Gelonghui November 7th | According to Netease, with the recent strong performance of the brokerage sector in the secondary market, the long-standing issue of 'debt-for-equity swaps difficulty' that has plagued the industry has been partially alleviated. Recently, Zheshang Securities announced that due to the company's stock price remaining above 130% of the current convertible bonds' conversion price for 15 consecutive trading days, triggering the early redemption clause, the company promptly chose to redeem early. This is also the first time in nearly a year that a brokerage has redeemed convertible bonds early. With the continuous rise in stock prices over the past month, some other brokerage convertible bonds that have not yet matured have also seen hope for early redemption. According to statistics, as of now, there are still convertible bonds issued by caitong Securities and Huaan Securities, two listed brokerages, that have not reached maturity. Huaan Securities' closing price of 6.97 yuan hit a new high since 2021 during intraday trading, with the stock price being just one trading limit away from reaching 130% of Huaan's convertible bonds conversion price.