Since July, the banking sector once rebounded by more than 2%, but on the 9th, with the semiconductor sector exploded across the board, the banking sector fell again. After opening low on the 10th, the China Securities Bank Index fluctuated at a low level, and individual stock performance diverged. If you calculate it from a high on July 8, 2025, the China Securities Bank Index has already fallen by nearly 20% cumulatively. During the year, the stock prices of only 5 A-share banks rose, 10 fell by more than 20%, and SPD Bank and Minsheng Bank fell by more than 30%. This caused the few remaining bank convertible bonds to once again fall into the trouble of converting shares. Of the 6 bank bonds currently in existence, Ziyin Convertible Bonds and Qingnong Convertible Bonds are less than half a month and a half months away from the final share conversion period, respectively, with a total amount of nearly 10 billion yuan. The remaining 4 bank conversion bonds will also all expire before the end of September 2028. Currently, the share conversion rate is generally low. Currently, the positive stock prices of Zijin Bank and Qingnong Commercial Bank are all far below the share conversion price, and holders' motivation to switch shares is insufficient. According to interviewees, if it is difficult for stock price performance to improve significantly in the short term, subsequent payment pressure is worth paying attention to. At the same time, since the role of convertible debt-for-equity swaps to supplement capital has not been effectively played, the issue of expanding capital replenishment channels will also need to be considered in the future. Looking at it now, it is still difficult for banks to refinance capital markets due to restrictions such as valuations and policies.
Zhitongcaijing · 1d ago
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Since July, the banking sector once rebounded by more than 2%, but on the 9th, with the semiconductor sector exploded across the board, the banking sector fell again. After opening low on the 10th, the China Securities Bank Index fluctuated at a low level, and individual stock performance diverged. If you calculate it from a high on July 8, 2025, the China Securities Bank Index has already fallen by nearly 20% cumulatively. During the year, the stock prices of only 5 A-share banks rose, 10 fell by more than 20%, and SPD Bank and Minsheng Bank fell by more than 30%. This caused the few remaining bank convertible bonds to once again fall into the trouble of converting shares. Of the 6 bank bonds currently in existence, Ziyin Convertible Bonds and Qingnong Convertible Bonds are less than half a month and a half months away from the final share conversion period, respectively, with a total amount of nearly 10 billion yuan. The remaining 4 bank conversion bonds will also all expire before the end of September 2028. Currently, the share conversion rate is generally low. Currently, the positive stock prices of Zijin Bank and Qingnong Commercial Bank are all far below the share conversion price, and holders' motivation to switch shares is insufficient. According to interviewees, if it is difficult for stock price performance to improve significantly in the short term, subsequent payment pressure is worth paying attention to. At the same time, since the role of convertible debt-for-equity swaps to supplement capital has not been effectively played, the issue of expanding capital replenishment channels will also need to be considered in the future. Looking at it now, it is still difficult for banks to refinance capital markets due to restrictions such as valuations and policies.
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