How to operate the lottery of convertible bonds?

The operation process of debt conversion is as follows:

First, after winning the lottery, you need to pay a fee. Tonight, we will be informed that we have won the lottery. We can log in to the securities trading software to find the lottery, and there will be SMS reminders.

Second, the difference between convertible bonds and new shares is that the price of new shares is different, but the price of convertible bonds is 100, that is, 1000 yuan/block, and 1000 yuan is guaranteed the next day.

Third, when you can trade after listing, you can directly double-click the bonds you hold and then sell them. Buying and selling is no different from stocks.

Convertible bonds have several elements, which basically determine the overall characteristics of convertible bonds, such as conversion conditions, conversion price, market price and so on.

1. Validity period and conversion period. As far as convertible bonds are concerned, their validity period is the same as that of ordinary bonds, which refers to the period from the date of issuance to the date of repayment of principal and interest. The conversion period refers to the period from the start date to the end date when convertible bonds are converted into ordinary shares. In most cases, the issuer stipulates a specific conversion period, during which the holders of convertible bonds are allowed to convert into the issuer's shares according to the conversion ratio or conversion price. China's "Measures for the Administration of Securities Issuance of Listed Companies" stipulates that the shortest term of convertible corporate bonds is 1 year, and the longest is 6 years, and they can only be converted into company stocks within 6 months from the date of issuance.

2. Stock interest rate or dividend yield. Coupon rate (or dividend yield of convertible corporate bonds) refers to the coupon rate (or dividend yield of preferred shares) of convertible corporate bonds, which is generally lower than the equivalent conditions determined by the issuer according to the current market interest rate level, corporate bond credit rating and issuance terms. For convertible corporate bonds, 1 interest is paid in half a year or 1 year, and the principal of unconverted bonds and the last interest of 1 interest are repaid within 5 working days.

3. Conversion ratio or conversion price. The conversion ratio refers to the number of shares that convertible bonds of a certain denomination can be converted into ordinary shares. Expressed as:

Conversion ratio = face value of convertible bonds _ conversion price

The conversion price refers to the price paid for converting convertible bonds into common shares. Expressed as:

Conversion price = face value of convertible bonds _ conversion ratio

4. Redemption clauses and resale clauses. Redemption means that the issuer can redeem the issued convertible corporate bonds in advance after a period of issuance.

The redemption condition is generally that when the company's shares continue to be higher than the conversion price for a certain period of time, the company can repurchase the unconverted convertible corporate bonds at the redemption price agreed in advance.

Sell-back refers to the behavior that the bondholders of convertible companies sell their convertible bonds to the issuer at a pre-agreed price when the company's shares are lower than the conversion price for a certain period of time.

Redemption clause and resale clause are the specific market conditions for redemption and resale when convertible bonds are issued.

Five, the conversion price amendment clause. The conversion price correction refers to the change of the issuer's shares due to the company's issuance of shares, allotment, additional issuance, division, merger, subdivision and other reasons, which leads to the decline of the par value of the company's shares and the necessary adjustment of the conversion price.