回顾历年强赎转债后续表现来看：转债价格维度，2025H2、2024 及 2019 年都出现强赎后转债价格反而阶段性向上的情况，但是 2024 年在强赎后表 现亮眼的转债多为小盘券；2019 年强赎转债样本约 21 只，其中不乏蓝思 转债、生益转债、隆基转债等行业龙头标的，且彼时权益市场整体亦处于 上行阶段。整体来看，强赎后转债价格的向上脉冲效应多在 5 个交易日后 逐渐减弱。但是转债强赎对正股形成阶段性抛压这一事实并未改变。 固定收益 | 固定收益定期 可转债周报 20250921 证券研究报告 强赎转债怎么看？ 转债周度专题 今年以来，部分强赎转债在最后交易日前的阶段表现仍然可圈可点，如华 友转债、金铜转债等，强赎转债的投资策略也因此受到市场关注。 结合强赎时转债余额对正股的稀释情况看，转债对正股的流通盘稀释率低 于 5%时，转债在公告强赎后更易出现阶段性上行，这个规律在 2024 年时 尤为明显，在 2019 年也得到验证，2025H2 公告强赎转债在公告后前 5 个 交易日也有明显上涨。而随着稀释率的提升，转债强赎后价格面临较强的 下行压力。在行业分布上，计算机行业转债公告强赎后的阶段性表现相对 较好， ...

Core Viewpoint - Ningbo Jintian Copper Industry (Group) Co., Ltd. has announced the early redemption of its "Jin Tong Convertible Bonds" as the stock price has met the redemption conditions, which is set at 130% of the conversion price, amounting to 7.53 yuan per share [1][2]. Redemption Announcement - The company held a board meeting on August 1, 2025, where it approved the early redemption of the "Jin Tong Convertible Bonds" at a price of 100.0477 yuan per bond, which includes accrued interest [2][4]. - The total amount to be redeemed is 1,024,490 yuan, covering 10,240 bonds, with the payment date set for August 26, 2025 [4][6]. Redemption Details - As of the redemption registration date on August 25, 2025, the remaining balance of "Jin Tong Convertible Bonds" is 1,024,000 yuan, representing 0.07% of the total issuance [3][5]. - The accrued interest for the bonds was calculated using the formula: IA = B × i × t / 365, resulting in an interest of 0.0477 yuan per bond [2][3]. Impact on Company - The total share capital of the company will increase to 1,728,618,528 shares following the redemption, which may dilute earnings per share in the short term but is expected to strengthen the company's capital structure and reduce the debt-to-asset ratio in the long run [6][7]. - The redemption amount is relatively small and will not significantly impact the company's cash flow [6]. Shareholder Changes - The shareholding structure of the company has changed, with the controlling shareholder's ownership percentage decreasing from 47.21% to 46.35% post-redemption [7].

Group 1 - The article discusses the planned reduction of shareholding by a major shareholder of Xinqianglian, with a maximum reduction of 3% of shares [1] - It highlights various convertible bonds, including strong redemptions for Zhenghai and Dayuan convertible bonds, and a down adjustment for Ou22 convertible bonds [2][4] - The article mentions the financial performance of Longi Green Energy and Trina Solar, reporting net losses of 2.569 billion and 2.918 billion yuan respectively for the first half of 2025 [3] Group 2 - The article provides detailed information on the current prices, redemption prices, last trading dates, and conversion values of several convertible bonds, indicating their market performance [4][6] - It notes that the fund managed by Gao Entropy Asset Management holds 1,311,820 shares of Fangyuan convertible bonds, accounting for 20.43% of the total issuance [1] - The article also mentions the upcoming listing of Weida convertible bonds on August 27 [3]

Key Points - The company will redeem all outstanding "Jin Tong Convertible Bonds" on August 25, 2025, at a price of 100.0477 CNY per bond [1][4] - The last trading day for the "Jin Tong Convertible Bonds" is August 20, 2025, and trading will cease on August 21, 2025 [1][5] - The last conversion date for the bonds is August 25, 2025, with only one trading day remaining before this date [1][5] - The redemption was triggered as the company's stock price exceeded 130% of the conversion price for 15 out of 30 trading days from July 14 to August 1, 2025 [2][3] - The company will issue a final announcement regarding the redemption results and its impact after the redemption process is completed [5] - The redemption price includes accrued interest of 0.0477 CNY per bond, calculated based on the bond's face value and interest rate [4][5] - From August 26, 2025, the "Jin Tong Convertible Bonds" will be delisted from the Shanghai Stock Exchange [7]

Core Viewpoint - The company announces the redemption and delisting of the "Jin Tong Convertible Bonds" effective from August 26, 2025, following the completion of the early redemption process [1][4][15]. Redemption Details - The last trading day for "Jin Tong Convertible Bonds" is August 20, 2025, and trading will cease from August 21, 2025 [2][14]. - The final conversion date for the bonds is August 25, 2025, with only one trading day remaining before this date [3][14]. - The redemption price is set at 100.0477 yuan per bond, which includes accrued interest of 0.0477 yuan [4][8]. - The redemption registration date is August 25, 2025, and the redemption payment date is August 26, 2025 [6][13]. Conditions for Redemption - The company has triggered the redemption clause as the stock price has been at least 130% of the conversion price (7.53 yuan) for 15 out of the last 30 trading days [5][7]. - If the total face value of unconverted bonds is less than 30 million yuan, the company has the right to redeem all or part of the unconverted bonds [7]. Tax Implications - Individual investors are subject to a 20% tax on the interest income from the bonds, resulting in a net redemption amount of 100.0382 yuan per bond after tax [9][10]. - For qualified foreign institutional investors, the redemption amount will be distributed on a pre-tax basis [10]. Post-Redemption Actions - After the redemption process, the company will announce the results and the impact of the redemption on the company [12].

Core Viewpoint - Ningbo Jintian Copper Industry (Group) Co., Ltd. has announced the early redemption of its convertible bond "Jin Tong Convertible Bond" due to the stock price exceeding the redemption threshold, with the bond set to be delisted from the Shanghai Stock Exchange on August 26, 2025 [1][2][6]. Redemption Details - The last trading day for "Jin Tong Convertible Bond" is August 20, 2025, and the last conversion day is August 25, 2025 [1][6]. - The redemption price is set at 100.0477 CNY per bond, which includes accrued interest [4][6]. - The redemption registration date is August 25, 2025, and the redemption payment date is August 26, 2025 [3][6]. Conditions for Redemption - The company triggered the redemption clause as the stock price was above 130% of the conversion price (7.53 CNY) for 15 out of 30 trading days from July 14 to August 1, 2025 [2][3]. - The bond has stopped trading as of August 21, 2025, and holders must convert or redeem before the deadline [1][6]. Tax Implications - Individual investors are subject to a 20% tax on the interest income from the bonds, resulting in a net redemption amount of 100.0382 CNY per bond after tax [4][5]. Communication and Procedures - The company will notify bondholders of the redemption process and results through designated media after the redemption is completed [5][6].

Core Viewpoint - Ningbo Jintian Copper Industry (Group) Co., Ltd. has announced the early redemption of its convertible bond "Jin Tong Convertible Bond" due to the stock price exceeding the redemption threshold, leading to its delisting from the Shanghai Stock Exchange on August 26, 2025 [1][2][4]. Redemption Details - The last trading day for "Jin Tong Convertible Bond" is August 20, 2025, and the last conversion day is August 25, 2025 [3][6]. - The redemption price is set at 100.0477 CNY per bond, which includes accrued interest of 0.0477 CNY [4][5]. - The company has triggered the redemption clause as the stock price was above 130% of the conversion price (7.53 CNY) for 15 out of 30 trading days from July 14 to August 1, 2025 [2][3]. Investor Guidance - Investors are advised to convert their bonds at the conversion price of 5.79 CNY per share before the last conversion date to avoid forced redemption [1][7]. - From August 21, 2025, "Jin Tong Convertible Bond" will cease trading, and all unconverted bonds will be frozen after the redemption registration date [6][7]. Tax Implications - Individual investors will be subject to a 20% tax on the interest income from the bonds, resulting in a net redemption amount of 100.0382 CNY after tax [4][5].

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 - The company announces the early redemption of the "Jin Tong Convertible Bonds" due to the stock price exceeding the redemption trigger price, with the bonds set to be delisted from the Shanghai Stock Exchange on August 26, 2025 [1][2][6]. Redemption Details - Redemption Registration Date: August 25, 2025 [1][4] - Redemption Price: 100.0477 CNY per bond [1][4] - Redemption Payment Date: August 26, 2025 [1][6] - Last Trading Day: August 20, 2025 [1][6] - Last Conversion Day: August 25, 2025 [1][6] Conditions for Redemption - The redemption condition was met as the stock price was above 130% of the conversion price (7.53 CNY) for 15 out of 30 trading days from July 14 to August 1, 2025 [2][3][4]. Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net redemption amount of 100.0382 CNY per bond after tax [4][5]. Redemption Process - The company will notify bondholders of the redemption details before the redemption period ends, and all bonds will be frozen after the registration date [5][6].

Core Viewpoint - Jintian Co., Ltd. announced that the trading price of its convertible bond "Jin Copper Convertible Bond" experienced an abnormal fluctuation, with a cumulative increase of over 30% in the closing price over three consecutive trading days from August 13 to August 15, 2025 [1] Summary by Relevant Sections - Company Announcement - Jintian Co., Ltd. issued a notice regarding the abnormal trading of its convertible bond, indicating significant price volatility [1] - The company conducted a self-examination and confirmed that there are no undisclosed significant information apart from what has been publicly disclosed [1] - Market Reaction - The trading price fluctuation of the convertible bond is classified as an abnormal situation, prompting the company to verify information with its controlling shareholder and actual controller [1]