Key focus areas include monitoring the final-hour price movement on debut day and the subsequent trading pattern the next morning. Given the relatively substantial float size, the critical determinant is whether the bond can close at its highest price on day one — a stable peak close would significantly enhance the likelihood of a continued push higher on the second session.
Given the highly unpredictable nature of recent new bond listings, securing an optimal selling price requires careful observation of both the day-one closing auction and the day-two opening auction. Investors must strike a delicate balance between greed and discipline, as the probability of touching the upper price limit of 157.3 yuan during the final phase of the debut session remains exceptionally high.
Zhenyu Convertible Bond II (123282): The underlying stock is Zhenyu Technology, which operates within the power equipment sector. Its core concept themes encompass energy storage, new energy vehicles, low-altitude economy, energy conservation and environmental protection, robotics, battery technology, flying cars (eVTOL), humanoid robots, and lithium battery technology.
According to the company's Q1 2026 earnings report, total operating revenue reached 2.969 billion yuan, reflecting a 65.61% year-on-year increase. Adjusted net profit attributable to parent shareholders stood at 270 million yuan, up a remarkable 314.25% from the prior-year period.
The bond issuance size is 1.88 billion yuan, with a conversion value of 86.11 yuan. After accounting for the top four shareholders' subscription allocations, the effective float size is approximately 1.013 billion yuan.
Recent trends in new bond listings: small-cap convertible bonds have generally performed well, while large-cap issues have managed to hold above 130 yuan on debut day, with many subsequently showing potential for further upside movement.
Forecast methodology: Recent predictions tend toward the higher side and should be treated with caution. The assessment framework prioritizes subjective analysis supported by objective data, incorporating six key factors: 1) convertible bond float size, 2) prevailing new bond market conditions, 3) pricing of recent secondary issues, 4) industry sector and concept themes of the underlying stock, 5) bond conversion value, and 6) overall market conditions.
Risk disclosure: All views expressed herein represent personal opinions only and do not constitute recommendations for any specific securities. Trading and investment decisions are made at the investor's own risk. Should any errors or omissions exist in this content, official announcements shall prevail.
Best wishes to all holders of Zhenyu Convertible Bond II for achieving optimal selling prices!
Related tickers: Zhenyu Technology (300953), Zhenyu Convertible Bond II (123282), Sifang Technology (603339)
New Bond Listing: 2026.09.01 | Issue 381
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