Convertible bonds have two results, one is that they are converted during the conversion period, and the other is that the company takes back convertible bonds. The major shareholder holds convertible bonds and finally chooses one of the above two situations. Assuming that the number of convertible bonds reduced by major shareholders is large, a small reduction is not worth discussing. For example, there is no need to pay attention to the reduction of convertible bonds of 654.38+0 million yuan, only to say a large reduction. If you choose to convert shares, on the one hand, it will increase the shareholding ratio, on the other hand, it will also affect the capital turnover of major shareholders themselves. Major shareholders may not have special confidence in the company's prospects, may choose to sell convertible bonds to do other things, or may really need to transfer funds to sell convertible bonds. If the major shareholder chooses to hold convertible bonds redeemed by other companies at maturity. This is a huge loss for major shareholders, because the interest of convertible bonds is equivalent to the interest of demand deposits.

At first, the subscription of convertible bonds by major shareholders was also a means of promotion. After the issuance of convertible bonds, it is natural to find opportunities to sell them. The motivation of major shareholders to reduce their convertible bonds must be arbitrage, and the logical analysis behind it is of course optimistic, which leads to the trust crisis of other creditors and short-term negative effects, leading to the decline of convertible bonds prices.

In the long run, the major shareholder's reduction has changed from the dual identity of creditor's rights and debts to the single identity of debtor. If convertible bonds dilute the later equity, it is not conducive to the listed company to repair the stock price, which is not conducive to convertible bonds; Unless the market concept is greatly conducive to the rise of stocks, otherwise the negative is greater than the negative. This convertible bond can only be regarded as pure debt, which requires investors to avoid certain returns. (1) If it is purely an ordinary investment behavior, it is neutral. Because the major shareholder's reduction of convertible bonds may only think that the price of convertible bonds of the company may fall, and the reduction is to lock in the income in time. This is a pure investment behavior, which happens in the market every day and is relatively neutral; Of course, there may be better investment projects that need funds and reduce cash.

Of course, because major shareholders know more about the actual operation of the company than ordinary investors, major shareholders may also reduce their holdings because of poor management of the company, knowing that there are potential risks in the company's operation, and avoiding risks by reducing their holdings. If so, it is negative for major shareholders to reduce their holdings, so we should pay attention to the behavior of major shareholders because they have more information about the company.