If it is red-chip, all shares can be converted.

如果是红筹，所有的股票可转换。

youdao

It used to go like this -- a red chip would issue new shares and use the cash to buy assets cheaply from its parent, the new assets would balloon the company's turnover and profit, allowing it to issue more shares and go around the circle again.

CNN: Red Chip Frenzy Again?