The intraday trading price of convertible bonds without price limit rises or falls by more than 20% (inclusive) for the first time or rises by more than 30% (inclusive) for a single time compared with the previous closing price;
The first intraday temporary suspension lasted for 30 minutes;
If the suspension time for the first time reaches or exceeds 14:57, the trading will be resumed on the same day 14:57;
The second intraday suspension lasted until the same day14: 57;
Convertible bonds can be declared during the suspension period, but they will be cancelled, and the declaration before suspension cannot be revoked.
The provisions on suspension of Shenzhen convertible bonds are as follows:
The intraday transaction price rose or fell by 20% or more for the first time compared with the previous closing price;
The intraday transaction price rose or fell by more than 30% for the first time compared with the previous closing price.
The duration of a single intraday temporary suspension is 30 minutes, and the specific time is subject to the announcement of the exchange. If the temporary suspension time exceeds 14:57, trading will resume on the same day 14:57, call auction will resume accepting the declaration, and call auction will end. During the temporary suspension, investors can declare or cancel the declaration. When the transaction is resumed, the accepted declaration will be restored to call auction.
1. What is a convertible bond fund?
Convertible bond funds are both stock-based and debt-based, and all factors that can pose risks to the stock market and bond market may pose risks to them. On the one hand, it is the guarantee of debt, on the other hand, it is the potential expected annualized expected income brought by the share conversion. Convertible bonds seem to be a perfect investment product.
From the perspective of investment scope, convertible bond funds can be roughly divided into three categories:
One is to invest only in bond markets such as convertible bonds and corporate bonds, and not to participate in the stock market, such as the newly issued Tianzhi convertible bond fund; One is to invest in the primary market of bonds and stocks such as convertible bonds and corporate bonds, such as Huabao Xingye convertible bonds; The third and most mainstream convertible bond fund can invest in bonds such as convertible bonds and corporate bonds, as well as primary and secondary stock markets, such as BOC convertible bonds, Huitianfu convertible bonds and Huaan convertible bonds. These funds belong to conservative hybrid funds in Morningstar classification.
Second, the advantages of convertible bond funds
First, the convertible bonds with strong bonds have certain advantages over the national bonds and corporate bonds with the same maturity; Second, the increase of market uncertainty increases the option value of convertible bonds. Third, the relatively low index and the increase in investment in convertible bonds by QFII and insurance companies further lock in the downside risks of convertible bonds. Fourth, the persistent downturn in the market and the constant revision of the conversion price have enhanced the aggressiveness of convertible bonds in the market rebound or reversal.
The stock attribute of the whole convertible bond market is strengthening, and the debt attribute is also very prominent. Its advantage is that when there is misjudgment in the market, the cost of error correction is extremely low; Once the stock market rebounds, the convertible bond market can also enjoy the same expected annualized expected return.