佳都发债怎么样

佳都发债怎么样配图，仅供参考

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根据搜索结果，佳都科技（股票代码：600728）曾于2018年12月发行可转换公司债券（简称“佳都转债”，代码110050），但该债券已于2020年4月8日因触发强赎条款而退市。以下是关于该转债的历史表现及风险要点的综合分析：
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# 一、佳都转债的基本情况
1. 发行规模与条款
- 发行总额8.747亿元，期限6年（2018年12月19日至2024年12月18日），票面利率逐年递增（0.4%-2.0%）。
- 转股价初始为7.89元/股，转股期为2019年6月25日至2024年12月18日。
- 赎回条款：若公司股价连续30个交易日中有15天收盘价不低于转股价的130%（即10.26元/股），公司有权强制赎回。
2. 实际退市情况
- 2020年2月至3月，佳都科技股价连续30个交易日中有15天收盘价超过转股价的130%，触发赎回条款。公司于2020年4月8日以100.18元/张的价格强制赎回剩余转债，随后退市。
---
# 二、历史表现与收益
1. 强赎收益
- 投资者若持有至强赎日，可获得面值100元 利息（约0.18元/张），税前收益约0.18%。
- 若提前转股，需对比转股价格与正股价格。强赎前正股价为10.26元/股，转股收益为（10.26-7.89）/7.89≈29.9%。
2. 市场表现
- 转债上市初期（2019年1月）价格一度冲高至132.28元（溢价率37.33%），但后期因正股下跌及强赎预期，价格波动较大。
---
# 三、风险与潜在问题
1. 公司财务风险
- 短期偿债压力：2025年一季度数据显示，公司广义货币资金为8.72亿元，短期债务26.79亿元，货币资金/短期债务比为0.33，流动性紧张。
- 盈利质量：近三期经营活动净现金流持续为负（-9.79亿、-4.90亿、-8.09亿），依赖债务融资维持运营。
2. 质押风险
- 核心股东质押股份占其持股比例31.98%，质押平仓线为5.03元/股。截至2025年4月5日，股价5.05元/股，较平仓线仅高0.30%，存在触发强制平仓风险。
3. 股权分散风险
- 控股股东及其一致行动人持股比例仅15.76%，股权分散可能影响公司控制权稳定性。
---
# 四、当前状态与投资建议
- 转债已退市：佳都转债因强赎于2020年退市，当前市场无流通份额。
- 关注正股风险：若投资者持有佳都科技股票，需警惕质押风险、流动性压力及盈利波动对股价的冲击。
- 历史经验参考：佳都转债案例显示，强赎条款可能加速转债退市，投资者需密切关注正股走势及公司公告。
---
# 总结
佳都转债的历史表现显示，其因正股上涨触发强赎条款而退市，投资者若及时转股可获一定收益，但需承担市场波动风险。目前该转债已退出市场，建议关注公司正股的财务与质押风险，谨慎评估投资价值。