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Nanjing Securities Convertible Bond: How Much is the Handling Fee?

Introduction:

Nanjing Securities is a well-known brokerage firm in China, offering a wide range of financial services including stock and bond trading. One of their popular investment products is convertible bonds, which provide investors with the option to convert their bonds into company shares. However, many investors are curious about the handling fee charged by Nanjing Securities for convertible bond transactions.

1. Handling Fee for Initial Public Offerings (IPO)

When a company issues convertible bonds through an IPO, it needs to engage a sponsoring institution to assist with the underwriting process. Nanjing Securities, as a reputable brokerage firm, often acts as the underwriter for such offerings. In return, they receive a substantial underwriting fee. For example, in the case of Nuotai Biotech's IPO, Nanjing Securities received a total underwriting fee of 66.3854 million yuan.

2. No Handling Fee for Subscription

Investors who participate in the initial subscription of convertible bonds do not need to pay any handling fees. This is to encourage investors to allocate funds to new issues and promote market liquidity. However, this exemption only applies to the initial subscription, and subsequent trading of second-hand convertible bonds may incur a handling fee.

3. Handling Fee for Secondary Trading

When investors buy or sell second-hand convertible bonds on the market, a transaction fee is charged. For Nanjing Securities, the handling fee for such transactions is 0.1% of the transaction amount. This includes both the buying and selling transactions. For example, if an investor buys 100,000 yuan worth of convertible bonds, the handling fee would be 100 yuan.

4. Differences in Convertible Bond Structure

Convertible bonds can be categorized into two types based on their structure. In some cases, the convertible feature is separated from the bond, and both are listed separately. Investors who hold the convertible feature are entitled to buy the company's stock at a predetermined price within a specified period. In this case, there may be additional fees or charges associated with exercising the conversion option.

In other cases, the convertible feature is not separated from the bond, and investors will receive the bond's interest payment until maturity. Upon maturity, investors will receive the remaining principal and the final interest payment. Nanjing Securities ensures that all necessary procedures for the repayment of the bond principal and interest are completed within five business days after the bond matures.

Conclusion:

Investing in convertible bonds through Nanjing Securities can be a lucrative opportunity for investors. While the initial subscription does not incur any handling fees, secondary trading of second-hand convertible bonds is subject to a 0.1% handling fee. Investors should also be aware of the differences in convertible bond structures and possible additional fees associated with exercising conversion options. By understanding these details, investors can make informed decisions and navigate the convertible bond market effectively.