trading on the Shanghai Stock Exchange on October 17, 2023, under the name "Mingsheng Convertible Bonds" and code "118045" [3]. - The conversion period for the bonds starts from March 18, 2024, until the maturity date [3]. Adjustments to Conversion Price - The conversion price was adjusted from 42.72 yuan per share to 35.00 yuan per share due to a downward price revision approved in a shareholder meeting on April 18, 2024 [3]. - Further adjustments were made, with the conversion price changing to 21.10 yuan per share on October 9, 2024, and then to 20.94 yuan per share on March 11, 2025, following share buybacks [4][6][8]. Interest Payment Details - The interest payment for the second year will be 0.40 yuan per bond (before tax), resulting in a net payment of 0.32 yuan after tax deductions for individual investors [14][16]. - The interest payment will be made to all registered bondholders as of September 11, 2025, with the payment process managed by the China Securities Depository and Clearing Corporation [15][16]. Contact Information - The company provides contact details for inquiries related to the bonds, including the address and phone number for the securities department and the underwriter [17][18].