Recently, the convertible bond operations of some listed companies have attracted market attention and discussion. In particular, the convertible bond adjustment incident of Jinneng Technology has become a hot topic among investors.

There are views that the price drop of Jinneng convertible bonds after the announcement of the adjustment is due to investors mistakenly believing that it cannot fall below par. However, the reality may not be so simple. A deeper analysis reveals that there are contradictions in the company's convertible bond-related documents. The prospectus and the issuance announcement provide inconsistent descriptions regarding whether it can fall below par, reflecting serious issues in the company's information disclosure.

What is even more concerning is that the underwriters seem to have been negligent in preparing the materials, merely copying and pasting the issuance announcements of other companies without verifying the basic content. The response from the company's secretary on the official platform has further exacerbated the confusion among investors.

When facing repayment pressure, the company's actions are even more thought-provoking. They first quietly deleted the previously claimed interactive content that could not be broken, and then clearly stated that they would make downward adjustments as permitted by the fundraising prospectus. This series of operations not only exposed the loopholes in corporate governance but also raised doubts about the information transparency of listed companies.

Another important factor for the poor price performance of Jinneng convertible bonds is their proximity to maturity. Compared to other near-maturity convertible bonds such as Intelligent Convertible Bonds and Hexing Convertible Bonds, Jinneng convertible bonds have only two months remaining until maturity, and the outstanding balance is as high as 950 million yuan, which undoubtedly increases market pressure.

This event not only highlights the shortcomings of some listed companies in corporate governance and information disclosure but also reflects the complexity of the current convertible bond market. For investors, when making investment decisions in convertible bonds, they should not only focus on the conversion value but also comprehensively consider various factors such as corporate governance, information transparency, and market environment.

In addition, regulatory authorities may need to strengthen oversight of listed companies and intermediary institutions to ensure the accuracy and consistency of information disclosure, protecting the legitimate rights and interests of investors. Only by building a fair and transparent market environment can the healthy development of the capital market be promoted and investor confidence enhanced.