Core Viewpoint - The announcement regarding the maturity and conversion results of the "Eagle 19 Convertible Bond" indicates significant changes in the shareholding structure and total share capital of Shanying International, reflecting the impact of bond conversions on the company's equity [1] Group 1: Stock Performance - As of December 16, 2025, Shanying International's stock closed at 1.64 yuan, down 1.8% from the previous trading day, with a total market capitalization of 10.344 billion yuan [1] - The stock opened at 1.67 yuan, reached a high of 1.67 yuan, and a low of 1.63 yuan, with a trading volume of 1.27 billion yuan and a turnover rate of 1.23% [1] Group 2: Convertible Bond Details - The total number of convertible bonds maturing was 160,390, with a total redemption amount of 17,803,290 yuan, and the payment date for the redemption was December 15, 2025 [1] - As of December 12, 2025, a total of 1,843,960,000 yuan of convertible bonds had been converted, resulting in 1,043,515,291 shares being issued, which represents 22.71% of the total shares before conversion [1] - The unconverted portion of the bonds accounted for 0.86% of the total issuance [1] Group 3: Share Capital Changes - Due to the conversion of bonds, an additional 491,976,619 shares were issued, increasing the total share capital from 5,815,476,687 shares to 6,307,453,306 shares [1] - The shareholding ratio of the controlling shareholder and its concerted parties was diluted from 28.13% to 25.94% [1]

Core Viewpoint - A significant number of convertible bonds are approaching their last trading day, with over 10 bonds expected to reach this milestone in December, leading to potential price suppression and risks related to forced redemption for investors [1][2][4]. Group 1: Convertible Bonds Overview - Multiple convertible bonds are entering their last trading day, including Hongfa Convertible Bond, Mingdian Convertible Bond 02, and Guocheng Convertible Bond on December 8, followed by others like Ying 19 Convertible Bond and Ceihui Convertible Bond on December 9 [2]. - The increase in convertible bonds reaching their last trading day is notable, with over 10 bonds expected to be affected in December [2]. Group 2: Redemption and Trading Dynamics - Convertible bonds may experience price suppression as they approach their last trading day, with many showing declines; for instance, Guocheng Convertible Bond and Limin Convertible Bond have seen cumulative declines exceeding 10% in December [4]. - The average price change for the convertible bonds entering their last trading day in December is -0.12%, with a median change of -0.65%, underperforming the overall market represented by the Zhongzheng Convertible Bond Index, which rose by 0.48% during the same period [4]. Group 3: Forced Redemption Risks - Forced redemption remains a primary exit strategy for convertible bonds, allowing companies to alleviate the burden of interest and principal repayment by encouraging bondholders to convert their bonds into shares [4]. - Investors must be cautious, as failure to convert or sell their bonds before the designated deadline may result in forced redemption at a price significantly lower than the market value, leading to potential losses exceeding 40% for those who purchased at a high premium [5].

Core Viewpoint - A significant number of convertible bonds are approaching their last trading day, with over 10 bonds expected to reach this milestone in December, leading to potential price suppression and risks related to forced redemption for investors [1][4][6]. Group 1: Convertible Bonds Approaching Last Trading Day - Multiple convertible bonds are set to enter their last trading day, including Hongfa Convertible Bond, Mingdian Convertible Bond 02, and Guocheng Convertible Bond on December 8, followed by others like Ying 19 Convertible Bond and Ceihui Convertible Bond on December 9 [3][4]. - The total number of convertible bonds entering their last trading day in December is projected to exceed 10, indicating a trend of increased activity in this segment [4]. Group 2: Market Performance and Risks - Many convertible bonds have experienced price declines as they approach their last trading day, with Guocheng Convertible Bond and Limin Convertible Bond seeing cumulative declines of over 10% in December [6]. - The average price change for the convertible bonds entering their last trading day in December is -0.12%, with a median change of -0.65%, underperforming the overall market represented by the Zhongzheng Convertible Bond Index, which rose by 0.48% during the same period [6]. - Investors need to be cautious of forced redemption risks, as companies may opt for this route to alleviate the burden of interest and principal repayment, potentially leading to significant losses for those who do not act in time [6][7].

Core Viewpoint - The article discusses the final trading day of the Eagle 19 convertible bond, highlighting its premium and trading performance, as well as other related convertible bonds and their market conditions [1]. Group 1: Eagle 19 Convertible Bond - The Eagle 19 convertible bond is set to have its last trading day tomorrow, with a premium exceeding 10% [1]. - The closing price of the Eagle 19 convertible bond is reported at 112.622, with a redemption price of 111.000 and a conversion value of 97.16 [9]. - The remaining scale of the Eagle 19 convertible bond is 0.785 billion, representing 0.73% of the underlying stock [9]. Group 2: Other Convertible Bonds - The Wanfu convertible bond will not have its downwards adjustment period reset, effective from December 9, 2025 [3]. - The Hongtu convertible bond will not undergo a downward adjustment [3]. - The last trading day for the Liu Pharmaceutical convertible bond is January 12, 2026 [3]. Group 3: Major Holders of Convertible Bonds - The largest holder of convertible bonds is Qingdao Guanlan Investment Management Co., holding 127.94 million shares [2]. - Other significant holders include China Merchants Bank and Industrial and Commercial Bank of China, with holdings of 81.96 million and 73.74 million shares, respectively [2].

Core Viewpoint - The bond market continues to show weakness, particularly in the ultra-long end, with rising yields and a notable supply-demand imbalance [1][7]. Market Performance - On December 8, the bond market experienced a general increase in yields, with the 30-year government bond yield rising by 1.75 basis points to 2.269% and the 50-year bond yield increasing by 3.9 basis points to 2.415% [2]. - The China Securities Convertible Bond Index rose by 0.40% to 483.93 points, with significant gains in several convertible bonds [2]. International Bond Market - In North America, U.S. Treasury yields rose across the board, with the 10-year yield increasing by 3.89 basis points to 4.137% [3]. - In Asia, Japanese bond yields also increased, with the 10-year yield rising by 2.3 basis points to 1.972% [4]. Primary Market - Agricultural Development Bank's financial bonds had competitive bidding, with the 5-year bond yield at 1.7772% and a bid-to-cover ratio of 3.03 [5]. - The Xinjiang Production and Construction Corps' local bonds saw bid-to-cover ratios exceeding 10, indicating strong demand [5]. Liquidity and Funding - The central bank conducted a reverse repurchase operation of 1,223 billion yuan, resulting in a net injection of 147 billion yuan for the day [6]. - Short-term funding rates, as indicated by Shibor, have generally increased, with the overnight rate rising to 1.302% [6]. Institutional Perspectives - Huatai Fixed Income suggests that while the ultra-long bonds have seen some risk release, the overall market remains cautious, with expectations of increased volatility in ultra-long bonds [7][8]. - Industry analysts from Guosheng Fixed Income do not foresee a significant long-term increase in ultra-long bond spreads but acknowledge short-term risks due to potential market shocks from institutional selling [8].

Core Viewpoint - The announcement details the maturity and redemption of the "Eagle 19 Convertible Bonds" issued by Shanying International Holdings Co., Ltd, including key dates and financial terms related to the bond redemption process [1][2][4]. Group 1: Redemption Details - The company will redeem the unconverted "Eagle 19 Convertible Bonds" at a price of 111% of the bond's face value, which amounts to 111 RMB per bond, including the final interest payment [2][7]. - The redemption will occur within five trading days after the bond's maturity date, which is set for December 12, 2025 [6][7]. Group 2: Trading and Conversion Information - The last trading day for the "Eagle 19 Convertible Bonds" is December 9, 2025, after which trading will cease on December 10, 2025 [3][8]. - Holders of the bonds can still convert them into company shares from December 10 to December 12, 2025, under the agreed conditions [3][4]. Group 3: Tax Implications - Individual investors will have a net payout of 108.80 RMB per bond after a 20% withholding tax on the interest portion, while corporate investors will receive the full 111 RMB per bond [9][10]. - Non-resident institutional investors are exempt from corporate income tax and value-added tax on the bond interest income until December 31, 2025, receiving the full 111 RMB per bond [10].

Summary of Key Points Core Viewpoint - The article discusses recent corporate actions and developments in the convertible bond market, highlighting shareholding changes, partnerships, and upcoming bond listings and trading dates. Group 1: Corporate Actions - Jia Mei Packaging's shareholders plan to reduce their holdings by no more than 1.16% of the company's shares [1] - Hailianxun's request for acquisition rights has ended, with trading resuming on November 19 [1] - Jiemai Technology's subsidiary, Rouzhen Technology, signed a cooperation development framework agreement with Ningde New Energy [1] Group 2: Convertible Bonds - The article lists various convertible bonds with their current prices, redemption prices, last trading dates, conversion values, remaining scales, and their proportion to the underlying stocks [1][4][6] - Notable upcoming bond listings include: - Qizhong Convertible Bond on November 21 - Maolai Convertible Bond on November 21 for subscription - Zhuomei Convertible Bond on November 24 - Other bonds with specific trading and conversion dates detailed [1][4][6] Group 3: Market Data - The article provides detailed tables of convertible bonds, including their current prices, conversion values, and market capitalization ratios, indicating the financial health and market positioning of these bonds [1][4][6]

Core Viewpoint - The article discusses recent developments in convertible bonds, including proposed share reductions, adjustments, and redemption details for various bonds [1][2][4]. Group 1: Share Reduction and Bond Adjustments - Zhengyuan Wisdom plans to reduce its repurchased shares by no more than 2.842 million shares [1]. - Dongshi Convertible Bond will undergo a downward adjustment [1]. - Yuguang Convertible Bond is subject to strong redemption [1]. - Several convertible bonds, including Polai, Ruike, Zhongte, and Leizhi, will not undergo adjustments [1]. Group 2: Convertible Bond Details - A table lists various convertible bonds with their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stock [2][4]. - For instance, the current price of Chenfeng Convertible Bond is 155.357, with a conversion value of 156.23 and a remaining scale of 0.446 billion [2]. - The Yuguang Convertible Bond has a current price of 207.107, with a conversion value of 206.05 and a remaining scale of 6.826 billion [2].

Core Points - The company will redeem the "Eagle 19 Convertible Bonds" at 111% of the face value, including the last interest payment, amounting to 111 RMB per bond [2][6] - The last trading day for the "Eagle 19 Convertible Bonds" is December 9, 2025, and trading will cease on December 10, 2025 [3][8] - Holders can convert the bonds into company stock from December 10 to December 12, 2025, before the conversion period ends [3][9] Summary by Sections Redemption Plan - The company will redeem the unconverted "Eagle 19 Convertible Bonds" at a price of 111 RMB per bond, including tax, within five trading days after maturity [2][6] Trading Suspension - The "Eagle 19 Convertible Bonds" will stop trading on December 10, 2025, with the last trading day being December 9, 2025 [3][8] Maturity and Payment Dates - The maturity date and the registration date for the bond redemption is December 12, 2025, with payment to bondholders occurring on December 15, 2025 [5][6][9] Conversion Details - Bondholders can convert their bonds into company stock at a conversion price of 1.76 RMB per share during the specified period [4][9] Additional Information - The bonds will be delisted from the Shanghai Stock Exchange on December 15, 2025 [8][9]

Core Viewpoint - The article discusses the status of various convertible bonds, highlighting that certain bonds will not undergo adjustments, which may impact investor strategies and market dynamics [1][3]. Group 1: Convertible Bonds Status - Xingrui Convertible Bond (127090) and Meinuo Convertible Bond (113618) will not be adjusted, with announcements made on November 13, 2025 [1]. - The current prices and redemption values of several convertible bonds are provided, indicating their market performance and potential for investors [3][5]. Group 2: Market Data Overview - The current price of Tongcheng Convertible Bond (113621) is 125.708, with a redemption price of 101.440 and a conversion value of 126.17 [3]. - The remaining scale of various convertible bonds is detailed, with notable figures such as Hengbang Convertible Bond (127086) having a remaining scale of 8.029 billion [3]. - The flow market ratio for several bonds is presented, indicating their relative size in the market, such as the flow market ratio for Fenghuo Convertible Bond (110062) being 8.33% [5].