When will Quanfeng issue bonds be listed?

Quanfeng issued bonds with the code 1 13629. The subscription time of Quanfeng bonds was 2021September 14, and the subscription code was 754982. The original shareholder's allotment code was 753982. The original shareholders' priority allotment date of this convertible bond issue is the same as the online subscription date of 2021September.

First, the company's operating risks corresponding to Quanfeng

1, the risk of rising raw material prices

The company's main raw materials are aluminum ingots, steel and so on. In the years of 20 18, 20 19, 2020 and 202 1-6, the direct material cost of the company accounted for 55.32%, 49.65%, 50.95% and 51.65 respectively.

The company made an agreement with major customers on the linkage between the price fluctuation of raw materials such as aluminum ingots and steel products and the sales price of products, and adjusted the sales price of products regularly. Although the company can reduce the impact of price fluctuation of main raw materials on the company's performance to a certain extent through the above measures, it cannot be ruled out that the sharp rise of raw material prices in the future will directly lead to the decline of the company's gross profit margin and the decline of the company's operating performance and profitability.

2. Risk of customer concentration

In October/August, October/September, June, 2020, 202/Kloc-0, the sales revenue of the top five customers of the company accounted for 78.55%, 77.2 1%, 77.84% and 76.20% of the operating income respectively. It is expected that the sales proportion of the top five customers of the company will maintain a high level in the future.

If the demand of the company's major customers declines, the customer's certification qualification for the company's suppliers changes adversely, customers turn to other suppliers to buy products due to the quality or timeliness of product delivery, or the company fails to expand new customers as planned, it may have a significant adverse impact on the company's operation and financial situation, resulting in a significant decline in the company's profits.

3, new product technology development risk

Company products have a specific sales life cycle. In order to ensure the steady growth of business, the company needs to continue to cooperate with customers to develop new products. New products can only be supplied in batches after strict quality certification by customers. The authentication process has a long period, many links and great uncertainty. There is a risk that the company's new products fail to pass the certification, which will affect the performance growth and customer cooperation.

4. Product quality control risk

The company's main customers are world-renowned first-class auto parts suppliers, and customers have strict requirements on product quality. If the company's product quality problems cause losses to end customers, the company may face the risk of paying customers or even terminating the cooperation relationship, which will have a significant adverse impact on the company's business development.

5, the risk of product price decline

Annual price adjustment is common in auto parts industry, usually within 3-5 years after new products are supplied, the annual decline is 1%-5%. If product prices continue to decline in the future and the level of cost control fails to improve simultaneously, the company's performance will be adversely affected by the decline in product prices.

Two. Trading rules for the first day of bond issuance

Convertible bonds are traded according to the T+0 rule. Investors can sell convertible bonds on the first day of listing, and there is no limit on the price of new bonds on the first day of listing. However, the convertible bonds of the Shanghai Stock Exchange have a fuse mechanism. According to the relevant regulations of the Exchange, if the price of government bonds, local bonds or policy financial bonds without price limit rises or falls by more than 10% compared with the closing price, the trading ownership shall be suspended orally or in writing, and the trading in the securities account on that day shall be suspended.

The fuse mechanism of convertible bonds in Shanghai stock market is as follows: if the opening price rises or falls by more than 20%, the transaction will be suspended for 30 minutes; If the price rises or falls by more than 30%, it will be suspended directly to14: 55; No fuse after 14:55.

In addition, Shenzhen Stock Exchange stipulates that the quotation range of call auction on the first day of bond listing must be within 30% of the issue price. The effective bidding range for continuous bidding and call auction closing is 10% of the latest transaction price.

1, T+0 transaction

Convertible bonds are different from stocks, and T+0 trading rules are adopted, that is, convertible bonds bought on the same day can be sold and traded again.

2. Trading time

Convertible bonds are listed and traded at 9: 15-9:25, 9: 30-1:30, 13:00- 15:00 every trading day. Among them, 9:20-9:25 is call auction time, during which cancellation is not accepted.

3. Number of transactions

The transaction amount is 1 lot or its integral multiple, and the corresponding face value is 1000 yuan or its integral multiple.

Quanfeng issued bonds with the code 1 13629. The subscription time of Quanfeng bonds was 2021September 14, and the subscription code was 754982. The original shareholder's allotment code was 753982. The original shareholders' priority allotment date of this convertible bond issue is the same as the online subscription date of 2021September.