Does Guotou Convertible Bond (110073) have any speculative value?

2026-02-12 03:37:15

Abstract generation in progress

Currently, there are three convertible bonds from brokerages in the market. Hu’an Convertible Bond is highly likely to be redeemed upon maturity. The other two, Caitong Convertible Bond and Guotou Convertible Bond, have respective scales of approximately 3.8 billion and 8 billion. In recent years, a “tug-of-war” situation has emerged: on one side, the capital market is somewhat hot, especially related to AI industries, with stock prices soaring and major Shanghai Composite Index reaching new highs (which also lifts the valuation of convertible bonds); on the other side, securities stocks remain stagnant, with “performance improvement” not translating into rising stock prices, creating a mismatch period. Currently, Guotou Convertible Bond has about 160 days remaining. The company is also one of the few stocks trading below net asset value, and the board has explicitly decided not to exercise the option to lower the conversion price in the next three months (from December 13, 2025, to March 12, 2025). Is there still a possibility for Guotou Convertible Bond to be rescued?

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