First, Sinopec plans to issue 30 billion yuan of convertible bonds to accelerate market expansion and tilt supply and demand, which will bring pressure to the market; Especially in the case that the first batch of convertible bonds have not been converted into shares or repaid, this will break the original market expectation and valuation system, the stock of convertible bonds is weakening and the liabilities are increasing. If the share price of the second convertible bond is lower than that of the first convertible bond, then the first convertible bond is worthless. Breaking the rules of the game led to a sharp drop in convertible bonds, including BOC convertible bonds.

Second, the weak stock market further dragged down the convertible bond market;

Third, due to the pressure of capital chain and liquidity, many funds holding convertible bonds have reduced their holdings.

Does not mean that there is a problem with bank funds.