Group 1 - The issuance of convertible bonds has slowed down this year, with 14 bonds issued by May 25, raising a total of 18.927 billion yuan, a year-on-year decrease of 11.54% [1] - The top five convertible bonds by fundraising amount include Yiwai Convertible Bond, Taineng Convertible Bond, Yushui Convertible Bond, Weice Convertible Bond, and Nanyao Convertible Bond, all exceeding 1 billion yuan, with Yiwai Convertible Bond raising 5 billion yuan for energy storage and vehicle battery projects [1] - Several companies have announced plans to issue convertible bonds for investment projects, including Lianrui New Materials aiming to raise up to 720 million yuan for high-performance materials and UpSound Electronics planning to raise up to 330 million yuan for technology upgrades and working capital [1] Group 2 - Poly Developments has received approval from the CSRC for a cash-type targeted convertible bond issuance, with a total amount not exceeding 8.5 billion yuan, aimed at 15 real estate projects related to "guaranteeing housing delivery and people's livelihood" [2] - A significant number of convertible bonds have been redeemed this year, with 49 bonds delisted from exchanges, 34 of which were due to triggering early redemption clauses, accounting for about 70% [2] - Companies are increasingly using convertible bonds as a payment tool for mergers and acquisitions, with Xunbang Intelligent announcing plans to acquire equity through the issuance of shares and convertible bonds, indicating a trend towards more flexible deal structures in the restructuring market [2]

Core Viewpoint - Lianrui New Materials (688300.SH) plans to issue convertible bonds to raise up to 720 million yuan for high-performance materials projects and working capital [1][2] Group 1: Convertible Bond Issuance - The company intends to issue convertible bonds with a total amount not exceeding 720 million yuan, net proceeds will be used for high-performance substrate materials projects and to supplement working capital [1] - The bonds will have a term of six years, with a face value of 100 yuan each, and will be issued at face value [2] - The interest rate will be determined by the board of directors based on market conditions and company specifics [2] - The bonds will be convertible into company A-shares after a six-month period from issuance [2] Group 2: Previous Fundraising and Financials - Lianrui New Materials was listed on the Sci-Tech Innovation Board on November 15, 2019, raising a total of approximately 586.34 million yuan, with a net amount of about 517.86 million yuan after expenses [3][4] - The company initially planned to raise 284.67 million yuan for various projects, including the construction of a silicon powder production base and capacity expansion [4] - The total issuance costs amounted to approximately 68.48 million yuan, with underwriting fees being a significant portion [5]