Convertible bonds have no allotment ratio. Convertible bonds are purchased on the exchange after they are launched or listed, and the proportion of allotment of each stock is different. Investors should be subject to the announcement of listed companies. In the Shanghai market, the number of allotment hands = the number of shares held after the closing of the base date × allotment ratio/1000; in the Shenzhen market, the number of allotment hands = the number of shares held after the closing of the base date × allotment ratio /65438+.

Debt distribution refers to the distribution of convertible bonds by listed companies to shareholders, that is, investors who hold shares of the company can get the priority to issue creditor's rights; Convertible bond is a kind of bond with dual properties of bond and conversion into stock.

Extended data:

1. The reason for placing it.

The reason why listed companies want to place convertible bonds is because of the convertible characteristics of convertible bonds, that is, convertible bond holders can convert their convertible bonds into company shares during the conversion period. One of them is the dilution of shareholders' equity.

Suppose Company A issues convertible bonds, and shareholder Zhang San is a shareholder of Company A, and he decides not to use the option. Then when the holders of convertible bonds convert shares, the total share capital of Company A increases. Because the number of shares held by Zhang San has not changed, his shares have decreased, that is, shareholders' rights and interests have been diluted.

Why do convertible bond holders want to convert shares? Of course, it is profitable, but what is "profit"? One of them is the difference between the conversion price and the positive price (the conversion price is the price at which convertible bonds are converted into stocks, and the positive price is the price of the stocks themselves).

4. Convertible bonds are ordinary bonds issued by listed companies to investors for financing. They have the dual attributes of stocks and bonds, and investors can use convertible bonds for arbitrage. The six arbitrage methods are as follows:

1, discount arbitrage

Investors convert shares at the agreed price, and when the converted cost is lower than the positive share price, they can sell them for profit.

2. Arbitrage of the stock by the daily limit of the stock.

After the daily limit of stocks, investors can not buy stocks, but can buy them through convertible bonds. If the daily limit continues the next day, there will be arbitrage opportunities.

3. Game resale package

When the stock price rises, investors can arbitrage by converting the stock into shares at a discount, that is, buying and selling it repeatedly at about 70% of the conversion price to obtain arbitrage; When the conversion price decreases, investors can buy convertible bonds and use the game to reduce the conversion price arbitrage strategy.

4, the game down to the stock price arbitrage.

When listed companies reduce the conversion price, the motivation for conversion is usually very strong. At this time, if the convertible bonds can be successfully converted, the arbitrage will be successful and the profit space will be relatively large.

5. Placing arbitrage

Investors can buy stocks in advance and wait for the rise; When convertible bonds are publicly issued, the listing price of convertible bonds rises, and arbitrage is carried out after the placement of convertible bonds.

6. Game redemption countdown arbitrage

When the positive stock price lasts for 10 days and the stock price turns above 130%, it is time for game arbitrage. Generally, the stock price may fluctuate around 130%. At this time, stocks can be bought and sold repeatedly, forming arbitrage.