萬里馬(300591.SZ):“萬里轉債”轉股溢價率達86.78% 存在較大估值風險
格隆匯 10 月 21日丨萬里馬(300591.SZ)公佈,2020年10月21日,“萬里轉債”日收盤價為350.51元/張,當日漲幅為72.41%,自2020年10月1日至本公告披露日累計漲幅為171.11%,轉股溢價率達86.78%,均處於較高水平。依據相關規則,可轉債交易不設置漲跌幅限制,可能存在價格大幅波動的風險。
在資本市場有效情況下,可轉債價格與正股股票價格高度正相關,且不存在高溢價率的情況。近期“萬里轉債”價格較大偏離與公司股份之間的關聯,存在較大的估值風險。
根據公司《創業板公開發行可轉換公司債券募集説明書》約定,在轉股期內,如果公司股票在任意連續三十個交易日中至少十五個交易日的收盤價格不低於當期轉股價格的130%(含130%),公司有權決定按照以債券面值加當期應計利息的價格贖回全部或部分未轉股的可轉債。至本公告披露日及之前的連續三十個交易日中,已有9個交易日收盤價達到轉股價格的130%以上。如未來觸發該贖回條款且公司啟動贖回程序,投資者除在規定時限內在二級市場繼續交易或按照轉股價格轉股外,僅能選擇以100元/張的票面價格加當期應計利息被強制贖回,將面臨較大投資損失。
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