Fengmao Convertible Bond is scheduled to hit the market on September 9, with an anticipated closing price of 157.3 yuan on its first trading day. Market projections suggest the bond could climb to a peak of 188.76 yuan on the second day, followed by a potential surge toward the 200-220 yuan range on the third day. Investors should pay close attention to whether the price can reach the 188.76 yuan high on day two and hold through the close, as well as monitor the price trajectory on day three.

The bond's free-float scale is approximately 152 million yuan. If the price can successfully stabilize at the day-two high by market close, there is a realistic chance of the bond doubling in value by the third trading session.

Fengmao Convertible Bond (123283) is linked to its underlying stock, Fengmao Co., Ltd., which operates within the basic chemicals sector. The company's core concept tags include the China-Russia trade theme, drones, security concepts, robotics, new energy vehicles, reducers, and automotive thermal management. According to the company's 2026 semi-annual report, total operating revenue reached 514 million yuan, marking an 18.91% year-on-year increase, while non-GAAP net profit attributable to shareholders stood at 34.08 million yuan, reflecting a 29.13% year-on-year decline.

The convertible bond has a total issuance size of 608 million yuan, with a conversion value of 91.20 yuan. The top three shareholders, along with the fifth-largest shareholder, have subscribed to the bond allocation, leaving a free-float scale of roughly 152 million yuan.

Looking at recent new bond listings, small-cap convertible bonds have generally performed well in terms of pricing. Meanwhile, large-cap new bonds have managed to hold above the 130 yuan mark on their debut day, with further upside potential in subsequent sessions. We wish all holders of Fengmao Convertible Bond the best of luck in securing favorable selling prices.

For context on our recent forecasting approach: the outlook leans toward the high side and should be treated with caution. Our evaluation criteria are primarily subjective, supplemented by objective factors. Key considerations include 1) the bond's free-float scale, 2) the prevailing new bond listing market conditions, 3) pricing of recently issued bonds, 4) the underlying stock's industry and concept themes, 5) the bond's conversion value, and 6) overall broader market conditions.

Risk disclaimer: All views expressed in this article represent personal opinions only and do not constitute recommendations for any specific securities. Trading and investment decisions carry their own risks. If any errors or omissions are found in this content, please refer to official announcements as the authoritative source.

New bond listing date: 2026.09.08 | Issue 383. For more insights into convertible bond investing, stay tuned to our ongoing coverage.