The convertible bond batch downgrade the stock price, the holder is looking for trading opportunities

21st Century Business Herald reporter Ye Mai Sui Guangzhou report

The market has entered adjustment, and the situation of renovation of the stock price is increasing. In recent days, a number of companies such as Haiku, Chongda Technology, and Haomei New Materials in Central have issued an announcement saying that it is expected to trigger the conditions for revising the stock price to modify the conditions.

Since the beginning of this year, 28 convertible debts have reduced the stock price, which is only one step away from the peak of 2021. According to the analysis, on the one hand, the rapid expansion of the convertible bond market has repeatedly tangled this year's equity market, or provides soils for repairs; on the other hand, under certain conditions, the underwriting itself may also give birth to the common demands of issuers and investors. So as to form a joint force. The restoration of the stock price brings a lot of trading opportunities, and some investors and even "ask" the listed company to repairs the stock price.

There are 28 convertible bonds under this year to repair the stock price

Since the beginning of this year, the convertible bonds have been repaired frequently, and the terms of the terms of the terms have once again become a hot spot for market attention. The issuer proposed to renovate 28 cases, which was only one step away from the peak of 33 bonds in 2021. Among them, there were as many as 14 cases in the second quarter, and the historical highs of 13 cases in the third quarter of 2018 and the first quarter of 2021 were repaired.

Central Hai and Mandarin announced on the morning of September 6 that from August 23, 2022 to September 5, 2022, the closing price of 10 trading days in the company's stocks was lower than the current conversion price. The stock price is modified downward. If the trigger conditions are triggered, the company will convene a board of directors on the day of triggering conditions to review and decide whether to revise the conversion price and timely fulfill the information disclosure obligation.

Coincidentally, on the same day, Chongda Technology announced that from August 23rd, 2022 to September 5, 2022, the closing price of the company's stocks has been closed than the 85s of the current conversion price of "Chongda Transfer 2". %(That is, 16.04 yuan/share), which may trigger the downward correction clause of the "Chongda Transfer 2" conversion price. If the "Chongda Transfer 2" conversion price will be triggered in the future, that is, the closing price of at least fifteen trading days in the company's stocks in any consecutive trading day is lower than the current conversion price of 85%. At that time, the board of directors of the company will hold a meeting to decide whether to exercise the right to revise the "Chongda Transfer 2" to the stock price.

Previously, Haomei Convertible Bond also stated that the 19th meeting of the Third Board of Directors of the company reviewed and approved the "Proposal on the Price of" Haomei Convertible Bonds "to the" Haomei Convertible Bond "to the" " The conversion price of Haomei Convertible ". Since the board of directors and approved the first trading day (August 22, 2022), as of September 2, 2022, the closing price of 10 trading days in the company's shares is lower than the current conversion price. 85%. If the closing price of the company's stock continues to be lower than the current conversion price, it is expected to trigger the conditional revision of the equity price.

The research report of Guangfa Securities said that on the one hand, it may be due to the rapid expansion of the convertible bond market, which has repeatedly tangled the current equity market market, providing soil for the repairs; on the other hand, under certain conditions, the underwriting itself also itself also itself Maybe the common demands of the issuer and investors may be given to the current environment, thereby forming a joint force.

In an interview with the 21st Century Business Herald, Hu Po said that the most important purpose of convertible bonds was to reduce the price of convertible bonds and promote convertible bonds. The higher the probability of repair. After the new rules of convertible bonds, the listed company must be required to clarify whether it is repaired. The information disclosure has higher requirements. Therefore, the announcement of the listed company has recently strengthened the announcement of whether it was repaired. Due to the market shock this year, especially in the period when the market shocks from January to April, the number of convertible bonds was significantly more than previous years. The probability of repairs means significantly increased the probability of reinstance. Therefore, for listed companies, especially listed companies that have no willingness to repay their books and hope to switch to stocks, the repairs are in line with their interests.

He Jinlong, general manager of Glimon Investment, also said that the repairs are the right to issue the main body of convertible bonds, not obligations. When touching the trimming price threshold, it is also necessary to meet the fundamental requirements of the municipal net rate greater than 1. Even if these two conditions are met, whether the company chooses to repair it depends on the company's operating status and the willingness of major shareholders.

The valuation of convertible debt has become a reasonable center

The restoration of the stock price brings a lot of trading opportunities, and some investors and even "ask" the listed company to repairs the stock price. For example, some investors ask friends to issue convertible bonds, "The convertible bonds of your company have triggered the repair price for a long time. Is there a plan to modify the convertible bonds in the near future?"

On August 26, Youfa Steel Pipe announced that the company's shares had the closing price of at least fifteen consecutive trading days in 30 consecutive trading days than 85%of the current conversion price of 9.40 yuan/share, that is, 7.99 yuan/ The situation of the stock has met the conditions for revising the turnover price specified in the "Revised Manual". The company held the 26th meeting of the 4th board of directors on August 25, reviewed and approved the "Proposal on the Company to Amend the" Friends Convertible Bonds "to the stock", and proposed to revise the "Youfa Convertible Bonds" downward The conversion price and submitted to the shareholders' meeting for consideration.

In addition, companies such as Huake Convertible Bonds, Tongtong Communications, and Chongqing Construction Industry were also shouted by investors.

Hubo said that convertible bonds can be regarded as bonds plus the options of rectal rights. It is a significant benefit. After a wave of adjustments, the valuation of convertible bonds has declined. The latest CSI convertible bond index is 419.37 points.

CITIC Securities ’s team stated that the valuation level of the convertible bond market has been compressed for nearly half a month. The compression process of this round of valuation is relatively fast, and the emotions of investors have quickly reversed. As of September 2, the level of equity valuation has returned to 20%. Near horizontal lines. At the beginning of the year, the central level of the market environment in the current market environment may be reasonable or around 20%. Therefore, the current market valuation is rapidly compressed or comes to an end. The valuation risk has been released to a large extent. The core driver is the positive stock. Investors are advised to set up vouchers on the positive stocks to be appropriately balanced in terms of style to examine the cost -effectiveness of the coupon level. Focus on the two categories of targets. One is the ultra -elastic target of extremely low valuations. It is mainly based on the selection of positive stocks.

As of September 6, only four convertible bonds were under the face value, and the range was limited. The lowest price was urban convertible bonds, and the latest closing price was 96.674 yuan/piece. The price of 27 convertible bonds is more than 200 yuan/piece, accounting for 6.26%. Among them, the highest price convertible bonds are Chinese ore convertible bonds, and the latest acquisition of 937.91 yuan/piece.

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