Opened immediately, and within three minutes it was almost cut. The convertible bond market was shocked on May 7. The protagonist was Taijing Convertible Bond (113503), which had previously been speculated to a high price of 420 yuan.

On the morning of May 7 during the collective auction period, Taijing Convertible Bonds triggered a temporary stop mechanism with an astonishing 30% drop. The Shanghai Stock Exchange issued the “Announcement on the Temporary Suspension of Taijing Convertible Bonds”, saying that the price of convertible bonds fluctuated abnormally, and trading was suspended from 9:30 on May 7th, starting from 14:57 on May 7th. Resume trading.

From 14:57 to 15:00, the trading time of Taijing Convertible Bonds on May 7 was only 3 minutes. But within these three minutes, crazy investors began to grab the door and throw away goods, amplifying the decline to 47.68%, closing at 190.92 yuan.

Wind shows that the trading volume of Taijing Convertible Bonds on the same day was 40,000 lots, the value of the conversion price was 138.994 yuan, and the conversion premium rate was 37.36%.

“The previous conversion premium rate was already ridiculously high. As soon as the foreclosure announcement came out, no one took the market and the price collapsed.” One in Shanghai A fund manager specializing in convertible bond transactions of private equity institutions told Peng Mei News reporter.


Foreclosure announcement triggers a sharp fall in convertible bond prices

The cause of the plunge was issued by Zhengjing Technology (603738) in the evening of May 6 A reminder announcement for early redemption.

On December 15, 2017, Taijing Technology publicly issued 2.15 million convertible corporate bonds, each with a face value of 100 yuan and a total issued amount of 215 million yuan.

According to the relevant regulations and the company ’s “Prospectus for the Issuance of A-Share Convertible Corporate Bonds”, the company stated: “During the conversion period of convertible bonds issued this time, if the company The closing price of the A-share stock for at least 15 trading days out of the 30 consecutive trading days is not less than 130% (inclusive) of the current conversion price, or the unconverted balance of convertible bonds issued this time is less than RMB 30 million The company has the right to redeem all or part of the convertible bonds that have not been converted into shares at the price of the bond face value plus current interest accrued. “

announced that the company ’s stock March 30, 2020 to May 6, 2020During the 30 consecutive trading days, at least 15 trading days had a closing price of not less than 130% of the current conversion price of “Taijing Convertible Bonds” (ie 23.27 yuan / share), which triggered “Taijing Convertible Bonds” Redemption clause.

According to the announcement, before the market closes on the redemption registration day, holders of “Taijing Convertible Bonds” can choose to continue trading in the bond market, or at the conversion price of RMB 17.90 / Shares were converted into company shares. After the market closes on the redemption registration day, “Taijing Convertible Bonds” that have not been converted will be frozen, trading will be stopped and the shares will be redeemed. After the redemption is completed, “Taijing Convertible Bonds” will be delisted on the Shanghai Stock Exchange.

Taijing Technology also reminded that the redemption price of this convertible bond may be different from the market price of “Taijing Convertible Bonds”, and forced redemption will result in investment losses.

In sharp contrast to the plunge in the price of convertible bonds, the stock price of Taijing Technology rose by 3.15% on May 7 and closed at 24.88 yuan.


“Investors have three ways to go”

“The price before the conversion of Taijing ’s bonds has skyrocketed to a maximum of 400 There are many reasons. This is partly because this company has always said that it will not be redeemed, so some investors feel that they can rest assured to speculate. “A fund company bond researcher analyzed the surging news reporters.

He said: “Redemption is conditional, this is the issuer ’s right, not an obligation, and the regulations for this are different between the Shanghai and Shenzhen exchanges. , Tai Jing Convertible Bonds is listed on the Shanghai Stock Exchange. According to the regulations of the Shanghai Stock Exchange, every time the redemption condition is triggered, it must be announced that it is not redeemed or redeemed. This company was still not redeemed last time, this time it became a redemption . “

It can be seen that in March, Taijing Technology also issued the” Informative Announcement of Not Redeeming “Taijing Convertible Bonds” in advance, and more than once. This may have caused some investors to misunderstand that the issuing company does not want to redeem.

It should be pointed out that the transformation of Taijing Technology is not against the rules. Industry insiders pointed out that the choice of redemption or non-redemption is the right of listed companies as the issuer It is entirely possible to choose not to redeem before and then redeem again.

According to the analysis of the above private equity fund managers, investors have only three ways to go. One way is to sell convertible bonds in the secondary market. The second way is to convert to stock, but if you bought it yesterday, the cost will be more than three hundred, and it will only cost more than one hundred to convert to stock. The third way is to sell to the company at face value plus interest, which is more than one hundred dollars.

According to reports, usually by the last day of the redemption registration period, the conversion premium rate will become zero, and most holders will choose to convert into stocks, which is Choose the second way.

“After the redemption announcement was issued, either the price of the stock was raised, or the price of the convertible bond went down, and now it seems that the convertible bond continues to fall. Moreover, many people are After the conversion, it will be sold, and it will not hold the company’s stock for a long time. Then the share price will go down and the value of the conversion will decline. “

The researcher said: “The premium rate of the conversion we make may generally not exceed 10%. Unless you are particularly optimistic about this ticket and can not buy stocks, then you will hold high premium conversion bonds. Like Taijing This kind of high premium rate is very abnormal, you see it has plummeted by nearly 40%. In fact, the convertible bond market was basically involved in institutions, and now some hot money is running in, I feel that the market It ’s a bit messy. In this case, the institution will definitely not take the order, only retail investors can take it. ”


Industry insiders judged that the previous skyrocketing or speculation for hot money control

The price of Taijing ’s convertible bonds has recently performed “enchanting”.

On March 18, Taijing ’s convertible bonds suddenly soared 65%, and rose another 38% the next day, until it hit the highest record of 420 yuan on April 1st. .

On the day of the redemption announcement, which was May 6, the closing price of Taijing Convertible Bonds was over RMB364.94, but the value of the conversion was only 134.7 yuan.

To put it simply, if an investor buys Taijing Convertible Bonds at the closing price of May 6, and then converts them into stocks, it is equivalent to spending 364.94 Yuan buys stocks worth only 134.7 yuan.

Who would be willing to make such a transaction that is obviously not cost-effective? The above-mentioned private equity fund managers believe that behind such a high premium rate is a capital game in which hot money tries to drum up the flowers.

He told the surging news reporter: “In the past month or two, such cases have been particularly numerous, because the amount of debt conversion is very small, generally less than 30 million yuan is to be delisted. Now The plate of Taijing convertible bonds is more than 31 million, and it is easy to control the market because there are no chips. Our professional people may know it at a glance. In fact, it is the capital market to control the market and use the capital advantage to speculate. Some investments People may not understand, just want to play with the bullish decline. “

According to this private equity source, the rating of Taijing convertible bonds is only A +, which is the fifth gear of convertible bonds The lowest level in the rating is usually hard to get into the “law eyes” of formal institutions. “Like our company starts with AA-level convertible bonds, unless the K-line is used as a quantitative strategy for private placement, otherwise the organization will not participate at all.”


The Shanghai Stock Exchange reminds investors to pay attention to the announcement in time

It is worth mentioning that the WeChat public account of the Shanghai Stock Exchange was on the afternoon of May 7th. It is quite appropriate to publish an investor education popular science cartoon produced by the Ministry of Education, the theme is “participating in convertible bond transactions, do not miss these announcements.”

In this popular science, it introduces what is the mandatory redemption of convertible bonds. According to the rules, the prospectus can stipulate mandatory redemption clauses, some of which are also written as “conditional redemption clauses”, which stipulate that listed companies can redeem convertible bonds that have not been converted into shares according to the conditions and prices agreed in advance.

Taking the hot pot restaurant as an example, if the hot pot restaurant and the investor agree that the initial share transfer price is 10 yuan, the hot pot restaurant is worried that when the stock price performance is particularly good, such as rising to 20 yuan, if you still convert 10 yuan into shares, it would be too bad. Therefore, the hot pot restaurant has agreed with the investor that if the closing price of the stock is not less than 13 yuan for at least 15 trading days out of 30 consecutive trading days, the hot pot restaurant has the right to redeem all or part of the bond face value plus accrued interest. Convertible bonds that have not been converted into shares.

The Shanghai Stock Exchange also reminded investors in this popular science that they should pay attention to redemption announcements.

“Listed companies will issue multiple redemption reminder announcements before exercising their redemption rights. If you buy convertible bonds, you must pay attention to the announcements made by listed companies in a timely manner Redemption reminder announcement. “

” What if the listed company chooses to redeem the convertible bonds, but the investor does not transfer shares within the agreed period?The situation is really regrettable. The convertible bond can only be redeemed. For some investors who buy convertible bonds at a high premium, they may face significant losses. “