Convertible Bond New Listings Surge 57.3% on Debut Day, July Volume Hits Three-Year High
On August 5, 2026, Jiangnong Convertible Bond debuted with a 30% opening gain, triggering two temporary halts and closing at the 57.3% daily limit. New small-cap convertible bonds have surged since June, with several doubling within a week. July saw 15 new listings, a three-year monthly high, bringing 2026 total issuance to 38 bonds raising RMB 41.027 billion. However, the outstanding market shrank to below RMB 500 billion, down nearly RMB 60 billion from end-2025.
On August 5, 2026, the Jiangnong convertible bond began trading, opening 30% higher and triggering two temporary trading halts. After resuming in the final session, it locked in the maximum first-day gain of 57.30%. The Jiuwu Convertible Bond 02, which rose 57.30% on its debut yesterday, continued to hit the 20% daily limit today. The Kebo convertible bond, listed on July 31, broke through RMB 200 after two consecutive limit-up days, doubling in price in less than a week since listing.
Since June, the supply of new convertible bonds has increased, but small-sized new issues below RMB 1 billion have continued to strengthen after listing. The prices of Shengde, Tonghe, Sanjiang, and Huafeng convertible bonds all doubled within about a week of listing. Among them, the Sanjiang convertible bond listed on July 3 saw a first-week gain of nearly 250%.
In early February 2026, the Shanghai, Shenzhen, and Beijing stock exchanges issued a package of measures to optimize refinancing, supporting financing for quality enterprises and tech firms. Regulatory review accelerated marginally, and convertible bond supply recovered. In July, 15 convertible bonds were listed for the first time, the highest monthly number in three years. In 2026, a total of 38 convertible bonds have been listed, raising RMB 41.027 billion, but the outstanding market size has fallen below RMB 500 billion, shrinking by nearly RMB 60 billion from the end of 2025.
As of the end of July 2026, the convertible bond ETF market accounted for approximately 11.83% of the convertible bond market, up from 8.46% at the start of the year. Some new issues listed since June had conversion premium ratios exceeding 100% one week after listing.