转债周策略 20260228 3 月十大转债 glmszqdatemark 2026 年 02 月 28 日 3 月十大转债 美诺华/美诺转债: 创新管线 JH389 项目商业化持续推进 泰瑞机器/泰瑞转债: 国内中高端注塑机龙头之一，高端市场领域正追赶国外注塑机高 端企业 江苏华辰/华辰转债：变压器海外销售有望迎来新突破 友发集团/友发转债：新一轮供给侧改革中，公司预计加快完善焊接钢管全国布局和海 外布局 宇邦新材/宇邦转债：切入工业热管理赛道打造第二增长曲线 亚太科技/亚科转债：积极布局新能源汽车、航空航天、工业热管理、机器人等新兴领 域的产能储备与业务发展 颀中科技/颀中转债：境内少数掌握多类凸块制造技术并实现规模化量产的集成电路封 测厂商 瑞可达/瑞可转债：公司应用于数据中心的各类高速线缆产品市场需求旺盛 弘亚数控/弘亚转债：国内家具装备龙头，具有成熟的海外销售渠道 岱美股份/岱美转债：切入智能机器人领域 2026 年增量资金入市的进程仍将持续，年初大概率会演绎"春季躁动"行情，主要关 注科技、高端制造方向的投资线索。 周度转债策略 本周各股票指数普涨，转债相对承压，中证转债指数涨跌幅为-0.23%。 ...

证券代码：688352 证券简称：颀中科技 公告编号：2026-013 转债代码：118059 转债简称：颀中转债 （二）可转债上市情况 合肥颀中科技股份有限公司 关于可转债投资者适当性要求的风险提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 根据相关法律法规规定及《合肥颀中科技股份有限公司向不特定对象发行可转换公司债券募集说明 书》（以下简称"《募集说明书》"）的约定，合肥颀中科技股份有限公司（以下简称"公司"）本次发行 的"颀中转债"自2026年5月7日起可转换为公司股份。 ● 公司现就本次向不特定对象发行可转换公司债券，对不符合上海证券交易所科创板股票投资者适当性 要求的投资者所持"颀中转债"不能转股的风险，提示如下： 一、可转换公司债券发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会《关于同意合肥颀中科技股份有限公司向不特定对象发行可转换公司债券注 册的批复》（证监许可〔2025〕2298号）同意，公司向不特定对象发行85,000.00万元可转换公司债券， 期限6年，每张 ...

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Views of the Report - In 2026, the process of incremental funds entering the market will continue, and the "Spring Rally" market is likely to occur at the beginning of the year, with the main focus on investment opportunities in the technology and high - end manufacturing sectors [3][54]. - As the proportion of institutional investors in the convertible bond market increases, the impact of stock market expectations on convertible bond valuation deepens. Given investors' optimism about the medium - to - long - term stock market, institutional investors' demand for equity assets remains strong, and the stable capital situation supports convertible bond valuation, with limited short - to - medium - term downside [3][54]. - When the valuation is stable, convertible bonds show the characteristics of "strong in rising and weak in falling" compared to underlying stocks, and still have high allocation value [3][54]. - Recommended convertible bond tracks and targets: (1) In the technology growth sector, pay attention to Ruike, Qizhong and other convertible bonds due to rising overseas computing power demand and the acceleration of AI industrialization; (2) In the high - end manufacturing field, focus on convertible bonds such as Yake, Daimei, Huachen, and Yubang; (3) Due to the optimization of the supply - demand pattern in some industries, pay attention to Youfa convertible bond [3][54]. 3. Summary According to the Directory 3.1 Strategy Analysis 3.1.1 February's Top Ten Convertible Bonds - Meinuohua/Meinuo Convertible Bond: A comprehensive international pharmaceutical technology manufacturing company. The JH389 project in its innovation pipeline is in continuous progress, with positive results in product development, patent application, and commercialization planning [2][10]. - Yatai Technology/Yaoke Convertible Bond: Focuses on R & D and production of aluminum materials and components for automobile thermal management and lightweight systems. It is an important global supplier in these fields and is actively expanding into emerging areas such as new - energy vehicles, aerospace, industrial thermal management, and robotics [2][11]. - Youfa Group/Youfa Convertible Bond: The largest domestic welded steel pipe R & D, production, and sales enterprise. With the improvement of downstream demand and the upcoming new round of supply - side reform, the company plans to improve its national and overseas layout [2][17]. - Jiangsu Huachen/Huachen Convertible Bond: Engaged in the R & D, production, and sales of power transmission and control equipment. With the growth of global energy investment, the company is optimizing its overseas market strategy and aiming for new breakthroughs in overseas markets [2][20]. - Hongya CNC/Hongya Convertible Bond: A leading domestic furniture equipment enterprise. Its subsidiaries are developing in the fields of furniture manufacturing automation solutions and high - precision gears, with good industrial synergy [24]. - Qizhong Technology/Qizhong Convertible Bond: Specializes in advanced packaging and testing of integrated circuits. It is a leading domestic company in bumping manufacturing technology. The global and Chinese display driver chip markets are growing, providing development opportunities [2][28]. - Seiko Steel Structure/Seiko Convertible Bond: A comprehensive steel structure enterprise with complete industrial chain services. It has traditional and innovative business models and has successfully undertaken many overseas landmark projects [2][33]. - Daimei Co., Ltd./Daimei Convertible Bond: A leading global automotive interior parts manufacturer. It has established a new subsidiary focusing on intelligent robotics, marking a step forward in its intelligent business layout [2][37]. - Yubang New Materials/Yubang Convertible Bond: A global supplier of tin - coated welding tapes for photovoltaic modules. It is entering the industrial thermal management track by investing in a technology company, and the data center thermal management market has broad prospects [2][44]. - Ruike Da/Ruike Convertible Bond: A national specialized and sophisticated "little giant" enterprise in connector products. It has a wide range of products in new - energy vehicles, data centers, and other fields, and the demand for its high - speed cable products in data centers is strong [2][48]. 3.1.2 Weekly Convertible Bond Strategy - This week, the stock indices showed a differentiated trend. The CSI Convertible Bond Index fell by 2.61%. The petrochemical, communication, and coal industries ranked high in terms of price changes. The median prices of convertible bonds in each parity range decreased, and the convertible bond valuation is still relatively high compared to historical levels [2][54]. 3.2 Market Tracking - The report provides multiple charts to track the market, including the price changes of broad - based indices and industry indices, the median prices of convertible bonds in different conversion value ranges, the changes in convertible bond valuation, and the back - testing results of various strategy indices. However, specific data analysis is not elaborated in the text [58][60][63].

Group 1 - The company has appointed Tianzhi International Accounting Firm as the auditor for the fiscal year 2025, following the approval at the board meeting and the annual shareholders' meeting [1][2] - The original signing accountants were Liu Huakai, Zhu Yilian, and Yang Xiao, with the quality control reviewer being Shen Xu. Due to Yang Xiao's departure, she will no longer serve as a signing accountant, while the other team members remain unchanged [2] - The transition of signing accountants has been orderly, and it is not expected to negatively impact the audit of the company's financial statements and internal controls for 2025 [3] Group 2 - The company plans to issue convertible bonds totaling RMB 850 million, with a maturity of six years and a face value of RMB 100 per bond, resulting in a net fundraising amount of RMB 838.79 million after deducting issuance costs [7] - The convertible bonds will be listed on the Shanghai Stock Exchange starting November 21, 2025, under the name "Qizhong Convertible Bonds" and code "118059" [7] - The conversion period for the bonds will begin on May 7, 2026, and will last until the bonds mature on November 2, 2031 [7][8] Group 3 - Investors participating in the convertible bond offering must meet the suitability requirements for investing in stocks on the Sci-Tech Innovation Board; otherwise, they will not be able to convert their bonds into shares [8] - The company emphasizes the risks associated with not meeting the suitability requirements, which could prevent bondholders from converting their bonds into company stock [8]

Core Viewpoint - The company announced the issuance of 850 million yuan in convertible bonds, which will be listed on the Shanghai Stock Exchange starting November 21, 2025 [1] Group 1 - The convertible bond has a conversion period starting from May 7, 2026, until November 2, 2031 [1] - As a company listed on the Sci-Tech Innovation Board, investors participating in the conversion must meet specific suitability requirements for investing in Sci-Tech stocks [1] - The company warns investors to pay attention to the risks and impacts associated with the inability to convert bonds for those who do not meet the requirements [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the week from November 17 - 21, 2025, the stock market oscillated downward due to factors like geopolitical tensions, concerns about overseas AI bubbles, and weakening interest - rate cut expectations. The bond market had a narrow - range oscillation. The convertible bond market mostly declined, with the CSI Convertible Bond Index down 1.78% for the week, the price median down 1.89%, and the arithmetic average parity down 6.70%. The overall market conversion premium rate increased by 7.72% compared to the previous week [1][8][9]. - During the period from November 24 - 28, 2025, the convertible bond market showed strong resilience during the A - share adjustment. Fed officials' dovish signals may improve market sentiment, and the convertible bond asset prices have strong bottom support. Attention should be paid to sectors such as energy storage, power, semiconductor equipment and materials, photovoltaic, and chemical industries, and high - volatility underlying stocks in balanced convertible bonds or low - premium equity - biased individual bonds should be selected [2][18]. Summary by Relevant Catalogs Market Trends - **Stock Market**: In the week from November 17 - 21, 2025, the market oscillated downward. All Shenwan primary industries closed down. Banks (-0.89%), media (-1.25%), food and beverage (-1.44%), national defense and military industry (-1.72%), and household appliances (-2.30%) performed relatively well, while power equipment (-10.54%), comprehensive (-9.18%), basic chemicals (-7.47%), and commercial retail (-7.24%) performed poorly [8][9]. - **Bond Market**: At the beginning of the week, the capital was tight, and it became balanced and loose in the second half of the week. The bond market had a narrow - range oscillation, and the 10 - year Treasury bond rate closed at 1.82% on Friday, up 0.26bp from the previous week [1][9]. - **Convertible Bond Market**: Most convertible bond individual bonds declined. The CSI Convertible Bond Index was down 1.78% for the week, the price median was down 1.89%, and the arithmetic average parity was down 6.70%. The overall market conversion premium rate increased by 7.72% compared to the previous week. The total trading volume of the convertible bond market last week was 318.036 billion yuan, with an average daily trading volume of 63.607 billion yuan, a decrease from the previous week [1][9][16]. Valuation Overview - As of November 21, 2025, for equity - biased convertible bonds, the average conversion premium rates in different price ranges are at relatively high percentile values. For debt - biased convertible bonds, the average YTM of those with a parity below 70 yuan is -4.27%, at the 1%/4% percentile since 2010/2021. The average implied volatility of all convertible bonds is 46.1%, at the 93%/99% percentile since 2010/2021 [19]. Primary Market Tracking - **Last Week (November 17 - 21, 2025)**: Maolai Convertible Bond was announced for issuance, and Qizhong Convertible Bond was listed. Maolai Convertible Bond has a scale of 563 million yuan, and Qizhong Convertible Bond has a scale of 850 million yuan [27][28]. - **Next Week (November 24 - 28, 2025)**: Zhuomei Convertible Bond is expected to be listed, with a scale of 450 million yuan [29][30]. - **Approval Progress**: Last week, 2 companies including Aohong Electronics and Pulian Software got registration approval, 1 company including Chunfeng Power passed the listing committee review, 4 companies including Haoneng Co., Ltd. passed the general meeting of shareholders, and 1 company including Zhaomin Technology had a board of directors' plan. As of now, there are 95 convertible bonds to be issued, with a total scale of 143.93 billion yuan [31].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Last week, the convertible bond market followed the equity market with continued volatile upward movement, and the valuation slightly decreased. The Wind Convertible Bond Weighted Index outperformed the Wind All A by 0.27 pcts. The Wind Convertible Bond Double - Low Index led the sub - indices with a 1.43% increase. The Convertible Bond ETF had a net redemption of 10.02 billion yuan. - In the short term, the convertible bond market will follow the equity market with a structural theme - based market due to the US government shutdown and year - end profit - taking sentiment. However, the supply - demand imbalance in the convertible bond market will support the valuation, and the double - low and dumbbell strategies are advantageous. Defensive positions can be in the large - financial and coal sectors, while offensive positions can be in new energy and low - valuation technology convertible bonds. - In the primary market, Qizhong Convertible Bond and Zhuomei Convertible Bond were issued, Jinlang Convertible Bond 02 was listed, and several bonds were redeemed early or expired and delisted. As of last Friday, the convertible bond market's outstanding scale was 576.651 billion yuan, a decrease of 157.242 billion yuan from the beginning of the year. Five bonds were approved by the CSRC to be issued, totaling 4.2 billion yuan, and seven bonds passed the issuance review committee, totaling 6.286 billion yuan [1]. 3. Summary by Directory Policy Tracking - On November 4, five departments including the National Health Commission issued the "Implementation Opinions on Promoting and Regulating the Application and Development of 'Artificial Intelligence + Healthcare'". By 2027, key applications of AI in healthcare will be widely used, and high - value application scenarios will be created to drive the high - quality development of the health industry [2][4]. Secondary Market - **Equity Market**: Last week, major equity market indices fluctuated strongly. Overseas, the US government shutdown affected market risk appetite. Domestically, CPI and PPI data sent positive signals, and the market focused on performance and anti - involution policies. High - position sectors retreated, and dividend assets strengthened, with coal, chemical, and banking sectors leading the gains [3]. - **Convertible Bond Market**: - The convertible bond market indices followed the equity market and rose. The average daily trading volume was 69.904 billion yuan, an increase of 3.231 billion yuan from the previous week. The Convertible Bond ETF had a net redemption of 10.02 billion yuan [6]. - Structurally, the large - cap style in the convertible bond market strengthened, and the double - low convertible bonds performed well. The high - price and small - cap indices underperformed. In terms of historical quantiles, the conversion value quantile decreased, while the convertible bond price quantile increased, driving up the conversion premium rate. The trading activity declined [7]. - By industry, most convertible bonds in various industries rose. Steel industry convertible bonds led with an average increase of over 2%, while computer and automobile industry convertible bonds declined. The overall valuation of convertible bonds slightly increased, and the valuation quantiles of different industries changed differently [8]. - In terms of individual bonds, most convertible bonds rose. Bonds in the power grid and solid - state battery sectors led the gains, while some bonds with poor performance in the third quarter declined significantly [10]. - In terms of price and valuation, the arithmetic average and median of convertible bond prices changed slightly. The arithmetic average and median of the conversion premium rate and pure - bond premium rate decreased [20]. Primary Market - **New Issues and Listings**: Qizhong Convertible Bond and Zhuomei Convertible Bond were issued, and Jinlang Convertible Bond 02 was listed with strong performance. Several bonds were redeemed early or expired and delisted. As of November 7, the convertible bond market's outstanding scale was 576.651 billion yuan, a decrease of 157.242 billion yuan from the beginning of the year and 4.623 billion yuan from the previous week [28]. - **Conversion and Redemption**: Eight convertible bonds had a conversion ratio of over 5%, one more than the previous week. Several bonds announced early redemption, and some bonds triggered conversion due to negative conversion premium rates [30]. - **Issuance Progress**: Shangtai Technology and Jinpan Technology's convertible bond issuance plans passed the exchange review. As of last Friday, five bonds were approved by the CSRC to be issued, totaling 4.2 billion yuan, and seven bonds passed the issuance review committee, totaling 6.286 billion yuan [33][34]. - **Clause Tracking**: No convertible bond announced a downward revision of the conversion price, and one bond announced early redemption. Several bonds proposed or were about to trigger a downward revision of the conversion price, and many bonds were expected to trigger early redemption conditions [34].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - This week, the convertible bond market experienced an obvious style shift, with the TMT sectors like computer, media, and communication cooling off, while the power equipment sector led the rise, and photovoltaic convertible bonds performed brightly. The valuation of debt - oriented convertible bonds was firm, outperforming equity - oriented ones. With the market rising in a volatile manner, the valuation in the 130 - 140 yuan parity range was significantly weak due to strong redemption expectations. The convertible bonds lagged behind the underlying stocks, with their gains less than half of the underlying stocks. Indicators such as the median convertible bond price, the premium rate per hundred yuan, and the yield to maturity have returned to the upper edge of the oscillation range since September. If they can break through effectively, the short - term upward trend of convertible bonds is expected to be strengthened [2][3]. 3. Summary by Relevant Catalogs 3.1 Convertible Bond Valuation - The convertible bond premium rate per hundred yuan is still in an oscillating trend, within the range of 2 times the standard deviation above and below the 250 - day average. As of the latest, with outliers retained, the market - wide convertible bond premium rate per hundred yuan is 35.7%, down 0.1% week - on - week, and the latest percentile is at the 93.8% percentile since 2017 [2][4]. - Compared with last week, the valuations of debt - oriented and low - parity convertible bonds were stronger, with both the conversion premium rate and the bottom - support premium rate rising, and prices slightly increasing. The valuations of equity - oriented and high - parity convertible bonds were weaker, with the conversion premium rate oscillating downward. The valuation in the 130 - 140 yuan parity range declined significantly, and its historical percentile was significantly lower than other parity ranges [2][8]. - This week, the median convertible bond price and the yield to maturity were reported at 133.30 yuan and - 6.82% respectively, changing by + 0.96 yuan and - 0.18% week - on - week. Their current percentile levels are at the 99.80% and 0.30% percentiles since 2017 [2][13]. 3.2 Clause Tracking 3.2.1 Redemption - This week, Qibin Convertible Bond announced redemption, and Fenggong Convertible Bond announced non - redemption, with a strong redemption rate of 50%. Currently, there are 12 convertible bonds that have issued strong redemption or maturity redemption announcements but have not delisted. Among the non - delisted convertible bonds, the potential conversion or maturity balance of strongly redeemed and matured convertible bonds is 6 billion yuan. There are currently 40 convertible bonds in the redemption process, and 9 are expected to meet the redemption conditions next week [2][17][20]. 3.2.2 Downward Revision - This week, Aidi Convertible Bond proposed a downward revision. As of the latest, 98 convertible bonds are in the non - downward - revision period, 20 cannot be downward - revised due to net asset constraints, 2 have triggered the condition and the stock price is still below the downward - revision trigger price but no announcement has been made, 31 are accumulating downward - revision days, and 4 have issued board proposals for downward revision but have not held a general meeting of shareholders [2][22]. 3.2.3 Put Option - This week, no convertible bond issued a conditional put option announcement. As of the latest, 7 convertible bonds are accumulating put - option trigger days, among which 1 proposed a downward revision, 1 has triggered the downward - revision condition, and 5 are in the non - downward - revision period [2][25]. 3.3 Primary Issuance - This week, no convertible bond issued an issuance announcement. Qizhong Convertible Bond and Zhuomei Convertible Bond have been issued and are waiting for listing. As of the latest, there are 7 convertible bonds at the approval - for - registration stage, with a to - be - issued scale of 6.9 billion yuan; and 7 at the listing - committee - approval stage, with a to - be - issued scale of 6.3 billion yuan [2][27].

Macro Strategy - The core view indicates that actual interest rates remain the key anchor for gold prices, with fluctuations in monetary policy impacting market sentiment and gold's value [1][6] - In October, gold prices experienced a "rise then fall" pattern, influenced by geopolitical tensions and economic data, leading to a 5.27% increase in the Shanghai gold futures by the end of the month [1][6] - The outlook for November suggests that gold prices will be driven by geopolitical situations, trade negotiations, and macroeconomic policies, with expectations of continued high volatility [1][6] Fixed Income - The report on Qizhong Convertible Bonds anticipates a listing price between 126.64 and 140.59 CNY, with a subscription rate of 0.0028% [2][7] - The bond has a total issuance scale of 850 million CNY, with proceeds allocated for advanced packaging and testing projects [7][8] Industry Analysis - The food and beverage industry report highlights a 5.5% decline in total revenue and a 6.7% drop in net profit for the liquor sector in the first three quarters of 2025, with a more pronounced 18.3% revenue decline in Q3 [3][10] - The report notes that the recovery of consumption scenarios is slow, particularly in business and personal dining contexts, leading to sustained pressure on demand for high-end and mid-range liquor [3][10] - Investment recommendations suggest focusing on companies that are likely to see early signs of recovery and have strong growth potential, such as Luzhou Laojiao and Shanxi Fenjiu, while also considering companies with solid governance and dividend yields [4][11] Company Recommendations - Tiangong International is highlighted for its potential growth in titanium alloy production, with projected revenues of 5.2 billion, 6.1 billion, and 7 billion CNY from 2025 to 2027, reflecting growth rates of 8%, 16%, and 14% respectively [5][11] - The company is positioned well in the consumer electronics sector and is expanding into new materials for robotics and nuclear fusion applications, which are expected to drive future growth [5][11]

Report Industry Investment Rating No information provided regarding the report industry investment rating. Core Viewpoints of the Report - The target price of Qizhong Convertible Bond on the first trading day is estimated to be between 128 - 133 yuan, and investors are advised to actively subscribe. Considering the current market environment and parity level, the conversion premium rate on the first listing day is expected to be in the range of 28% - 33% [3][18]. - The estimated first - day new - bond lottery winning rate is around 0.0024% - 0.004% [19]. Summary by Relevant Catalogs 1. Qizhong Convertible Bond New - Bond Analysis and Investment Suggestions 1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Qizhong Convertible Bond are priority placement and online issuance. The bond and issuer ratings are AA+. The issuance scale is 850 million yuan, the initial conversion price is 13.75 yuan, the bond parity is 100.29 yuan, and the pure bond value is 98.54 yuan. The game terms are normal. Overall, the bond issuance scale is average, the liquidity is average, the rating is good, and the bond floor protection is good. It is not difficult for institutions to include it in their portfolios, and there is no objection to primary participation [2][14]. 1.2 New - Bond Initial Listing Price Analysis - The company mainly engages in advanced packaging and testing of integrated circuits, focusing on the display driver chip packaging and testing field and non - display chip packaging and testing fields such as power management chips and RF front - end chips. The funds raised from this issuance will be used for relevant projects, which can optimize the company's capital structure and enhance its market competitiveness [3][17]. 1.3 Convertible Bond New - Bond Lottery Winning Rate Analysis - Assuming the old shareholders' placement ratio is 59% - 76%, the scale of Qizhong Convertible Bond available to the market is 203 million - 350 million yuan. Assuming the online effective subscription number is 8.65 million households, the lottery winning rate is around 0.0024% - 0.004% [19]. 2. Underlying Stock Fundamental Analysis 2.1 Company's Main Business and Industry Upstream and Downstream - The company focuses on advanced packaging and testing of integrated circuits, mainly in the display driver chip and non - display chip packaging and testing fields. The integrated circuit industry chain includes chip design, wafer manufacturing, and packaging and testing. The upstream of the packaging and testing industry is integrated circuit manufacturing. Different types of chips have different downstream application markets [20][21]. 2.2 Company's Operating Conditions - The company's recent operating income has shown an increasing trend. From 2022 to the first half of 2025, the operating income was 1.317 billion yuan, 1.629 billion yuan, 1.95 billion yuan, and 996 million yuan respectively. The comprehensive gross profit margin has declined, and the net profit margin has also decreased. The company's period expenses have fluctuated slightly, and R & D expenses have been increasing. Accounts receivable have risen, but the turnover rate remains relatively high. The net profit attributable to the parent company has changed significantly [24][28][30]. 2.3 Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, the company's equity structure is relatively concentrated. The top two shareholders hold 58.83% of the shares, and the top ten shareholders hold 76.06% of the shares. The company has one wholly - owned first - level subsidiary and one wholly - owned second - level subsidiary [43]. 2.4 Company's Business Characteristics and Advantages - The company is an advanced packaging and testing service provider for integrated circuits, with advantages in technological innovation, talent cultivation and introduction policies, and R & D incentive policies [46]. 2.5 Allocation of Funds Raised in This Issuance - The company plans to issue convertible bonds to raise up to 850 million yuan. 419 million yuan will be used for the "High - Pin - Count Micro - Sized Bump Packaging and Testing Project", and 431 million yuan will be used for the "Advanced Power and Flip - Chip Packaging and Testing Technology Transformation Project of Qizhong Technology (Suzhou) Co., Ltd." [12][49].