A-Share Convertible Bond Issuance Hits RMB56.8 Billion in 2026, No New Bond Falls Below Par

Since the start of 2026, the convertible bond market has entered a period of intensive issuance. As of August 3, measured by the announcement date, 47 convertible bonds have been publicly issued this year, raising a total of RMB56.8 billion, with the number of issues markedly higher than in the same period of 2025. The new bonds are concentrated in sectors such as computer, communication and other electronic equipment manufacturing, special equipment manufacturing, and chemical raw materials and chemical products manufacturing. Among recently listed bonds, the Kebo convertible bond has performed prominently, rising by the daily limit on its first day, then gaining another 20% on August 3 and a further 14.54% on August 4.

On August 3, the Tianmai convertible bond was officially issued, with an issue size of RMB786 million, a bond rating of AA, and a conversion price of RMB267.33. After deducting issuance expenses, the proceeds will be fully invested in the Suzhou Tianmai thermal conductivity and heat dissipation product intelligent manufacturing Luzhi base construction project (Phase I). The project has a planned total investment of RMB1.36 billion, located in Luzhi Town, Wuzhong District, Suzhou. It will establish a new intelligent manufacturing base, introducing advanced automated production equipment and digital management systems. Once fully operational, it will add an annual production capacity of 30 million PCS high-end vapor chambers.

Looking at the pace of issuance approvals, the cycle from acceptance to registration for many convertible bond cases has been significantly shortened, taking only about three months. The process from a company's proposal to listing includes board proposal, shareholders' meeting approval, exchange acceptance, listing committee approval, registration consent, and finally issuance and listing. Compared with before, review efficiency has improved markedly.

As of August 4, the CSI Convertible Bond Index has risen 2.11% since the beginning of 2026. Market performance has diverged, with science and technology sector convertible bonds performing well; 33 convertible bonds have gained more than 50% year-to-date. All new convertible bonds listed in 2026 have not broken their issue price, with average gains exceeding 50%, and 26 of these new bonds saw first-day gains reach the 57.3% ceiling. New issuance is highly concentrated on the ChiNext and STAR Market, reflecting increased policy support for financing in the sci-tech innovation sector. The review and filing environment is more favorable, and the asset-light, high R&D nature of sci-tech enterprises limits traditional credit, making convertible bonds a suitable financing tool.

In 2026, the new refinancing rules have optimized the review process, improved issuance efficiency, and stimulated listed companies' financing willingness. Existing convertible bonds are maturing and delisting in a concentrated manner, reducing net market supply and creating a gap that new issuance fills. In 2026, the number of convertible bonds exiting via conversion or maturity has increased, causing the outstanding scale to decline continuously. The intensive issuance of new bonds will alleviate this situation and provide fixed-income investors with more convertible bond choices.