The industry expects the annual issuance scale of convertible bonds to exceed 100 billion yuan.

With the optimization of the refinancing regulations set to take effect in 2026, coupled with the market supply gap created by the concentrated exit of existing convertible bonds, the A-share convertible bond market is entering a period of intensified issuance, with the pace of supply in the primary market significantly accelerating. According to Wind data, as of August 2, 2023, there have been 48 publicly issued convertible bonds since 2026, raising a total of 57.332 billion yuan, marking a substantial year-on-year increase.