I came up with a debt resolution method.

PortfolioAlert · 2026-04-02T06:53:39+00:00

First, we must firmly avoid any downward revision. Second, we need to stabilize the stock price. Third, we can release default risk by creating expectations that "maturity may not be paid, may default, or may be delayed," thereby pushing the convertible bond's price down to a negative premium, such as seventy or eighty percent. Related parties can gradually accumulate chips, and after they have fully accumulated, any handling method is acceptable—either hold until maturity for redemption, push the stock price for a strong redemption, or convert to increase holdings. However, the risk is that we absolutely cannot play the delay game. 1. The underlying stock must not collapse (a collapse would mean real default and delisting, and the entire market would lose). 2. The convertible bond must not be subject to speculative trading by funds (if the price surges due to speculation, buying the bond at low prices becomes risky).

PortfolioAlert

2026-04-02 06:53:39

First, you absolutely must not downgrade it. Second, you need to stabilize the stock price. Third, you can release the risk of default—using expectations that “it may not repay at maturity, it may default, and it may delay”—to drive the convertible bond down to negative carry, say into the 70s or 80s. Related parties then slowly accumulate shares. After they’ve collected enough, whatever happens later is fine: either hold it to maturity for repayment, or boost the stock price for a strong redemption, or convert it into an increased stake. But the risk is that you must absolutely not drag it out.

The underlying stock can’t collapse (if it collapses, it’s a real default, a real delisting—everyone loses).
The convertible bond can’t be wildly bid up by funds (if it’s pumped and the price rises, then buying bonds at a low price to collect them turns out bad).

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