Group 1: Report Industry Investment Rating No information provided in the given content. Group 2: Core Viewpoints of the Report - The current market trading revolves around the narrative of the US - Israel - Iran conflict. Asset price volatility indicates a significant decline in the probability of geopolitics returning to the status quo, with two likely extreme paths in the future. One is the lifting of Iranian sanctions, leading to lower oil prices, increased frictional unemployment from the AI revolution, and potential rebounds in growth - tech stocks. The other is Iran's substantial control of the strait, pushing up oil prices, forcing central banks to turn hawkish, and potentially bursting the AI bubble early. It is recommended to build a hedging portfolio, with gold and US Treasuries having strong recovery potential, and HALO targets taking priority over tech - growth targets [1][42]. - The domestic market has a chaotic main line, with rapidly fluctuating risk preferences. The rotation between high - tech, low - defense, and cyclical sectors has accelerated, increasing the overall operation difficulty. The convertible bond market shows obvious style differentiation, with high - volatility target valuations significantly compressed, and medium - and low - priced bonds relatively resistant to decline and able to achieve relative returns. The overall market's 100 - yuan premium rate has compressed by about 2 percentage points to around 33%, basically returning to the level at the beginning of 2026. In terms of strategy, the trading end is advised to conduct intraday band operations around high - volatility equity - like targets, while the allocation end should wait patiently for a clear right - hand signal and focus on medium - and low - volatility targets with large expected differences and strong performance certainty [1][43][44]. Group 3: Summary by Directory 1. Week - on - Week Market Review 1.1 Equity Market Overall Decline - From March 23rd to March 27th, the equity market generally declined. The Shanghai Composite Index fell 1.09% to 3913.72 points, the Shenzhen Component Index dropped 0.76% to 13760.37 points, the ChiNext Index declined 1.68% to 3295.88 points, and the CSI 300 Index decreased 1.41% to 4502.57 points. The average daily trading volume of the two markets decreased by about 977.10 billion yuan to 20994.42 billion yuan, a week - on - week decline of 4.45% [6][8]. - On different trading days, the market showed different trends. For example, on March 23rd, the major indices fell, with over 5100 stocks declining; on March 24th, the indices rose, with over 5100 stocks rising, etc. In terms of industries, 10 out of 31 Shenwan primary industries rose, with non - ferrous metals, public utilities, etc. leading the gains, and non - bank finance, computer, etc. leading the losses [9][10][11]. 1.2 Convertible Bond Market Overall Decline - From March 23rd to March 27th, the CSI Convertible Bond Index rose 1.28% to 498.94 points. None of the 29 Shenwan primary industries in the convertible bond market rose, with petrochemicals, steel, etc. leading the declines. The average daily trading volume of the convertible bond market was 713.50 billion yuan, a significant increase of 43.83 billion yuan, a week - on - week change of 6.55%. About 74.59% of individual convertible bonds rose, with 24.04% rising between 0 - 1% and 30.60% rising over 2% [6][13]. - The overall market's convertible bond conversion premium rate increased, with the average daily conversion premium rate at 45.49%, up 1.30 pcts from the previous week. Different price and parity intervals showed different trends in the conversion premium rate quantile. In terms of industries, 27 industries' conversion premium rates widened, with beauty care, textile and apparel, etc. leading the widening, and social services, public utilities, etc. leading the narrowing. In terms of conversion parity, only one industry's parity increased, with public utilities leading the increase, while national defense and military industry, light manufacturing, etc. led the declines [22][29][34]. 1.3 Comparison of Stock and Bond Market Sentiments - From March 23rd to March 27th, the weekly weighted average and median of the convertible bond market were positive, while those of the stock market were negative. The trading volume of the convertible bond market increased by 6.55% week - on - week, at the 66.80% quantile level since 2022, and the stock market's trading volume increased by 1.79%, at the 86.20% quantile level. About 77.81% of convertible bonds rose, while about 20.67% of stocks rose, and about 81.16% of convertible bonds had higher price changes than stocks. Overall, the trading sentiment of the convertible bond market was better this week [39]. - On different trading days, the trading sentiments of the convertible bond and stock markets also showed differences. For example, on March 23rd, the convertible bond market's trading sentiment was better; on March 24th, although both markets generally rose, the convertible bond market's trading sentiment was still better, etc. [40]. 2. Future Outlook and Investment Strategy - Overseas, the Brent crude oil price had a V - shaped fluctuation, the US dollar continuously rose above 100 points, the spot gold price dropped to a low of $4100 per ounce on Monday and then fluctuated significantly for four consecutive days, the US stock market declined, and the US Treasury yield fluctuated upward throughout the week but retreated significantly at the end of Friday, with the market shifting to price in a recession. It is recommended to build a hedging portfolio, with gold and US Treasuries having strong recovery potential, and HALO targets taking priority over tech - growth targets [1][42]. - Domestically, the convertible bond market shows style differentiation. It is recommended to conduct intraday band operations around high - volatility equity - like targets at the trading end and wait patiently for a clear right - hand signal at the allocation end, focusing on medium - and low - volatility targets with large expected differences and strong performance certainty. The top ten high - rated, medium - and low - priced convertible bonds with the greatest potential for conversion premium rate repair next week are Yong 22 Convertible Bond, Linggang Convertible Bond, etc. [1][44].

Report Summary Report Information - Report Title: Convertible Bond Selection + Timing Strategy Weekly Tracking (as of March 17, 2026) - Report Date: March 17, 2026 - Report Issuer: Financial Product Center 1. Common Holdings of Three Strategies - The common holdings of the three strategies this week are Ziyin Convertible Bond, Changqi Convertible Bond, Bengang Convertible Bond, Fulai Convertible Bond, Tiannai Convertible Bond, Jianlong Convertible Bond, Huate Convertible Bond, and Aowei Convertible Bond, a total of 8 convertible bonds [1] 2. Strategy Positions and Performance Sub - Low - Price Strategy - Maintains low turnover, and the price center of the increased holdings is between 125 - 145. It fell 1.07% last week, with an excess return of -0.75% compared to the Wind Convertible Bond Low - Price Index. It has risen 5.62% this year, with an excess return of 1.54% compared to the benchmark. The annualized return in the past year is 19.03%, with a Sharpe ratio of 1.64, a Calmar ratio of 2.80, and a maximum drawdown of 6.79% and an annualized excess return of 2.20% [1][12][14] Option Strategy - Maintains low turnover. It fell 0.84% last week, with an excess return of -0.52% compared to the Wind Convertible Bond Low - Price Index. It has risen 5.11% this year, with an excess return of 1.06% compared to the benchmark. The annualized return in the past year is 21.99%, with a Sharpe ratio of 2.04, a Calmar ratio of 4.70, and a maximum drawdown of 4.68% and an annualized excess return of 4.63% [1][12][14] Dual - Low Enhanced Strategy - The increased holdings of this week are mainly affected by the convertible bond's rise and fall relative to the underlying stock and the change in the conversion premium rate. It fell 1.42% last week, with an excess return of -1.02% compared to the Wind Convertible Bond Dual - Low Index. It has risen 3.35% this year, with an excess return of 1.61% compared to the benchmark. The annualized return in the past year is 18.06%, with a Sharpe ratio of 1.30, a Calmar ratio of 2.33, and a maximum drawdown of 7.76% and an annualized excess return of 6.00% [4][12][14] Industry Rotation Strategy - It fell 3.64% last week, with an excess return of -3.25% compared to the Wind Convertible Bond Dual - Low Index. It has fallen 0.6% this year, with an excess return of -2.28% compared to the benchmark. The annualized return in the past year is 10.90%, with a Sharpe ratio of 0.84, a Calmar ratio of 1.45, and a maximum drawdown of 7.50% and an annualized excess return of -0.49% [12][14] 3. Increased Holdings of Each Strategy Sub - Low - Price Strategy - The increased holdings include Haitian Convertible Bond, Tong22 Convertible Bond, Fenggong Convertible Bond, Tianhao Convertible Bond, Yong02 Convertible Bond, Shuangle Convertible Bond, and Alaa Convertible Bond. Information such as the industry, latest score, conversion price - floor price premium, closing price of the convertible bond, bond rating, YTM, bond balance, and the increase or decrease in the past week is provided [2] Option Strategy - The increased holdings include Laite Convertible Bond and Sannuo Convertible Bond [4] Dual - Low Enhanced Strategy (TOP10) - The increased holdings include Baolai Convertible Bond, Jinji Convertible Bond, Ruifeng Convertible Bond, Jieneng Convertible Bond, Huate Convertible Bond, Tianneng Convertible Bond, Huaxing Convertible Bond, Ruike Convertible Bond, Meinuo Convertible Bond, and Jinneng Convertible Bond. Information such as the latest score, implied volatility, historical quantile of dual - low factor, rise and fall of convertible bond relative to the underlying stock, and conversion premium rate is provided [6] 4. Industry Recommendations - The model's recommended direction points to public utilities, social services, basic chemicals, environmental protection, and agriculture, forestry, animal husbandry, and fishery. The industry main line has shifted from the previous science - and - technology manufacturing main line to a more cyclical one, mainly contributed by the conversion rise - fall relative to the underlying stock rise - fall factor and the conversion premium rate factor. Marginally increase holdings in public utilities, basic chemicals, environmental protection, and agriculture, forestry, animal husbandry, and fishery [4] 5. Strategy Back - test Results - Each strategy is composed of different factors with corresponding weights, algorithms, IC means, IC standard deviations, ICIRs, frequencies of IC > 0, and p - values [19]

Group 1 - The company announced a cash dividend of 0.05 yuan per share (before tax) as part of its 2025 semi-annual equity distribution plan, with a total cash dividend payout of 183 million yuan based on a total share capital of 3.661 billion shares [1][2] - The adjustment of the conversion price for the "Ziyin Convertible Bond" will be from 3.65 yuan per share to 3.60 yuan per share, effective on February 5, coinciding with the dividend distribution date [1][2] - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited by the end of trading on February 4, 2026, with the distribution method varying for different types of shareholders [1][2] Group 2 - Taxation standards for different types of shareholders have been clarified, with individual shareholders facing a tax burden of 20% for shares held for one month or less, 10% for shares held between one month and one year, and no tax for shares held over one year [2] - Qualified Foreign Institutional Investors (QFII) and Shanghai-Hong Kong Stock Connect investors will have a uniform withholding tax rate of 10%, with the possibility of tax refunds for those meeting certain conditions [2] - The adjustment of the conversion price for the "Ziyin Convertible Bond" is based on the formula "P1=P0-D," where P0 is the previous conversion price and D is the cash dividend per share [2]

Core Viewpoint - Zijin Bank announced the implementation of a mid-term equity distribution plan for 2025, affecting the trading status of its convertible bonds during the distribution period [2] Group 1 - The company will suspend the conversion of "Ziyin Convertible Bonds" from January 28, 2026, until the equity distribution registration date [2] - The conversion of "Ziyin Convertible Bonds" will resume on the first trading day after the equity registration date [2] - An announcement regarding the implementation of the equity distribution and the adjustment of the convertible bond conversion price will be disclosed on January 29, 2026, on the Shanghai Stock Exchange website and designated information disclosure media [2]

Group 1 - The core announcement from Zijin Bank states that due to the implementation of the 2025 mid-term equity distribution, the "Ziyin Convertible Bonds" will suspend conversion from January 28, 2026, until the equity registration date, after which conversion will resume on the first trading day following the registration [1][7][10] - The company will distribute a cash dividend of 0.5 yuan (including tax) for every 10 shares to registered ordinary shareholders based on the total share capital on the equity registration date [4][10] - The mid-term profit distribution plan was approved by the company's board during its fourth meeting on December 25, 2025, following authorization from the annual shareholders' meeting held on May 20, 2025 [4][10] Group 2 - The announcement includes a table detailing the suspension of the convertible bond's conversion, indicating the start date of suspension as January 28, 2026 [3][9] - The company assures that the announcement's content is truthful, accurate, and complete, with the board of directors taking legal responsibility for any misrepresentation [2][8]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - 2026 Q1 may see an increase in convertible bond calls, but high - parity convertible bond valuations are at historical highs. High valuations do not guarantee post - call valuation maintenance, and the pressure on convertible bond prices before and after the call is relatively large. It is recommended to take profit before the call or stop loss in a timely manner after the call based on market conditions [3][7]. - The overall trend of convertible bond valuations is likely to be high - level oscillations, with a possibility of short - term foaming. In January 2026, institutional demand for configuration will support valuations, and if the equity market performs better than expected, valuations may foam [28]. - In December 2025, the convertible bond market oscillated upward, with both convertible bonds and underlying stocks performing strongly, and valuations oscillated and increased. The trading volume of the convertible bond and equity markets decreased, but margin trading funds showed a strengthening trend [48][56]. - The issuance of new convertible bonds slightly increased in December 2025, and the number of new issuance plans continued to rise. The overall scale of holders in the Shanghai and Shenzhen Stock Exchanges decreased, with obvious reductions by insurance funds [3][62]. 3. Summary According to Relevant Catalogs 3.1 Historical Facts and Changes before and after Convertible Bond Calls - **Before the Call Announcement** - High market valuations do not guarantee post - call valuation maintenance. After the call, the valuation compresses to near 0%, and the compression process is basically completed before the call announcement [3][8]. - The strength of the underlying stock before the call can partially offset the compression of convertible bond valuations, but when valuations are high, the pressure on convertible bond prices before the call is still relatively large [3]. - The decline before the call mainly occurs within T - 10 days, and the day of the highest price is advancing [3][16]. - **After the Call Announcement** - In most months, convertible bond prices continue to decline after the call announcement, but in some months with a strong equity market, prices rebound [3][20]. - There is generally a decline of varying degrees on T - day, and the months with price rebounds mainly show strength from T + 1 to T + 15 days [3][21]. - The stronger the equity market, the more delayed the appearance of the highest price [3][25]. 3.2 Valuation Outlook - The overall trend is high - level oscillations, with a possibility of short - term foaming. In December 2025, valuations oscillated upward. As of December 31, 2025, the 100 - yuan par - value fitted conversion premium rate was 34.04%, up 2.50 pct from the end of November, reaching the highest level since 2019 [28]. 3.3 Key Focused Convertible Bonds - From December 1 to December 31, 2025, the convertible bond portfolio rose 3.84%, outperforming the benchmark index by 1.70 pct. Huayi and Xingqiu had obvious increases [41]. - The "Huachuang Convertible Bond" January key - focused portfolio is adjusted to include Xingqiu, Mingli, Yirui, Huachen, Huayi, Yifeng, Ziyin, Qingnong, Zhongyin, and Xingye [43]. 3.4 Market Review - **Market Performance** - In December 2025, the convertible bond market oscillated upward, with a strong performance in the second half of the month. Most sectors of the convertible bond market rose, and technology - related concepts declined. The science and technology and manufacturing sectors showed significant increases, and the cyclical sector also performed well [48][50]. - **Fund Performance** - The trading volume of the convertible bond and equity markets decreased slightly. From December 1 to December 31, 2025, the average daily trading volume of CSI Convertible Bonds was 63.803 billion yuan, a 1.27% decrease from November, and the average daily trading volume of Wind All - A was 1.880842 trillion yuan, a 1.76% decrease from November [56]. - Margin trading funds oscillated and strengthened. As of December 31, 2025, the balance of margin trading in the Shanghai and Shenzhen Stock Exchanges was approximately 2.53 trillion yuan, an increase of 66.664 billion yuan from the end of November. Most industries received net margin purchases [60]. 3.5 Supply and Demand Situation - **New Bond Issuance and Listing** - In December 2025, 7 convertible bonds were issued, with a total scale of 5.494 billion yuan, and 5 new convertible bonds were listed, with a total scale of 3.005 billion yuan. The online new - bond issuance subscription scale increased, with an average effective subscription amount of 8.85 trillion yuan, a 2.61% increase month - on - month [62]. - **Expected Issuance Scale and New Plans** - The total expected issuance scale is approximately 122.663 billion yuan. As of December 31, 2025, 7 listed companies obtained convertible bond issuance approvals, with a planned issuance scale of 8.583 billion yuan; 6 companies' convertible bond issuances passed the review committee, waiting for approvals, with a total scale of 3.361 billion yuan. In December, 6 new board plans were added, with a total scale of approximately 77.9 billion yuan [65]. - **Holder Scale Changes** - The overall scale of holders in the Shanghai and Shenzhen Stock Exchanges decreased. In December 2025, the total par value of convertible bonds held by the two exchanges was 552.692 billion yuan, a decrease of 6.144 billion yuan from November, a 1.10% decline. The scale of public funds increased, while the scale of enterprise annuities decreased [83][87].

Core Viewpoint - Zijin Bank has announced its 2025 interim profit distribution plan, proposing a cash dividend of 0.5 yuan per 10 shares, totaling approximately 183.05 million yuan, which represents 20% of the net profit attributable to shareholders for the first half of 2025 [1][4][6]. Summary by Sections Profit Distribution Plan - The company plans to distribute cash dividends based on a total share capital of 3,660,984,783 shares as of June 30, 2025, with a cash dividend of 0.5 yuan per 10 shares (including tax) [1][4][6]. - The total cash dividend payout will amount to 183,049,239.15 yuan, which is 20% of the net profit attributable to shareholders for the first half of 2025, reported at 912,481,531.55 yuan [4][9]. - The distribution will be adjusted if there are changes in the total share capital before the record date for the dividend [3][4][8]. Approval Process - The profit distribution plan was approved during the fourth meeting of the fifth board of directors held on December 25, 2025 [10]. - The plan can be implemented following the authorization from the 2024 annual general meeting of shareholders [10].

Core Viewpoint - The first "mega" convertible bond project in history, the SPDB convertible bond, is set to delist from the Shanghai Stock Exchange, with a conversion rate of 99.67%, significantly exceeding market expectations [2][4]. Summary by Sections Convertible Bond Performance - As of October 27, the SPDB convertible bond had an unconverted balance of 164 million yuan, representing only 0.33% of the total issuance of 50 billion yuan [4]. - The bond was issued on October 28, 2019, with a maturity date of October 28, 2025, and was intended to support the bank's future business development and core tier one capital [4]. Market Dynamics - Following the delisting of the SPDB convertible bond, only six bank convertible bonds will remain in the market, with five having a conversion rate of less than 0.01% [2][7]. - The disparity in performance among bank convertible bonds is attributed to the underlying stock performance [6][9]. Investor Activity - Multiple capital entities, including China Mobile, have increased their holdings in SPDB through the conversion of bonds, raising their stake to 18.18% [4][5]. - The management of SPDB has accelerated the conversion process this year, reflecting confidence in the bank's future operations and capital replenishment [5]. Future Outlook - The market for bank convertible bonds may continue to shrink in the short term due to a lack of large financial convertible bond issuance and ongoing low conversion rates [9]. - This situation may lead to a restructuring of the convertible bond market, with institutional investors seeking alternative assets to fill the gap left by the exiting bank convertible bonds [9].

Industry Investment Rating No industry investment rating information is provided in the report. Core Views - The long - and short - end of US Treasury yields continued to decline last week, and the long - end briefly fell below 4%, suggesting an increased market bet on US economic recession. The gold price correction on Friday raised concerns about changing market bets. Global liquidity is shifting more firmly towards easing, which will fuel the further bubble of AI themes, strengthen market structuring, benefit the technology sector in the short - term, and be negative for precious metals [1][43][44]. - China's ChiNext and STAR Market weakened with a strong wait - and - see sentiment, and convertible bonds followed suit. Low - price, large - cap, and high - rating convertible bonds were relatively resilient. The high - low rotation in the convertible bond market preceded that in the equity market, possibly due to factors such as the amplification effect of convertible bond valuation, large - scale redemptions of high - standard bonds, and the low risk appetite of convertible bond investors [1][44]. - Considering both external and domestic factors, the main logic of technology computing power and electricity remains valid. With the approaching earnings season, it is recommended to focus on sectors with relatively certain earnings improvement, such as new energy and some chemical fields. Convertible bonds like Pingmei, Yuguang, Xingfa, Aidi, Saite, and Shouhua are recommended for their defensive properties [1]. - The top ten convertible bonds with the highest probability of downward revision next week are Ziyin, Lanfan, Dongshi, Baolai, Longda, Jiangong, Wanqing, Jidong, Shanlu, and Aojia Convertible Bonds [1][44]. - The top ten high - rating, medium - low - price convertible bonds with the greatest potential for par premium rate repair next week are Sheng24, Changji, Pufa, Chunqiu, Ying19, Xiwang, Liqun, Wentai, Liuyao, and Jieneng Convertible Bonds [1][44]. Summary by Directory 1. Week - on - Week Market Review 1.1 Equity Market Declined Overall - From October 13th to 17th, the equity market declined. The Shanghai Composite Index fell 1.47% to 3839.76 points, the Shenzhen Component Index dropped 4.99% to 12688.94 points, the ChiNext Index decreased 5.71% to 2935.37 points, and the CSI 300 Index declined 2.22% to 4514.23 points. The average daily trading volume of the two markets decreased by about 2039.56 billion yuan to 21766.30 billion yuan, a week - on - week decline of 8.57% [6][10]. - Among the 31 Shenwan primary industries, 4 industries rose, with 2 industries rising more than 2%. Banking, coal, food and beverage, and transportation led the gains, rising 4.89%, 4.17%, 0.86%, and 0.37% respectively. Electronics, media, automobiles, communications, and machinery led the losses, with declines of 7.14%, 6.27%, 5.99%, 5.92%, and 5.84% respectively [13]. 1.2 Convertible Bond Market Declined Overall - From October 13th to 17th, the CSI Convertible Bond Index fell 2.35% to 474.22 points. Among the 29 Shenwan primary industries, only the banking industry rose 0.93%. Electronics, communications, national defense and military industry, non - ferrous metals, and computers led the losses, falling 6.45%, 5.71%, 5.25%, 5.13%, and 4.59% respectively [16]. - The average daily trading volume of the convertible bond market was 709.50 billion yuan, a significant decrease of 54.72 billion yuan, a week - on - week change of - 7.16%. The top ten convertible bonds in terms of trading volume were Yuguang, Guanzhong, Huicheng, Wentai, Jingxing, Wujin, Saili, Yiwei, Luwei, and Outong Convertible Bonds [16]. - Approximately 10.66% of convertible bond issues rose, about 6.64% had a gain between 0 - 1%, and 1.66% had a gain of over 2% [16]. 1.3 Comparison of Stock and Bond Market Sentiments - From October 13th to 17th, the weekly weighted average and median of convertible bond and underlying stock returns were negative, and the underlying stocks had a larger decline. In terms of trading volume, the convertible bond market's trading volume increased 16.05% week - on - week, at the 66.60% quantile since 2022, while the underlying stock market's trading volume increased 11.91% week - on - week, at the 94.70% quantile since 2022. About 10.85% of convertible bonds and 17.46% of underlying stocks rose, and about 66.84% of convertible bonds had a higher return than their underlying stocks. Overall, the trading sentiment in the convertible bond market was better [40]. - On specific trading days, the convertible bond market had better trading sentiment on October 13th, 16th, and 17th, while the underlying stock market had better trading sentiment on October 14th and 15th [41]. 2. Outlook and Investment Strategy - The main logic of technology computing power and electricity remains valid, and relevant catalysts have both short - term intermittency and long - term sustainability. Near the earnings season, it is recommended to focus on sectors with relatively certain earnings improvement, such as new energy and some chemical fields. Convertible bonds like Pingmei, Yuguang, Xingfa, Aidi, Saite, and Shouhua are recommended [1][44]. - The top ten convertible bonds with the highest probability of downward revision next week are Ziyin, Lanfan, Dongshi, Baolai, Longda, Jiangong, Wanqing, Jidong, Shanlu, and Aojia Convertible Bonds [1][44][45]. - The top ten high - rating, medium - low - price convertible bonds with the greatest potential for par premium rate repair next week are Sheng24, Changji, Pufa, Chunqiu, Ying19, Xiwang, Liqun, Wentai, Liuyao, and Jieneng Convertible Bonds [1][44][46].

Summary of Key Points Core Viewpoint - The announcements from six listed banks in A-shares regarding the results of convertible bond conversions indicate a significant amount of capital being converted into ordinary shares, reflecting the banks' strategies to enhance their equity base and manage capital effectively [1][2][3]. Group 1: Bank-Specific Announcements - Shanghai Pudong Development Bank reported that as of September 30, 2025, a total of RMB 25.43 billion of its convertible bonds have been converted into 2.00 billion shares, representing 6.82% of the total ordinary shares before conversion [1]. - Industrial Bank announced that RMB 8.65 billion of its convertible bonds have been converted into 388.66 million shares, accounting for 1.87% of its total ordinary shares prior to conversion [1]. - Shanghai Bank disclosed that RMB 22.17 million of its convertible bonds have been converted into 2.47 million shares, which is 0.0174% of its total ordinary shares before conversion [1]. - Chongqing Bank stated that RMB 856,000 of its convertible bonds have been converted into 80,463 shares, making up 0.0023% of its total ordinary shares prior to conversion [1]. - Changshu Bank reported that RMB 511,000 of its convertible bonds have been converted into 72,349 shares, representing 0.003% of its total ordinary shares before conversion [2]. - Zijin Bank indicated that RMB 432,000 of its convertible bonds have been converted into 98,352 shares, which is 0.0027% of its total shares before conversion [2].