This article was originally sent yesterday evening.
Wei 22 convertible bonds and Yaoshi convertible bonds meet the conditions for downward revision, and the company has proposed downward revision proposals to benefit the debt, see the downward revision information list for details.
The proposal to revise Guiguang's convertible bonds was passed. The company announced a downward revision to 7.25 yuan, which is basically the same as the minimum revised price in the previous document, and the downward revision is in the end. After the downward revision, the value of the convertible bond rose to 99 yuan, and according to the approximate scale, rating and conversion value, it is expected that the reasonable pricing of the convertible bond will be about 123 yuan, with a slight upside. A win-win situation for both the company and the holders, and everyone is happy!
The 13th is the review date for the downward revision of Zhongchen's convertible bonds. The major shareholder does not hold convertible bonds, has voting rights, and is expected to pass without suspense. The average price of the underlying stock in the first 20 days was 6.054 yuan, and the average price in the first 1 trading day was 6.41 yuan, with a net asset limit of 3.23 yuan per share, and the price of the downward revision was 6.41 yuan. If it is revised downward, the static calculation of the value of the convertible shares will rise to 100 yuan, and the price of the convertible bonds will be reasonably positioned around 123 yuan.
The 13th is the review date for the downward revision of the Ubang convertible bonds. The major shareholder holds convertible bonds and has no voting rights, and it is expected that there will be suspense in passing. The average price of the underlying stock in the first 20 days was 36.943 yuan, and the average price in the first 1 trading day was 37.215 yuan. If it is revised downward, the static calculation of the conversion value will rise to 99 yuan, and the conversion price is reasonably positioned around 124 yuan.
In May, there were 16 convertible bonds to review the downward revision, plus the 7 convertible bonds revised downward last week, there is a high probability that there will be a total of 21 convertible bonds in May. The most intensive downward revision in history.
After the downward revision of the conversion price, each 100 yuan face value of the convertible bond can be converted into more underlying shares, the value of the conversion will increase, and the price of the convertible bond will rise; If the underlying stock continues to rise, the price of the convertible bond will also rise; When the underlying stock exceeds the redemption condition price, the company announces forced redemption, which completes the task of promoting the conversion of debt into equity. After the conversion of debt into equity, the company's debt decreases and the equity capital increases, so there is no need to repay the money; Convertible bonds rose, and convertible bond holders also earned; So, who suffers in the downward revision process?
From the perspective of downward revision logic, after the downward revision of the transfer price, there is more diluted equity, and the equity of the underlying stock investors has become a little smaller, and they have unknowingly suffered losses. So, should you invest in the underlying stock or the convertible bond? What do netizens think, welcome to leave a message to express your opinions!
For the views and principles of this article, please refer to "Value Convertible Bond Investment Strategy" (authors: Ning Yuanjun, Tang Bin).
"Behind the Runaway", "2 Convertible Bonds Proposed to Be Revised Downward, 6 Convertible Bonds Are About to Be Satisfied", "1 Convertible Bonds Added to the Redemption List" have been posted simultaneously on the WeChat public account, welcome to follow!
The relevant securities mentioned in this article do not constitute any investment advice, only for personal investment records and to share investment ideas, if netizens buy and sell according to the securities mentioned in the article, please bear your own risk!
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