How to operate the debt to equity swap and how to convert the debt to equity swap

It generally includes the following processes:

1. Clarify the scope of applicable enterprises and creditor's rights.

The target enterprises of the market-oriented debt-to-equity swap shall be determined through independent consultation by the relevant market entities in accordance with the guidance of national policies. (See Article 1 for specific conditions).

2. Carry out market-oriented debt-to-equity swaps through implementing institutions.

Unless otherwise stipulated by the state, banks are not allowed to directly convert debts into equity. This should be achieved by transferring the creditor's rights to the implementing agency and the implementing agency converting the creditor's rights into the equity of the target enterprise.

3. Independently negotiate and determine the market-oriented debt-to-equity swap and conditions.

Banks, enterprises and implementing institutions independently negotiate to determine the transfer of creditor's rights, the transfer of shares** and the conditions. (Debt is allowed to be converted into preferred shares through negotiation and through legal procedures).

4. Market-oriented fund-raising for debt-to-equity swaps.

The funds required for the debt-to-equity swap are to be raised by the implementing institutions by making full use of various market-oriented methods and channels, and the implementing institutions are encouraged to raise funds from social investors in accordance with laws and regulations.

5. Standardize the performance of equity change and other related procedures.

A debt-for-equity swap enterprise shall, in accordance with the law, carry out the establishment of the company, the change of shareholders, the reorganization of the board of directors, etc., and complete the formalities for industrial and commercial registration or change of registration.

6. Realize equity withdrawal.

If the debt-for-equity swap enterprise is a listed company, the debt-for-equity swap equity can be transferred and withdrawn in accordance with the law, and if the debt-for-equity swap enterprise is a non-listed company, the use of mergers and acquisitions, the listing of the national small and medium-sized enterprise share transfer system, regional equity market transactions, and listing on the ** exchange are encouraged to achieve transfer and exit.

The convertible bond-to-equity transaction is very simple, there is a column for resale under the special entrustment in the trading software, and you can select the convertible bond-to-equity swap in the order type after clicking.

Generally speaking, ordinary accounts have this service, and only a very small number of brokerage software have restrictions, which need to be opened specifically for this service like treasury reverse repo and gem, and most of the direct ** non-simple version of the software have this column.

How does the conversion of convertible bonds into equity work?

The operation process of the debt-to-equity swap is as follows:

Operating environment: brand model: iphone13

System version: 2. Open the trading account, and then find it in the business: Convertible bonds and resale.

3. Click: After the transfer of shares is re-sold, the relationship between the name of the bond and the transfer of shares will appear.

4. Fill in the name of the bond and ** that needs to be transferred, and click to confirm.

The so-called debt-to-equity swap refers to the establishment of a financial asset management company by the state, the acquisition of non-performing assets of banks, and the transformation of the original creditor's rights and debts relationship between banks and enterprises into equity and property rights relations between financial asset management companies and enterprises.

After the debt is converted into equity, the original repayment of principal and interest is converted into dividends according to shares. The State Financial Asset Management Corporation actually becomes a shareholder of the company's phased shares, exercises shareholder rights in accordance with the law, participates in the company's major affairs decision-making, but does not participate in the normal production and operation activities of the enterprise, and after the economic situation of the enterprise improves, the funds are reorganized through asset reorganization, listing, transfer or enterprise repurchase.

Debt-for-equity swap refers to the conversion of the original non-performing credit assets of commercial banks, that is, the debts of enterprises, into the equity of enterprises by financial asset management companies with financial asset management companies as the main body of investment. It is not a conversion of enterprise debts into state capital, nor is it a one-off write-off of enterprise debts, but from the original creditor's rights and debts relationship to the relationship between financial asset management companies and enterprises, between shareholding and shareholding, and between holding and being controlled, and from the original repayment of principal and interest to dividends according to shares.

From the perspective of international relations, debt-to-equity swaps refer to the redemption of foreign debts in the national currency at a certain discount according to market conditions when debtor countries face economic difficulties or credit ratings decline. The creditor then invests in the debtor's company in that country's currency, converting the original debt into equity. This is known as the debtor country has made the debt.

In terms of the significance of reform, the intrinsic meaning of the debt-to-equity swap is actually closely linked to the reform objectives of promoting the modern enterprise system, developing a diversified property rights structure, and implementing the strategic reorganization of state-owned capital, as stipulated by the 15 th CPC National Congress, and has provided a good cause and condition for these reforms.

The premise of the debt-to-equity swap is that the convertible bond is required, and when the convertible bond is converted, the convertible bond can be converted into the convertible bond from the start date of the debt-to-equity swap.

When buying such as convertible bonds, you can find a "transfer of shares for sale" button in the **trading software, this button is usually under the "other entrustment", fill in here to enter the transfer of shares**, and then fill in the number of shares, the number of shares transferred here is the unit, which refers to the number of convertible bonds.

Usually the default shareholder ** is Shanghai A, if the selected transfer ** is**, then it is necessary to select deep A in the drop-down option of the shareholder **, and then fill in the ** and the quantity after submission. In the Shanghai Stock Exchange, convertible bonds have independent equity conversion, but there is no such thing as a convertible bond, and the conversion of equity is the convertible bond. If you use a mobile phone to transfer shares, then the convertible bonds of the Shanghai Stock Exchange can be directly sold for equity conversion when the shares are converted**.

If it is not a short sale of the underlying stock at the same time as the convertible bond, it is equivalent to a naked set, so there will be a risk of the stock price after the conversion of T+1. If the convertible bond is added to the convertible bond after the transfer of shares on T day, then it can be sold directly without the transfer of shares, and there is no need to cancel the transfer of shares, which means that the convertible bonds can still be sold at any time during trading hours after the conversion of shares is selected.

Convertible bonds are a kind of offensive bonds, the key to which lies in a turn, because convertible bonds can be converted into ** for sale under specific conditions, so the risk of convertible bonds is also relatively high, and its ** will also fluctuate with the rise and fall of stock prices.

Convertible bonds can only be converted into shares during the conversion period. The convertible bond swap period currently traded in the market is generally six months after the date of completion of the issuance of the convertible bond and ends with the maturity date of the convertible bond. During this period, shares can be converted on any trading day.

Behind the Mpemba phenomenon, a cup of cold water and a cup of hot water are placed in the freezer compartment of the refrigerator at the same time, which glass of water freezes first? "Of course the cold water froze first! "I believe that many people will not hesitate to do this.

Unfortunately, this answer is wrong. The mistake was discovered by Mpemba, a junior high school student at Magamba Middle School in Tanzania, Africa. One day in 1963, Mpemba found that the hot milk he kept in the freezer of his refrigerator froze before the cold milk of his classmates.

This puzzled him, so he immediately ran to the teacher and asked for advice. The teacher said easily, "You must be mistaken, Mpamba."

Unconvinced, Mpemba tried again, but the hot milk froze before the cold milk. One day, Dr. Osborn, Head of the Department of Physics at the University of Dar es Salaam, visited Mpemba's school. Mpemba mustered up the courage to ask the doctor his question.

Dr. Osborn said, "I can't ask you questions right away, but I promise to do this experiment myself as soon as I get back to Dar es Salaam." As a result, the doctor's experiment was exactly what Mpemba said.

As a result, this phenomenon is known as the "Mpemba phenomenon". For more than 40 years, the "Mpemba phenomenon" has been recognized as truth to this day. It doesn't end there.

In 2004, Yu Shunxi, a girl from Xiangming Middle School in Shanghai, questioned this phenomenon. Under the guidance of Huang Zengxin, a famous science and technology teacher, Yu Shunxi and two other female students began to study the Mpemba phenomenon. They use sugar, water, milk, starch, ice cream and other ingredients to collect.

Combined with the trend of convertible bonds and the trend of convertible bonds, the operation of selling high and buying low is carried out.

1.When the convertible bond goes lower and the convertible bond corresponds to the lower **, and is strongly supported by the lower support level, investors can choose to sell at this low level**, and when the convertible bond goes higher and the corresponding ** goes higher, and is suppressed by the upper pressure level and cannot break through.

2.Investors can consider leaving a bottom position to talk about reeds.

, investors will make a profit, but the amount of selling is relatively large, and investors can consider leaving a bottom position when they are uncertain about the future market trend. Sell a part of the large number at a low level and at a high level, and wait for the convertible bond to be operated when it is carried out, so that investors can reap greater returns.

Convertible bond is a term that can be converted into ordinary corporate bonds at a specific time and under specific conditions.

It is a convertible corporate bond.

and convertible bonds.

At the same time, it has the characteristics of bonds and **, that is, bonds and options. Investors who hold it can choose to hold the bond to maturity and then obtain the principal and corresponding interest from the issuing company, or they can obtain the corresponding dividends by converting the bond into ** within the agreed time.

Dividends or capital appreciation. That is to say, if it is not converted into **, it is a low-interest bond, which can obtain fixed interest income, and if it is converted into an ordinary **, it can be through the corresponding trading income or enjoy encouragement.

Extended Information:1**If you win the convertible bond, you only need to pay enough subscription funds before 16:00 on T+2, otherwise it will be regarded as giving up the subscription opportunity, if the investor has any ** account.

In addition, if there are 3 new bond subscriptions in multiple accounts in a row within 12 months, but no full payment is made, it will be deemed to have given up the new bond subscription. The account under the investor's name is not allowed to participate in the online IPO operation for 6 months.

2.At the time of issuance of convertible bonds, investors can apply for the convertible bonds, and the convertible bonds subscribed for are free of commission fees, but after the convertible bonds are listed, investors need to pay a certain commission fee when they sell the convertible bonds they subscribed for.

3.Different companies have different commission rates, and at the same time, **.

There is also a difference in the rate of bonds in the Shanghai market, for example, if the commission rate of the convertible bond negotiated between the investor and the company is 1/10,000, then the investor sells the 500 shares of the convertible bond that he subscribed for when the convertible bond market is 120 yuan, and the investor needs to pay the commission fee of the grandson: the commission fee that needs to be paid when selling is 500 120 1 10000 6 yuan.

Subscribe for convertible bonds and exchangeable bonds on T day, and query the winning result on T+2 day. If the investor wins the lottery, the company will also send an SMS notification to the mobile phone number reserved by the investor in the ** company on the same day.

After confirming the winning of the lot, the ordinary account will ensure that there are enough available funds in the main fund account at 16:00 on the day of the lottery, and the credit account will ensure that there are enough available funds in the ** account when it is cleared on the evening of the day of the lottery, and the company will deduct the winning funds uniformly. Investors can also make pre-payment for new shares in advance through trading software to freeze funds.

After the listing of convertible bonds, investors can choose to sell, or they can make a pre-conversion transfer (subject to the announcement) 6 months after the end of the issuance to the maturity date of the bond, and they can be converted into ** for trading, and they can also be held until the maturity of the principal and interest (except for early resale).

In the **trading software, find the bond that can be converted into**, and there will be a corresponding prompt on the page, which means to follow the prompts on the page and click "Convert Shares". Due to the different trading software launched by each brokerage, investors need to refer to the actual operation path of Qingye.

Convertible bonds on the same day** can be declared for conversion on the same day. If the declaration of transfer of shares is made on the same day, the declaration can be revoked before the first day of the day. The converted** can be listed and traded on the next trading day after the conversion.

In the process of online subscription of convertible bonds, each ** account can only subscribe once, and once the subscription is confirmed, it cannot be revoked.

According to Article 15 of the Implementation Measures for the Non-public Issuance of Convertible Corporate Bonds by Non-listed Companies, convertible bonds can be converted into shares after 6 months from the date of completion of issuance. A declaration period for the transfer of shares can be set every 3 months, and the declaration period for the transfer of shares shall not be less than 5 trading days and not more than 10 trading days.

The minimum unit of convertible corporate bonds to be converted into shares is 1 share. After the bondholder applies for the conversion of shares, the issuer will pay the par amount and interest of the convertible bond in cash within five trading days after the occurrence of such a circumstance.

Convertible corporate bonds refer to bonds that can be converted into designated bonds according to the predetermined conversion of shares within a certain period of time.

1. The choice of debt conversion.

Convertible bonds with low conversion price, small convertible bonds, negative premium, and have entered the conversion period are the first choice; The more you satisfy, the more priority you have.

2. Holding of convertible bonds.

Generally, it is held in half a position with the underlying stock.

3.Debt-to-equity conversion method.

Normal state: when the convertible bond price is parity with the stock price, maintain the level of half position of ** and convertible bonds; When the hidden ** fluctuation of the debt conversion bureau exceeds 1 point to the negative premium, sell ** in time, and convert the debt to equity to lock in profits; When the convertible bond fluctuates to a positive premium of more than 1 point, the convertible bond will be sold in time and replaced by **holding. Wait for the next parity opportunity to reappear, and keep half a position.

Extreme state: When **enters the price limit, you must sell the parity ** for the equivalent of the convertible bond, and when **enters the fall limit, you must sell the parity of the convertible bond for the equivalent **.

4. You can trade T+0 on the day of the convertible bond, and you can also do swing operation on the same day, and when there is a 1% price difference, you can also directly do T+0 trading.

We are a small scatter, only hard work, will be more winning.

5.Most of the small-cap low-price convertible bonds are mostly convertible bonds with positive premiums. It is unlikely that there will be a negative premium, and the operation must be combined with the rise and fall of the day when the operation index is lost. When the rise and fall of bonds exceeds the rise and fall of stocks by 2 points, there is an opportunity to change positions and do T.