Does the conversion of convertible bonds not increase the total capital of the company and change the capital structure of the company?

The conversion of convertible bonds will not increase the company's total capital. Convertible bonds are actually a kind of debt-to-equity swap, which changes the company's capital structure. After the conversion, the debt that should have been repaid became equity, and the proportion of debt in the company's capital structure decreased accordingly, while the proportion of equity increased.