According to incomplete statistics, since march, more than a dozen listed companies, such as lithium cane (300014. Sz), have issued announcements of debt swaps for ransom. A number of these listed companies have seen a “bond-to-stock” phenomenon following a ransom announcement. As a result of the compulsory redeeming of convertibles by listed companies, investors have opted for conversions following a ransom announcement by listed companies, which have eventually been in limited amounts。
Many debt swaps for ransom led to the double killing of stock
Statistics show that, as of 24 march 2026, 100 per cent of the remandable debt in the cities of deepia had reached the level of 79, of which 15 had been announced to be redeemed but had not yet been redeemed。
On 31 march, lithium trillions of latitudes issued a communiquÉ stating that the company had decided to redeem “billions of latitudes” (123254. Sz) in advance, at a cost of $100. 034/shang, on 23 april 2026, and on 24 april 2026, in full。
After the disclosure of the announcement of early redemption, the value of the debt was reduced by 20 per cent, and the fall was maintained until the closing. On 1 april, when the billions of latitudes were set aside, they continued to look down and fell to $119. 50/zhang. In two short trading days, the debt of the billion-latitudes fell by almost 30 per cent. As a result of the sharp fall in reversible prices, on 31 march, the billion-latitude lithium fell by 9. 93 per cent。
Wind data show that, as at 31 december 2025, the market value of the debt sustainability of the billion-latitude debt was $8,087 million, of which $4,177 million, or 47. 54 per cent, was held by institutions. The bo time foundation, the penghua foundation and the people's bank of china are in the top three positions, holding a market value of $574 million, $443 million and $364 million respectively。
On 3 march, acs technology (688019. Sh) issued an announcement for early redemption of the acs debt (118054. Sh). Because 130 per cent of the early ransom clause was triggered, acs decided to redeem the ads debt in advance at a price of 100 denominations plus current interest. On the same day, the debt stock was reduced by 19. 98 per cent to $192. 38/zhang. As at 31 december 2025, the market value of the remaining debt was rmb 1,680 million, of which rmb 1,085 million, or 64. 59 per cent, was held by institutions. The positive share fell by 5. 56 per cent that day。
On 14 march, the scp (002891. Sz) announced that as a result of triggering the 130 per cent foreclosure clause, the company had decided to exercise its right of early foreclosure in favour of the medium foreclosure (2,127076. Sz) for all untransferred shares after the collection date of the registration, at the price of the face value of the bond plus interest accrued during the period. After opening on 16 march, there was a sharp drop of 18 per cent in the two medium-rottling plates, which eventually fell by 16. 74 per cent, and a decline of 5. 07 per cent in the positive-medium-pattern share。
The same is true of mva (2-127075. Sz). On the day of the announcement of ransom, the shares (002455. Sz) of mva2 dropped by 15. 32 per cent. The shares fell continuously after the opening of the board, and they were sealed off shortly after the opening and closed until the closing。
It is worth noting that, as a result of the forced repayment of convertibles by listed companies, investors have opted for conversions following the announcement of the foreclosures by listed companies, which ultimately have limited amounts to redeemable debts. The share of untransferred shares was 99. 87 per cent on the day before the acs announcement of compulsory foreclosure, compared with 0. 19 per cent on 26 march on the day of repossession; 62. 9 per cent on 14 march and 0. 35 per cent on 7 april; 93. 13 per cent on 3 march and 0. 14 per cent on 31 march. On 30 march, however, the proportion of non-transferable shares of the billion-latitude lithium fell to 99. 96 per cent, and by 9 april the proportion fell to 55. 8 per cent。
Debt-transferable market opportunities and risks coexist
The increase and decline in reversibility as a combination of stocks and bonds depends largely on the performance of the stock market. Under the reversible issuing clause, the listed company may exercise the right of compulsory redemption when the positive stock collection price of the reversible company is greater than or equal to 130 per cent of the revolving price for 15 consecutive trading days, or when the revolving face value, i. E. The untransferable balance, is less than 30 million yuan. According to the certificater's study, in the above-mentioned announced redeemable debt, if the investor forgets to sell or to transfer, he or she is compulsorily redeemed at the price of the nominal value of the bond plus interest accrued during the current period, at the closing price of the reversible debt as at 24 march 2026, the debt-transfer holders face investment losses of 4. 72 per cent to 49. 43 per cent, respectively。
As at 30 march, the cumulative increase in the cti had fallen to 0. 49 per cent during the year, with the median price falling from a high of 143 dollars in the year to close to 134 dollars, and the 100-dollar premium having been reduced from 35 per cent to 32 per cent. Analysts pointed out that increased volatility in the reversible markets in the first quarter of 2026 was inextricably linked to a combination of high valuations, external disturbances and foreclosure shocks, leading to dramatic changes in market sentiment。
According to tehtong securities, the escalation of geo-conflicts in the middle east region has dramatically boosted the global need for risk avoidance, and the continued restrictions on passage in the strait of hormuz have led to a rapid rise in international oil prices, raising market concerns about “re-inflation” and thus stifling interest-rate expectations of major central banks around the world. Against this background, the a stock market and the debt-transfer market have been adjusted in tandem. At the same time, there has recently been a marked increase in the number of reversible debt that triggers a mandatory foreclosure clause, some of which has resulted in a foreclosure decision that exceeds market expectations and further magnifies investors ' concerns about the risk of foreclosure, leading to a cluster sale of vouchers with potential foreclosure. As the market as a whole has become less profitable, some of the “consumer plus” products are under foreclosure pressure, exacerbating market volatility. As a result, there was a marked reversal between the median price and the valuation level in the debt-transferable market。
Quantifiable number 1 of the first entrepreneurship transfer, in the quadrennial report 2025, stated that, looking ahead to 2026, there is still overvaluation in the debt-transfer market, the supply of new vouchers does not keep pace with demand, the overall sentiment is more fragile than the equity market, and the importance of retreat control remains. Given the overestimation of the premium in the conversion market, the reversal of the conversion may be deeper in the wake of the boom in the equity market in the spring, and the portfolio needs to pay more attention to the post-high-speed adjustment of the index。
An analysis of the solid stocking study found that the market focus was expected to shift from “policy expectations” to “performance performance tests” in april, when the key windows for geo-disturbation and performance validation were entered; a partial rating adjustment was started in april, with low-quality conversions likely to be under pressure in the short term. At the level of provisions, foreclosures can lead to medium-term valuation pressures for debt swaps that still need to be absorbed by positive equity increases. In the short term, debt-for-debt swaps have benefited from double-counting of funds, but medium-term stability needs to be observed. In the medium-term dimension, the supply and demand contradictions in the debt-transfer markets are still difficult to reverse, and the high value of the debt-transfers is supported。
In the view of the chinese securities team, the bulk of the debt-recoverables that are compulsorily redeemed, the majority of the recipients of the bond demand that the debt be redeemed, that the debt not be transferred, or that the debt not be transferred to stock for a long period of time, so that the debt-removing that is more than expected to be redeemed tends to result in a positive decline. For trading investors, the value of short-term positive debt swaps in the last few trading days could be restored in combination with stock market patterns and plate rotations。
