This year’s Jimin is a little painful. After killing the stock base, it’s the turn to kill the convertible bond base on Valentine’s day. It can be said that everything is complete, with double focus on stocks and debts!
decline exceeds the stock base
the collective decline of convertible bond funds
On the 14th, the funders of heavy positions in convertible bond funds changed from Valentine’s day to Valentine’s day. After updating the net value data of, it can be seen that the convertible bond funds collapsed.
Many funders posted on the fund community and asked why the debt base fell worse than the stock base? What happened? Originally wanted to buy a fixed income + safely, but it became an equity -!
Looking back at the convertible bond market on the 14th, we can see that on Monday (February 14th), the convertible bond market was full of sorrow. 97% of the convertible bonds fell, only 10 convertible bonds rose, and a total of 99 convertible bonds fell by more than 2%. Among them, “Dongcai Zhuan 3”, “Mona convertible bonds” and “Funeng convertible bonds” fell in the top three, down 13.46%, 11.64% and 9.97% respectively, with transactions of 3.901 billion yuan, 135 million yuan and 273 million yuan respectively.
Since 2022, the performance of convertible bond market has been unsatisfactory. According to data treasure statistics, since January, the price of more than 280 convertible bonds has fallen, of which 19 convertible bonds have fallen by more than 20%. Galaxy convertible bonds, dongcaizhuan 3 and new year’s convertible bonds ranked among the top three, with Galaxy convertible bonds falling by 35.44% in total during the year.
Market analysts pointed out that from the perspective of average valuation, the average premium rate of convertible bonds is at a high position. The rapid decline of the positive stock market at the end of January brought about a passive rise in the premium rate. In the short term, the risk of significant compression of the conversion premium rate may not be large, and in the later stage, it may be repaired mainly by the new supply and the rebound of positive shares. At present, the price of convertible bonds and the premium rate of convertible shares are at a historically high position, so we need to focus on the callback risk of convertible bonds with high premium rate.
Over the past year, the convertible bond market has experienced a bull market. Previously, there was a historic moment of “eliminating 100 yuan bonds”. The convertible bond theme fund mainly invested in convertible bond assets also achieved good investment income. The most profitable convertible bond fund has made 46% since 2021.
In this context, the “fixed income +” strategy of asset management products is popular, and convertible bonds have become an important target for the configuration of many fixed income products. According to the statistics of China Merchants Securities Co.Ltd(600999) , in the third quarter of last year, “fixed income +” products stood out in the fund market, and the scale of stock products reached 2.18 trillion yuan. As a combination of stocks and bonds, convertible bonds have always been known for “no ceiling at the top and minimum guarantee at the bottom”, showing the characteristics of low pullback and stable yield. Therefore, in the past year, bond funds have become the core and main force of convertible bond holdings.
With the rapid expansion of related products, the corresponding asset targets have not increased accordingly, which will push up the valuation of corresponding assets. The convertible bond is driven by the “fixed income +” product to a very high valuation level, and the transaction is very crowded.
Wu Yuefeng, fund manager of Fengjing capital, commented on his microblog that bond funds are not the better the higher the return is. High yield debt is also called junk debt. Sometimes, it is really the capital income requirements of account docking, which is forced to do. Recently, what is even more outrageous is that many fixed income + with particularly high returns are stuffed with a lot of convertible bonds. Some convertible bonds are even thrilling to those who do stocks like me, but the bull market rose to heaven last year.
There are conscientious fund managers who have been persuading Jimin to quit since September last year.
regulatory action! 14 times the chairman of “demon king” and the Secretary of were found to have violated the provisions of letter phi
Andon Health Co.Ltd(002432) according to the announcement, the company recently received the decision on administrative supervision measures and the decision on taking supervision talk measures against Liu Yi and Wu Tong from Tianjin Securities Regulatory Bureau.
According to the decision, on January 7, 2022, Andon Health Co.Ltd(002432) disclosed that the company received the performance test report of the Radx project of the National Institutes of Health (NIH) on the household self-test OTC kit of ihealth covid-19 antigen against Omicron mutant virus arranged by the FDA on January 5, 2022 Beijing time, The report also said that “the ihealth-covid-19 antigen rapid test detected 100% of Omicron active virus samples with a maximum CT value of 21.59 (n = 5)”.
On January 15, 2022, when replying to the letter of concern from Shenzhen Stock Exchange, the company said that “100% of Omicron active virus samples with a maximum CT value of 21.59 (n = 5) were detected in the experiment” previously disclosed by the company, in which “maximum” means that samples less than or equal to 21.59 can be detected 100%, and samples greater than 21.59 cannot be detected 100%, It also said that “the positive detection rate of all samples in the experimental group: when the CT value is ≤ 21.59, it can be detected completely, when the CT value is 22.86, it can be detected 60%, and when the CT value is ≥ 23.87, it can not be detected at all.”
According to the decision, Andon Health Co.Ltd(002432) only disclosed some successful test results on January 7, 2022, but did not disclose all the test results, and the disclosure information was incomplete.
According to the decision, Liu Yi, as the chairman and general manager of Andon Health Co.Ltd(002432) and Wu Tong, as the Secretary of Andon Health Co.Ltd(002432) board of directors, bear the main responsibility for the integrity of information disclosure in the interim report of listed companies. During their term of office, they failed to faithfully and diligently perform their duties, violating the provisions of Article 4 of the measures for the administration of information disclosure of listed companies. According to the provisions of articles 51 and 52 of the measures for the administration of information disclosure of listed companies, Tianjin Securities Regulatory Bureau decided to take the supervision and administration measures for the two people’s regulatory conversation, and asked them to bring valid ID cards to Tianjin Securities Regulatory Bureau for regulatory conversation before February 18, 2022.
Andon Health Co.Ltd(002432) said that the company and relevant personnel attach great importance to the above administrative supervision measures, and will actively rectify in strict accordance with the supervision requirements, carefully summarize and draw lessons, strengthen the learning of relevant personnel on securities laws and regulations, and strengthen the awareness of standardized operation; Strengthen internal control and information disclosure management, effectively improve the standard operation level and information disclosure quality of the company, safeguard the interests of the company and all shareholders, and promote the healthy, stable and sustainable development of the company. The above administrative supervision measures have no significant impact on the operation of the company
