China Convertible Bond Index Opens Down 0.15%

The dispersion here is the story, not the modest index move: a handful of names falling more than 1.7% against an outlier jumping 30% points to thin, name-specific liquidity rather than a broad repricing of convertible credit risk. That gap between the headline index and individual movers matters for anyone tracking Chinese convertible exposure, since index-level readings can mask sharp single-issue dislocations. The open question is whether the outlier gain holds or reverses once the session develops, and whether the decliners broaden beyond the five named issues.