Value analysis of French-Chinese convertible bonds

1, coupon rate is low, compensation interest is high, and pure debt value is low. If the discount rate is 8.55%, the value of pure debt is 7 1.98 yuan.

2. The dilution pressure of the total share capital of A shares is 4.29%, the dilution pressure of circulating share capital is 10.8 1%, and the dilution pressure of circulating share capital is moderate. In 2020, the company lifted the ban, and the lifting time was June 22, 2020. 60 million shares were lifted this time, accounting for 65,438+047.76% of the outstanding shares before lifting the ban.

3. As of the announcement date of this prospectus, the controlling shareholder and its concerted parties have pledged a total of 654.38+03.86 million shares, accounting for 27.49% of its shares and 65.438+03.58% of the company's total share capital.

4. The current annualized volatility of Huati Technology is about 49.07%, and the long-term 240-day annualized historical volatility is about 45.32%, which is at a medium level among convertible bonds. The annualized volatility on 20th is 64.9 1%, which is higher than the historical average (44.9 1%).

Value details:

1. When the stock price of Huati Technology is 47 yuan, the converted value is 98.49 yuan, and the corresponding convertible bond price is 1 16.83 yuan ~ 1 17.22 yuan. When the share price of Huati Technology moves from 37 yuan to 59 yuan, the corresponding market value of convertible bonds is about 102 yuan.

2. At the current market valuation level, it is unlikely that China convertible bonds will be broken.

3. Assuming that the increase of convertible bonds on the first day is 65,438+07%, the placing income per share is about 0.35 yuan, and the comprehensive placing income is 0.765,438+0% based on the share price cost of 47 yuan, so the placing income is low.

4. It is roughly estimated that the remaining subscription amount is 0.7 to 1. 1 100 million yuan. Subscription funds range from 3.9 trillion to 4.5 trillion.

5. The winning rate is estimated to be 0.00 16% to 0.0028%. When the nominal subscription amount of Huati Convertible Bonds is 4.2 trillion yuan and the remaining subscription amount is 90 million yuan, the winning rate is 0.002 1%, and the first day's increase is 17%, the expected return of investors' online subscription is 4 yuan.