Dongshi Convertible Bond Monster Bond Succession: Who Will Carry the Banner of the Next Wave of Monster Bonds?

In the current A-share convertible bond market, Dongshi Convertible Bond is acting as a “lone wolf妖债” (freak bond), becoming a defensive choice for short-term funds when the index weakens. However, with less than a month remaining until maturity, market attention has shifted to: who will take over Dongshi’s妖债 baton? [Taoguba]

1. Dongshi Convertible Bond: The Last妖债 Defensive Target
   From data, Dongshi Convertible Bond’s core features are very distinctive:
   Bond balance: 97.21 million yuan, a typical small- to mid-cap妖债 size, easy for funds to control.
   Call trigger price: 5.746 yuan, underlying stock price: 3.70 yuan, conversion premium rate: 126.6%, far above market average, exhibiting typical妖债 premium characteristics.
   Maturity date: April 9, 2026, less than a month remaining, making the short time window a focal point for short-term capital games.
   During periods of poor index performance, Dongshi Convertible Bond, with its small cap and high elasticity, has served as a “defensive妖债” for funds to hedge systemic risks. But as the maturity approaches, its speculative space is rapidly shrinking, and the market is eager to find the next妖债 with potential.

2. Potential Successors: Comparison of Tiankuang and Lege Convertible Bonds

3. Tiankuang Convertible Bond: Smaller size, but the time window is equally tight
   As shown, Tiankuang Convertible Bond is one of the few bonds with a smaller balance than Dongshi:
   Bond balance: 66.92 million yuan, even smaller than Dongshi, theoretically easier for funds to leverage.
   Call trigger price: 15.977 yuan, underlying stock price: 11.53 yuan, conversion premium rate: 192.9%, even higher than Dongshi.
   Maturity date: June 24, 2026, about two months later than Dongshi, with a similarly short window.
   The small size and high premium of Tiankuang Convertible Bond give it a foundation to become妖债, but the short remaining time limits the trading window, making it unlikely to serve as a long-term defensive target like Dongshi.

4. Lege Convertible Bond: Historical妖债 gene, greater elasticity
   Lege Convertible Bond is another potential successor not to be ignored:
   Bond balance: 141.8 billion yuan, slightly larger than Dongshi and Tiankuang, but still in the small- to mid-cap range.
   Call trigger price: 42.783 yuan, underlying stock price: 14.36 yuan, conversion premium rate: 194.8%, among the highest in the market.
   Historical performance: During the妖债 rally in 2020, Lege Convertible Bond experienced a brief explosive run, demonstrating its妖债 “historical gene.”
   Compared to Dongshi and Tiankuang, Lege’s maturity date (October 21, 2026) is more ample, providing a longer trading cycle and increasing its chances to become the next妖债 leader after Dongshi.

5. Core Logic of妖债 Successors: Small Cap, High Premium, and Time Window
   Based on Dongshi’s妖债 attributes, successors need to meet three core conditions:
   Small size: bond balance around 100 million yuan, facilitating control and price manipulation.
   High conversion premium: premium over 100%, independent of the underlying stock, capable of independent行情.
   Ample time window: maturity not too short, avoiding the pressure that limits speculation like Dongshi.
   Currently, Tiankuang’s smaller size is offset by its short window, while Lege’s high premium,妖债 gene, and longer maturity make it more likely to succeed Dongshi as妖债 leader.

6. Risk Warning: Beware of Maturity Risks in妖债 Trading
   Whether it’s Dongshi or potential successors Tiankuang and Lege, the core risk in妖债 trading is the redemption pressure at maturity. As the maturity approaches, the price of high-premium妖债 will inevitably revert, and blindly chasing high may lead to significant losses. Investors should rationally evaluate the fundamentals and time window of targets while monitoring妖债 succession opportunities.

$Dongshi Convertible Bond (sh113575)$ $Tiankuang Convertible Bond (sh113589)$ $Lege Convertible Bond (sz123072)$