With the release and implementation of new regulations on convertible bond transactions, the speculation on new convertible bonds quickly subsided.

Although the convertible bond market continues to be hot, with many new bonds opening soaring by 30% this week, they have not repeated the previous three-minute jumps in late trading, and investors have generally turned cautious.

The list of the first batch of convertible bonds shows that although the two new bonds listed on August 2 have increased significantly, there are still enthusiastic takeovers. Among them, Keli Convertible Bonds have been increased by many institutions.

Implementation of new trading rules On July 29, the "Shanghai Stock Exchange Convertible Corporate Bond Trading Implementation Rules" and the Shenzhen Stock Exchange Convertible Corporate Bond Trading Implementation Rules (hereinafter referred to as the "Transaction Rules") were officially released, announcing that in August

Effective from the 1st.

Relevant people from the Shanghai and Shenzhen Stock Exchanges said that the "Trading Rules" are based on the characteristics of convertible bonds, optimize the convertible bond trading mechanism, strengthen transaction supervision, strengthen risk prevention and control on the basis of providing reasonable pricing space for convertible bonds, and promote the convertible bond market

Healthy long-term development.

This week, new bonds were listed on the Shanghai and Shenzhen stock exchanges and trading information was disclosed.

Among them, two new small-cap bonds were listed on the Science and Technology Innovation Board on Tuesday, and Coli convertible bonds were listed on Wednesday.

Market participants said that convertible bonds on the Science and Technology Innovation Board are a relatively stable way to invest in the Science and Technology Innovation Board, and are also a target favored by many high-volatility funds.

On July 21, before the implementation of the "Transaction Details", two convertible bonds on the Science and Technology Innovation Board, Huarui Convertible Bonds and Haiyou Convertible Bonds, were listed, both opening at 150 yuan.

Among them, Sinovel Convertible Bonds rose as much as 139% in the last 3 minutes, closing at 162.120 yuan.

The hot market performance has greatly enhanced the appeal of convertible bonds on the Science and Technology Innovation Board.

With the appearance of the "Trading Rules", the entire convertible bond market rules have undergone major changes, especially the regulations on the increase and decrease. The Shanghai and Shenzhen Stock Exchanges have set the maximum increase in convertible bonds on the first day of listing to 57.3%.

The highest price was 157.3 yuan, and the increase or decrease in the subsequent trading days was 20%.

Previously, there were no price limits on the convertible bond market.

New bonds to attract funds On Tuesday, Yinwei convertible bonds and Jite convertible bonds were listed, becoming the first batch of new convertible bonds to "try out" the new trading rules.

The scale of these two convertible bonds is not large, with 500 million yuan and 440 million yuan respectively.

The "Transaction Details" stipulate that the effective declaration price range during the collective matching stage on the first day of listing of new bonds is 30% above and below the issue price.

On Tuesday, the opening prices of Yinwei Convertible Bonds and Jiete Convertible Bonds were both 130 yuan, a 30% increase from the issue price, triggering a temporary trading suspension during the session.

According to the relevant provisions of the "Shanghai Stock Exchange Trading Rules" and the "Shanghai Stock Exchange Real-time Monitoring Rules for Abnormal Securities Trading", trading of the above two convertible bonds was suspended and will resume trading from 14:57.

In the last 3 minutes of trading, Yinwei Convertible Bonds and Jiete Convertible Bonds resumed trading. Neither of them staged a jump similar to Huarui Convertible Bonds. Instead, they turned downward, with final increases of 28% and 25% respectively.

According to the "Transaction Details", on the first day of the listing of convertible bonds, the exchange will announce the names of the five member securities business departments with the largest buying and selling amounts on the matching transaction day and their respective buying and selling amounts.

The first batch of public trading information on convertible bonds disclosed by the Shanghai Stock Exchange (Dragon and Tiger List) shows that both of the above two new bonds received large amounts of funds to buy.

The transaction volume of Yinwei Convertible Bonds was 114 million yuan throughout the day, and the Shanghai Tower Securities Sales Department of Huajin Securities made the largest increase in holdings, at 10.69 million yuan.

The trading volume of Jiete convertible bonds was 53.8 million yuan throughout the day, and China Galaxy Securities Shanghai Zhaojiabang Road Securities Sales Department increased its holdings by 6.49 million yuan.

In addition, the Customer Asset Management Department of Huatai Securities purchased Yinwei convertible bonds for 4.39 million yuan and Jiete convertible bonds for 3.03 million yuan.

On Wednesday, the trend of Keli convertible bonds listed on the Shenzhen Stock Exchange was even stronger, rising 30% at the opening, and continued to rise after trading resumed in late trading, closing at 133.52 yuan.

According to the Dragon and Tiger List, the transaction volume of this bond was 250 million yuan throughout the day, and 4 institutions attracted funds, with a total purchase of nearly 80 million yuan.

The advantages of "T+0" operation are obvious. Judging from the data of the Shenzhen Stock Exchange's first convertible bond dragon and tiger list, market funds have brought the "T+0" operation to its extreme.

On Monday, no new bonds were listed on the convertible bond market. Only Yongdongzhuan 2 and Lanxiao convertible bonds in the Shenzhen market met the standards for disclosing public transaction information due to their large increases.

Among them, Yongdongzhuan 2 rose 20%, while Lanxiao convertible bonds rose 15%.

According to the "Transaction Rules", after the first day of listing of convertible bonds, the top five convertible bonds whose closing prices increased or decreased by ±15% on that day will disclose the five member securities business departments with the largest buying and selling amounts on that day.

names and their respective buying and selling amounts.

What surprised the market was that whether it was Yongdongzhuan 2 or Lanxiao convertible bonds, the transaction amounts shown on the Dragon and Tiger List were almost the same.

Taking Lanxiao convertible bonds as an example, the first seat and the first seat are both from the Shanghai Dongdaming Road Securities Sales Department of Hwabao Securities, and the amount is 680 million yuan; the second seat and the second seat are both from the same business department, and the amounts are almost equal.

.

The Dragon and Tiger ranking data of Yongdongzhuan 2 are also similar.

Many market participants believe that the reason for the above phenomenon may be that funds adopt the "T+0" operating mode, which produces transaction data similar to "reverse".