The game dynamics of convertible bonds have changed, with a growing number of cases of redemption at maturity.

Recently, multiple convertible bonds in the A-share market have reached maturity and redemption, with a concentration of high proportions of unconverted bonds and issuers waiving forced redemption, drawing market attention. The traditional model of achieving a win-win for both stocks and bonds through share price appreciation is being disrupted, as listed companies reweigh equity dilution against debt redemption, ushering in new changes to the game dynamics in the convertible bond market.