利扬芯片公告详解：利扬转债提前赎回及摘牌将至，投资者需关注关键时间节点与潜在风险
利扬芯片公告详解：利扬转债提前赎回及摘牌将至，投资者需关注关键时间节点与潜在风险
一、核心要点概览
- 赎回登记日：2026年3月30日
- 赎回价格：100.2981元/张（含当期应计利息）
- 赎回发放日：2026年3月31日
- 最后交易日：2026年3月25日
- 最后转股日：2026年3月30日
- 摘牌日：2026年3月31日，利扬转债将在上交所摘牌
- 转股价格：16.12元/股
- 盈亏警告：赎回价格与当前二级市场价格（173.604元/张）差距较大，未及时转股或卖出的投资者可能面临重大损失
二、事件详细解读
广东利扬芯片测试股份有限公司（利扬芯片，688135）在2026年3月23日发布公告，决定对“利扬转债”实施有条件提前赎回，并将于2026年3月31日在上交所摘牌。此次赎回是因公司A股股票在2026年2月9日至2026年3月9日期间，连续三十个交易日中有十五个交易日的收盘价不低于当前转股价格的130%（即20.956元/股），触发了募集说明书中规定的赎回条件。
1. 赎回条款详细说明
- 转股期内，如公司A股价格达上述条件，公司有权以面值加当期应计利息的价格赎回全部或部分未转股可转债。
- 本次赎回价格为100.2981元/张，其中含0.2981元/张的当期应计利息（按0.40%年利率及272天计息期计算）。
- 赎回登记日为2026年3月30日，赎回款将在3月31日发放。
- 赎回对象为登记日收市后在册的所有“利扬转债”持有人。
2. 关键时间节点及投资者须知
- 最后交易日：2026年3月25日，投资者需在此日期前完成转让操作。
- 最后转股日：2026年3月30日，届时仍未转股的可转债将被强制赎回，无法再转股为公司股票。
- 赎回登记日后所有未转股可转债将被冻结，停止交易和转股。
- 赎回完成后，“利扬转债”将在3月31日于上交所摘牌。
3. 投资者风险提示与税务说明
- 二级市场价格与赎回价差距大，2026年3月20日收盘价为173.604元/张，远高于赎回价，未及时转股或卖出可能造成重大损失。
- 如持有的转债被质押或被冻结，建议在停止交易日前解除，否则将无法转股并被强制赎回。
- 个人投资者需缴纳20%利息所得税，到手赎回金额为100.2385元/张（税后）；企业自行纳税，合格境外机构可享税收优惠。
- 不符合科创板股票投资者适当性要求的转债持有人，无法转股为公司股票，赎回价若低于买入价亦面临损失。
4. 可能影响股价的因素
- 本次提前赎回与摘牌属于强制性事件，可能导致可转债投资者集中抛售或转股，短期内对公司股票流动性和股价波动产生影响。
- 大量转股或投资者止损卖出，或对公司股本结构、股价稳定性带来一定压力。
- 投资者对赎回信息反应可能引发市场关注，公司需加强投资者关系管理。
5. 公司联系方式
三、结论与建议
本次“利扬转债”提前赎回及摘牌为重要公司事件，涉及大量投资者利益并可能影响股价。所有持有人应高度重视相关时间节点，及时转股或卖出以避免损失。公司也建议投资者关注公告详情，做好相关投资决策。
免责声明：本文仅为对公司公告的解读，不构成任何投资建议。投资有风险，入市需谨慎。投资者应根据自身情况和公告原文做出独立判断。
English Version
Leadyo Chip Announces Early Redemption and Delisting of Convertible Bonds — Key Information for Investors
Leadyo Chip Announces Early Redemption and Delisting of Convertible Bonds — Key Information for Investors
1. Key Points Summary
- Redemption Record Date: March 30, 2026
- Redemption Price: RMB 100.2981 per bond (including accrued interest)
- Payout Date: March 31, 2026
- Last Trading Day: March 25, 2026
- Last Conversion Day: March 30, 2026
- Delisting Date: March 31, 2026, at Shanghai Stock Exchange
- Conversion Price: RMB 16.12/share
- Profit/Loss Alert: The redemption price is much lower than the current market price (RMB 173.604 per bond on Mar 20, 2026); investors who do not convert or sell in time may face significant losses.
2. Detailed Event Analysis
Guangdong Leadyo Chip Test Co., Ltd. (Leadyo Chip, 688135) announced on March 23, 2026, that it will exercise the conditional early redemption of all outstanding “Leadyo Convertible Bonds” and delist them from the Shanghai Stock Exchange on March 31, 2026. The redemption was triggered because, between February 9 and March 9, 2026, the company’s A-share closing price met the condition of not being less than 130% of the current conversion price (i.e., RMB 20.956/share) for at least 15 out of any 30 consecutive trading days.
1. Redemption Terms Explained
- During the conversion period, if the above price condition is met, the company has the right to redeem all or part of the unconverted bonds at par plus accrued interest.
- This time, the redemption price is RMB 100.2981 per bond, including RMB 0.2981 accrued interest (based on a 0.40% annual rate and 272 days accrued).
- The redemption record date is March 30, 2026, and payment will be made on March 31, 2026.
- All bondholders registered at the close of the record date are subject to this redemption.
2. Critical Deadlines and Investor Notices
- Last Trading Day: March 25, 2026. Investors must sell or make transfers before this date.
- Last Conversion Day: March 30, 2026. Bonds not converted by then will be mandatorily redeemed and can no longer be converted to equity.
- After the record date, all unconverted bonds will be frozen, and trading/conversion will stop.
- Upon completion of redemption, the bonds will be delisted from the Shanghai Stock Exchange on March 31, 2026.
3. Investor Risk Warnings and Tax Notes
- The market price is much higher than the redemption price; failing to act in time could result in significant losses.
- If bonds are pledged or frozen, investors are advised to release them before trading stops, or they will be mandatorily redeemed.
- Individual investors are subject to 20% interest income tax; net payout is RMB 100.2385 per bond (after tax). Enterprises handle their own tax filings. Qualified foreign institutions enjoy tax exemptions per current policy.
- If bondholders do not meet STAR Market stock investor requirements, they cannot convert to equity, and if their purchase price is higher than the redemption price, they will incur a loss.
4. Potential Price-sensitive Issues
- This forced redemption and delisting may trigger concentrated sell-offs or conversions, potentially impacting stock liquidity and price in the short term.
- Mass conversions or stop-loss sales may affect the company’s capital structure and stock price stability.
- Investor sentiment around this event could increase market volatility; company IR management is advised.
5. Company Contacts
3. Conclusion & Recommendations
The early redemption and delisting of “Leadyo Convertible Bonds” is a major event affecting a broad group of investors and could influence the share price. All bondholders must pay close attention to the deadlines and act to convert or sell in time to avoid losses. Refer to the official announcement for comprehensive details and make investment decisions accordingly.
Disclaimer: The above is an interpretation of the company’s announcement and not investment advice. Investment carries risk; make decisions prudently and consult the official sources for further details.
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