SPD Bank Capital Increases to RMB 33.306 Billion; Ziyin Convertible Bonds Expire with 99.98% Unconverted
SPD Bank announced on July 27 that its registered capital has increased to RMB 33.306 billion, approved by the National Financial Regulatory Administration, following conversion of its RMB 50 billion convertible bonds issued in 2019, which generated 3.954 billion shares. Meanwhile, Ziyin convertible bonds expired with 99.98% unconverted, leading to cash redemption. Since 2026, the bank convertible bond market has been sluggish, with shrinking scale and low conversion rates affecting capital replenishment.
SPD Bank issued an announcement on July 27 that the National Financial Regulatory Administration has approved the increase of its registered capital to RMB 33.306 billion. The equity change resulted from the conversion of SPD convertible bonds. The bank issued A-share convertible bonds with a total face value of RMB 50 billion in 2019; as of the maturity date, cumulative conversion reached 3.954 billion shares.
Ziyin convertible bonds recently expired and were delisted. Unlike SPD convertible bonds, the unconverted ratio of these bonds reached 99.98%, and the issuer ultimately completed redemption in cash.
Since 2026, the bank convertible bond issuance market has been persistently sluggish, the outstanding convertible bond scale has shrunk, conversion ratios have been generally unsatisfactory, and some banks' capital replenishment has been affected.
Why this event matters
The event has a measured impact on 1 industry. The strongest current signal is mixed for Commercial Banks, with intensity 50/100 and 70% confidence over a medium term horizon.
Impact figures are analytical estimates that combine direction, intensity, confidence and event importance. They are not investment advice.