Convertible bond trading rules:
1. Pricing: The theoretical value of convertible bonds is the sum of pure bond value and complex option value. The influencing factors mainly include the agreed share price, conversion price, government, convertible bond size and other pure bond values can be converted by bond discount, and the complex option value of future cash flow calculation can be determined by quantitative methods such as stochastic simulation. The relationship between the theoretical value of convertible bonds and the conversion value of the inheritance stand is that when the stock price falls, the price of convertible bonds is close to the pure debt value.
2. Transaction method: Convertible bonds are traded in T+0 mode. For entrustment, trading, custody, sub-custody, market disclosure and trading time, refer to A shares. The trading will be terminated ten trading days before the end of the conversion period, and the exchange will make an announcement one week before the termination of the trading. Sub-custody can refer to the trading rules of A shares.
T+0 and t+ 1 trading systems are trading systems in China stock market. T+0 trading refers to buying stocks on the same day and selling them on the same day.
In early years, in order to activate stock trading, the management allowed the computer trading system to deliver the trading immediately. That is, when buying stocks, investors are recorded as registered shareholders as soon as the transaction is completed; When selling stocks, cash will be "credited" to the investor's margin account as soon as the transaction is completed. Therefore, the stocks just bought can be sold at any time, and the funds just sold and recovered can be directly used to buy other stocks, which can be freely used in both Shanghai and Shenzhen stock markets (but cannot be withdrawn in the securities department on the same day). This is pure T+0.
Later, it was found that this real-time delivery system made the stock market over-speculative. After careful consideration, the management believes that the "T+ 1" system is more reasonable.
T+ 1 means that the shares bought by investors on the same day cannot be sold on the same day, but can be sold the next day. After the stock is sold on the same day, the funds will be returned to the investor's account and can be used to buy the stock on the same day. However, if you want to withdraw cash from the sold shares on the same day, you must wait until the next day to withdraw cash.