The listed company will determine the number of original shareholders' priority allotment, the final online and offline issuance and the winning rate around T 15: 30. Before T-day 16: 00, the issuer, its sponsor institution and lead underwriter shall submit the Application Form for the Placement Quantity of Convertible Bonds to the stock exchange through the business management system of listed companies or e-mail.
On T 16: 30 or so, the issuer, its sponsor institution and lead underwriter supervised the first company listed on the stock exchange and applied to inquire about the final effective subscription data and the winning rate. Before T 17: 00, the issuer, its sponsor institution and lead underwriter will apply to the stock exchange to inquire about the final effective subscription data and the winning rate.
Before T day 17: 00, the issuer, its sponsor institution and lead underwriter will submit the announcement of online winning rate and offline placement results of convertible bonds, which will be published the next day. On T+ 1 day, the listed company will publish the announcement of online winning rate and offline placement results of convertible bonds in the media.
There are winning results in the announcement of online winning rate and offline placing results of convertible bonds. If the user wins the lottery, he needs to make sure that there is enough money in his fund account.
Convertible bonds refer to bonds that holders can convert into a certain number of other securities at a certain proportion or price within a certain period of time.
Convertible bond is the abbreviation of convertible corporate bond, which is a special corporate bond that can be converted into common stock at a specific time and under specific conditions. Convertible bonds have the characteristics of both creditor's rights and equity.
Convertible bond is in English: convertible bond (or convertible debt). Bonds with conversion characteristics issued by companies.
In the prospectus, the issuer promises to convert the bonds into common shares of the company at the conversion price within a certain period of time. The conversion function is an obligation of the bonds issued by the company. The advantages of convertible bonds are the fixed income that ordinary shares do not have and the appreciation potential that ordinary bonds do not have. See also: convertible credit bonds, convertible debt.
trait
Convertible bonds have the dual characteristics of creditor's rights and equity.
Convertible bonds have the characteristics of both bonds and stocks, and have the following three characteristics:
creditability
Like other bonds, convertible bonds have stipulated interest rates and maturities, and investors can choose to hold the bonds at maturity and collect the principal and interest.
stock right
Convertible bonds are pure bonds before conversion, but after conversion, the original bondholders will become shareholders of the company from creditors, and can participate in the company's business decisions and dividend distribution, which will also affect the company's share capital structure to a certain extent.
redeemable
Convertibility is an important symbol of convertible bonds, and bondholders can convert bonds into stocks according to agreed conditions. Converting shares is an option that investors enjoy but ordinary bonds do not. Convertible bonds are clearly stipulated at the time of issuance, and bondholders can convert bonds into common shares of the company at the price agreed at the time of issuance.
If the bondholders do not want to convert shares, they can continue to hold the bonds until the repayment period expires to collect the principal and interest, or they can be sold and realized in the circulation market. If the holder is optimistic about the appreciation potential of the issuing company's shares, he may exercise the right to convert the bonds into shares at a predetermined conversion price after the grace period, and the issuing company shall not refuse. Because of its convertibility, the interest rate of convertible bonds is generally lower than that of ordinary corporate bonds, and issuing convertible bonds by enterprises can reduce financing costs.
The holder of convertible bonds also has the right to sell the bonds back to the issuer under certain conditions, and the issuer also has the right to redeem the bonds under certain conditions.
Convertible bonds have the dual characteristics of bonds and stocks, which are attractive to both enterprises and investors. 1996 the government of China decided to select qualified companies to carry out the pilot project of convertible bonds. 1997, the Interim Measures for the Administration of Convertible Corporate Bonds was issued, and in April 20001,the China Securities Regulatory Commission issued the Implementation Measures for the Issuance of Convertible Corporate Bonds by Listed Companies, which greatly standardized and promoted the development of convertible bonds.
Convertible bonds have the characteristics of double options. On the one hand, investors can choose whether to convert shares and bear the cost of lower interest rate of convertible bonds; On the other hand, the issuer of convertible bonds has the right to choose whether to implement the redemption clause, so it has to pay a higher interest rate than convertible bonds without redemption clause.
Double option is the most important financial feature of convertible corporate bonds, which limits the risks and returns of investors and issuers to a certain range and can be used to hedge stocks and obtain more certain returns.