1. The so-called debt-to-equity swap means that the financial asset management company, as the main investor, converts the original bad credit assets of commercial banks, that is, the debts of state-owned enterprises, into equity. Financial asset management company to enterprise. We will not convert corporate debt into state capital, nor will we cancel corporate debt. Instead, the original relationship between creditor's rights and debts is changed to the relationship between financial asset management companies and enterprises, and the original debt service is changed to dividend by shares.

2. The leading stocks of debt-to-equity swap concept stocks include Anhui Construction Engineering, Tianjin Pulin and Hyde.

(1) Anhui Construction Engineering: Anhui Construction Engineering Group Co., Ltd. (hereinafter referred to as Anhui Construction Engineering Group) is a large-scale cross-industry and multinational enterprise group focusing on general contracting, integrating architectural research, consultation, supervision, design, real estate development, highways, bridges, tunnels, port and shipping, municipal environmental protection, industrial equipment installation, decoration, machinery and building materials, personnel training and labor export.

(2) Tianjin Pulin: Tianjin Pulin generally refers to Tianjin Pulin Circuit Co., Ltd., which was established in 1988 and successfully listed in 2007. The company now has two production bases, namely, Hebei factory in the center of Tianjin and airport factory in Tianjin Airport Logistics Industrial Zone.

(3) Hyde Shares: Hyde Shares is a company registered in Hainan and listed on Shenzhen Stock Exchange. 1993. Since the company went public, it has been engaged in textile and real estate development business. In 20 15, hyde co., ltd established a transformation and development strategy with finance as the direction and asset management as the starting point, and established the first non-performing asset management company in China.

I. Debt-to-equity swap

1. From the perspective of international relations, debt-to-equity swap refers to a debtor country's redemption of foreign debts in its own currency at a certain discount according to market conditions when facing economic difficulties or credit rating decline. Then the creditor invests in the debtor country's company in the debtor country's currency and converts the original creditor's rights into equity. This situation is called debt securitization by debtor countries.

In terms of operation mode, the operation modes of market-oriented debt-to-equity swap include debt-to-equity swap, debt repayment by issuing shares, combination of shares and debts, and debt-to-equity swap of preferred shares. The merged fund mode of issuing shares to repay debts is the mainstream mode; The exit methods are mainly stock repurchase and stock transfer. Equity transfer can be divided into stock market reduction or agreement transfer and transfer through the New Third Board and regional stock exchanges according to whether the debt-to-equity swap enterprise is listed or not.

Second, concept stocks.

1. Concept stocks refer to stocks with certain special connotations, as opposed to blue-chip stocks. Blue-chip stocks need good performance support. Concept stocks rely on a certain theme, such as the concept of asset reorganization and the concept of three links to support prices. This connotation is usually regarded as a theme of stock selection and speculation, and has become a hot spot in the stock market.

2. Concept stocks are stock market terms, as a stock selection method. Compared with blue-chip stocks, they must have good business performance support, and concept stocks are only a combination of stocks with the same theme and type. Because of the advertising effect of concept stocks, there is no guarantee of any profit.