Will the exchange of exchangeable bonds affect the stock price in the secondary market?

Generally speaking, exchangeable bonds are mainly issued in a non-public way, which leads institutions or large households to invest in such bonds. Theoretically speaking, the exchange of exchangeable bonds will affect the stock price performance of the secondary market to some extent, because this situation can be understood as the major shareholder's reduction in disguise (generally, the issuer of exchangeable bonds is the major shareholder of the stock, etc.). ), but the key is to see whether the original bond investors after this exchangeable bond exchange are willing to sell shares.