August 16th news, the article said that recently, a state-owned enterprise announced that the convertible bonds it issued were due and defaulted, unable to repay the principal and interest, becoming the first default of state-owned enterprise convertible bonds in the country, and the belief of state-owned enterprises in just redeeming was broken. When investors allocate assets, they should focus on the issuer's operation and financial situation, rather than "uplifting" or "discriminating" because the other party is a certain identity. The original intention of breaking the policy of just redeeming is to use the power of the market to match funds to the most efficient place with the guidance of "risk and return". Continuing to be obsessed with the rigid redemption of a certain background or identity is undoubtedly limited by the inertia of the past, and they hope to continue to lie in the warm room of just redeeming "happily". The first case of state-owned enterprises defaulting on convertible bonds has emerged, which is a small step for the convertible bond market and a big step for allowing the market to play a role and allowing finance to support the high-quality development of the real economy.