On the first day of listing: the effective bidding range of convertible bonds in Shenzhen Stock Exchange is 70%- 130% of the issue price, and that in Shanghai Stock Exchange is 70%- 150%.
First day of non-listing: the effective bidding range of convertible bonds of Shenzhen Stock Exchange on the first day of non-listing cannot exceed 90%- 1 10% of the closing price of the previous trading day. The price of each transaction in continuous bidding and late call auction is limited to 10% of the latest transaction price (not one day).
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Matters needing attention in bond investment:
Interest rate risk. Interest rate is one of the important factors affecting bond prices. When interest rates rise and bond prices fall, there is risk. The longer the remaining maturity of bonds, the greater the interest rate risk.
Liquidity risk, bonds with poor liquidity make it impossible for investors to sell bonds at reasonable prices in a short time, thus suffering reduced losses or losing new investment opportunities.
Credit risk is the loss that the bond issuing company can't pay the bond interest or repay the principal on time, which brings to bond investors.
There is no limit on the fluctuation of convertible bonds in Shanghai and Shenzhen stock exchanges, but the exchange has set up a temporary suspension system. On the evening of June 5438+1October 30, 2020, after the Shenzhen Stock Exchange revised the trading system of convertible bonds, the current temporary suspension system of convertible bonds in Shanghai and Shenzhen stock markets is the same, with specific provisions as follows:
1. If the intraday transaction price rises or falls by 20% or more for the first time compared with the previous closing price, the temporary suspension time is 30 minutes.
2. If the intraday transaction price rises or falls by 30% or more for the first time compared with the previous closing price, the trading will be temporarily suspended to 14:57.
Three. The specific time of temporary suspension in intraday trading shall be subject to the announcement of this 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.
4. During the temporary suspension period, investors can declare or cancel the declaration. When the transaction is resumed, the accepted declaration will be restored to call auction.
The issue price of convertible bonds is 65,438+000 yuan. If the initial listing price reaches 120 yuan, the trading will be suspended for 30 minutes; if it reaches 130 yuan, the trading will be suspended until 14:57.
This information does not constitute any investment advice. Investors should not use this information to replace their independent judgment or make decisions only based on this information. If they operate by themselves, please pay attention to position control and risk control.