Chapter 460 [Debt-to-equity swap is not easy, it has to be boiled]
This time, Lu Ming personally explained the reason why Tiansheng Capital issued convertible bonds through his personal social media. There is no doubt that this is the most authoritative voice in the entire market. There is no need for everyone to analyze and guess.
This is the most authoritative definition. The biggest purpose of Tiansheng Capital’s issuance of convertible bonds is to provide retail investors in the A-share market with a channel to invest in the group’s stocks.
By holding convertible bonds and then converting the debt into shares after the equity-conversion lock-up period ends, retail investors will also be able to hold Tiansheng Holdings.
Small investors with limited funds cannot buy one lot, but there is no problem in buying one or two shares through debt-to-equity swap through convertible bonds. The best option is to reduce holdings after winning the Tianshengzhuan 2 lottery, and then convert the debt into equity.
Can get cheap prices.
The market value of one or two shares is tens of thousands, which is quite a lot for a small retail company with a monthly income of several thousand yuan.
Of course, retail investors with slightly larger funds can also buy more convertible bonds after the convertible bonds are listed, and then hold them until the conversion period arrives.
But if you buy bonds from the secondary market, you have to pay a higher premium than when you win a new lottery.
And it is not that easy to earn this money. Retail investors must overcome the price fluctuations during the convertible bond period and endure the short-term surge in convertible bonds, because the hype after the listing of Tianshengzhuan 2 will be reached immediately.
If the market price of the first convertible bond is not as exaggerated, there will definitely be big funds to pull it up.
You must know that this time, large funds did not enjoy the treatment of offline allotment. In theory, it is a fair deal with all retail investors. They will definitely attract funds through the secondary market. Large funds will induce short-term speculative fluctuations to lure the successful retail investors.
Hand over the chips to complete the purpose of changing hands.
There will definitely be a large number of retail investors who have won the lottery. There is no doubt that most retail investors have a psychology of aversion to losses and a price anchoring effect. They think that if the price has doubled and then dropped to the original price, they feel that they have lost twice as much.
money, and feeling sorry for myself for not selling.
Big funds have repeatedly created such speculative fluctuations of sharp rises and falls. Many retail investors will definitely be tempted to sell high and buy low to expand profits. If they can't help it, they will complete the change of hands, and they will be finished.
They were sucked away by the big funds, and the number of retail investors who dared to take it back must be less than the number of retail investors who sold, because retail investors are afraid of heights.
From the perspective of short-term speculative fluctuation profits, convertible bonds are definitely much higher than the underlying stocks, because convertible bonds have no price limit, and the maximum intraday amplitude of the underlying stocks on each trading day is 20%, which is still a gain.
In the case of floor and ceiling boards.
However, from a long-term perspective based on the year as a cycle unit, Tiansheng Holdings' return on the underlying stock will definitely far exceed that of the convertible bonds. Even if the convertible bonds mirror the trend of the underlying stock, as the time cycle lengthens, eventually
The return on investment in stocks will exceed that of bonds.
The difference is the dividend payout from the underlying stock. Investors holding convertible bonds can only enjoy the annual interest promised when the bond is issued each year. Only when investors holding convertible bonds convert the bonds into
Only when you own shares can you become a shareholder of the company and enjoy the company's dividends.
Investors from all walks of life in the market have witnessed the generosity of Tiansheng Holdings' dividends and dividends in the past two years. The boss is called a generosity. In terms of dividends and dividends, Tiansheng Capital currently ranks second, and no other company dares to say so.
First.
For long-term value investors of this stock, every time the company pays dividends, their holding cost line will move downwards, and the cost price of holdings by some investors has already been a negative cost.
After Tianshengzhuan 2 is issued and listed, the most difficult period for them, whether they are retail investors who won the lottery or those who bought in the secondary market, is the first half of the year. This is the most difficult period because they will face various challenges from large funds.
All kinds of temptation, intimidation, greed and fear will accompany you, and you have to overcome the desire to trade. Most retail investors can't control themselves and always want to trade.
But if you successfully survive the past six months, it will be relatively easy after completing the debt-for-equity s After the swap is held, retail investors can be greatly urged to adhere to long-termism and not change hands easily if they can manage it.
Traded.
The reason is also very simple. If a retail investor wants to sell stocks and change hands at this time, he will definitely think that he has worked hard for more than half a year to get so few shares. What if he sells them with a flick of his hand?
If you want to buy it in the future, you will have no chance, because the minimum purchase price is 100 shares, which is a capital of two to three million.
If you want to buy at that time, you will have to buy convertible bonds and convert them into shares. But the problem is that even if Tianshengzhuan 3 is perfectly connected half a year later, you will have to wait another half a year to convert shares. During this period, there is still time for issuance approval.
One after the other is equivalent to staggering the cycle by more than a year.
This is still the prerequisite for Tiansheng Zhuan 3 to be successfully issued. If Tiansheng Capital does not issue convertible bonds, wouldn’t it be dumbfounded?
The stock sold is a dead song.
It is easy to sell but difficult to buy. Retail investors who hold underlying stocks not only have to pay real capital costs, but also time costs, opportunity costs and other sunk costs. It is really not easy to get what they have, so of course they will not sell it easily.
If you sell stocks, you will definitely be able to tolerate short-term fluctuations better than ordinary stocks, thus becoming a firm long-termist.
Think about it, it's hard to get a real stock, and if you don't make ten or eight times the profit, it won't be worth the hard work.
In the next two days over the weekend, the hot topic in the bond market is "Tianshengzhuan 2". Many investors have said that they can free up funds to buy new bonds at any time, and they only use Tianshengzhuan 2 as a new bond.
Waiting for this new bond to be listed.
…
The time comes for Monday, August 6th.
At around 10 o'clock in the morning, in the office of the president of Tiansheng Capital, Lu Ming was reviewing a piece of information. It was Tiansheng Capital's interim results. It was a preview before, but now the final semi-annual results are out.
Lu Ming instructed that the semi-annual report can be released after the market closes today. He also gave relevant instructions for the financial report conference call the next day. He will not attend the conference call.
After finishing his work, Lu Ming also took a look at the situation of Big A today.
Very bad.
Big A has been falling for four consecutive trading days since August. Today it fell again by 1.29%, and once again broke through 2,700 points during the session. Today's drop directly wiped out all the gains last month.
The market situation that had finally come out of July was gone in the first four trading days of August.
Now is the time for the short army to revel. The short sellers are shouting that they will break through the 2638 point in 2016. The short sellers’ ambition is not only to break through this position. It seems that there is only one bardo line left to bring the index out of the historical low in the past four years.
.
An's shares, which have dropped to the daily limit on three consecutive boards, are finally strong today. They opened at -5% today, then plummeted to around -8% and began to rebound. Although they failed to close in the red after the close, they also closed at -2.69.
% of the false positive lines, there are funds to take over, and there seems to be signs of stabilization.
But at this time, Anshi's shares had been cut in half, with the stock price only 68.81 yuan, and the total market value falling below the trillion mark. No matter how you look at it, the entire trend is a downward trend.
It seems that reversal can only be achieved in a dream, especially now that the two brothers of the An family are fighting for the family property, Mr. An is in poor health, and the future of An's Group is full of uncertainty. The market is generally not optimistic about the future of An's shares. Most of them
Everyone is enjoying the show.
However, the funds that bought Anshi shares at the bottom today were not Tiansheng Capital, but the self-rescue actions of some institutions. If the price continued to fall, institutional funds would not be able to bear it.
If you want to withdraw the main funds, you must first open the lower limit and stabilize the market.
Now that it has been cut in half, if you make a stable K-line pattern in the trend, there will definitely be some investors who want to take advantage of it. In addition, they have fallen so much, and they feel safe, so they try to take short-term positions with light positions.
.
There are so many retail investors in the market who are short positions, and the amount of accumulated funds is huge, enough for institutions that want to withdraw to complete the change of hands.
For Anshi shares, Lu Ming's target price is around 50 yuan before buying the bottom. In other words, there is still a nearly 30% drop. It will take 15 trading days after Tiansheng Capital's announcement to reduce its holdings is released before it can change hands.
, it’s only been 4 trading days, it’s still early.
The announcement of holding reduction said that the proportion of holdings would not exceed 3%, which is very interesting. The reduction of one lot of holdings would not exceed 3%.
The outside world believes that Tiansheng Capital is short on this stock, and Anshi shares are hopeless.
Some people are apparently short, but in fact they are long.
It is worth mentioning that Lu Ming will not go to the secondary market to buy Anshi shares when the time comes, but will directly ask Anshi Group to issue a private placement to Tiansheng Capital.
In other words, Tiansheng Capital can also obtain chips with lower cost than those in the secondary market.
