Core Viewpoint - Goldman Sachs reports that China Pacific Insurance has announced the issuance of HKD 15.556 billion zero-coupon convertible bonds maturing in 2030, indicating the company's opportunity to raise equity capital due to the stock price increase and low-cost financing over the past 12 months [1] Group 1: Company Financials - The core insurance subsidiaries of China Pacific Insurance (China Pacific Life and China Pacific Property) do not have immediate capital needs, with solvency ratios of 136% and 196% respectively in the first half of the year [1] - The additional capital from the bond issuance is expected to provide the company with greater flexibility in capital management amid uncertainties in long-term bond yields [1] Group 2: Analyst Ratings - Goldman Sachs maintains a "Neutral" rating on the company, with a target price of HKD 30.5 for its H-shares [1]

Short Selling Ratios - The top three companies with the highest short selling ratios are SenseTime-WR (80020), Anta Sports-R (82020), and Li Ning-R (82331), all at 100.00% [1][2] - Other notable companies with significant short selling ratios include BYD Company-R (81211) at 79.06% and JD Health-R (86618) at 77.31% [2] Short Selling Amounts - Alibaba-SW (09988) leads in short selling amount with 4.715 billion, followed by Tencent Holdings (00700) at 2.280 billion and Baidu Group-SW (09888) at 1.299 billion [3] - Other companies with substantial short selling amounts include Meituan-W (03690) at 1.140 billion and Zijin Mining (02899) at 0.844 billion [3] Deviation Values - The highest deviation values are recorded for SenseTime-WR (80020) at 51.53%, Li Ning-R (82331) at 36.92%, and JS Global Life (01691) at 33.07% [1][3] - Other companies with notable deviation values include Ping An Insurance-R (82318) at 30.67% and China Pacific Insurance (02601) at 26.19% [3]

Core Viewpoint - China Pacific Insurance (601601) plans to issue HKD 15.556 billion in convertible bonds, which can be converted into H-shares under specified terms and conditions [1] Summary by Relevant Sections Convertible Bonds Issuance - The company intends to issue HKD 15.556 billion in convertible bonds [1] - The initial conversion price is set at HKD 39.04 per H-share, subject to adjustments [1] Conversion Details - If the bonds are fully converted at the initial conversion price, they will convert into approximately 398 million shares [1] - This represents about 14.36% of the company's existing issued H-shares and 4.14% of the total issued share capital as of the announcement date [1] - After full conversion, the new shares would account for approximately 12.55% of the enlarged issued H-shares and 3.98% of the total issued share capital, assuming no other changes to the company's share capital [1]

假设债券按每股H股39.04港元的初始转换价全部转换且不再发行其他股份，则债券将可转换为约3.98亿 股转换股份，约占公司于本公告日现有已发行H股数目的14.36%及现有已发行股本总数的4.14%;以及约 占公司于债券获全部转换后经发行转换股份扩大后已发行H股数目的12.55%及已发行股本总数的3.98% (亦假设公司股本未因任何原因而发生变动)。 智通财经APP讯，中国太保(601601.SH)公告，公司拟发行155.56亿港元，可于条款及条件所载情形下转 换为H股。初始转换价为每股H股39.04港元(可予调整)。 ...

Core Viewpoint - China Pacific Insurance (02601.HK) has announced a subscription agreement for the issuance of HKD 15.556 billion zero-coupon convertible bonds due in 2030, which will be convertible into H-shares at an initial conversion price of HKD 39.04 per share [1] Group 1 - The total principal amount of the bonds to be issued is HKD 15.556 billion, which can be converted into approximately 398 million shares, representing about 14.36% of the existing issued H-shares and 4.14% of the total issued share capital as of the announcement date [1] - The company plans to use the net proceeds from the bond issuance to support its core insurance business, implement three major strategies: "Great Health, AI+, and Internationalization," and supplement working capital for general corporate purposes [1]

本公司拟根据一般性授权发行可转换为本公司H股股份的债券，不涉及本公 司A股发行。 一、本次发行概述 2025 年 9 月 10 日（交易时段后），本公司与经办人签署认购协议。根据认 购协议，本公司已同意向经办人发行或根据经办人指示发行，且经办人已单独（而 非共同）同意认购并支付或促使认购人认购并支付债券，但须遵守认购协议中规 定的若干条件。 证券代码：601601 证券简称：中国太保 公告编号：2025-050 重要提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国太平洋保险（集团）股份有限公司 关于拟根据一般性授权发行 15,556,000,000 港元于 2030 年到期的零息 H 股可转换债券的公告 重要内容提示： 转换股份将根据本公司于 2025 年 6 月 11 日举行的 2024 年度股东大会上授 予董事会的一般性授权予以配发及发行。发行及认购债券以及本公司发行转换股 份无须取得股东进一步批准。 经办人已开展入标定价，关于债券的条款（包括但不限于本金金额和初始转 换价）已在入标定价后确定。 本公司拟发行的债 ...

Core Viewpoint - China Pacific Insurance (601601) announced the issuance of zero-coupon convertible bonds totaling HKD 15.556 billion, maturing in 2030, with an initial conversion price of HKD 39.04 per H-share [1] Group 1 - The company signed a subscription agreement on September 10, 2023, after trading hours [1] - The net proceeds from the bond issuance will be used to support the insurance core business and the implementation of three major strategies: "Great Health and Elderly Care," "Artificial Intelligence +," and "Internationalization" [1] - The funds will also be allocated for general corporate purposes, including replenishing working capital [1]

Core Viewpoint - China Pacific Insurance (02601) has announced a subscription agreement for the issuance of bonds totaling HKD 15.556 billion, which can be converted into H-shares under certain conditions [1] Group 1: Bond Issuance Details - The company will issue bonds with a principal amount of HKD 15.556 billion, which can be converted into H-shares at an initial conversion price of HKD 39.04 per share [1] - If the bonds are fully converted at the initial conversion price, they will convert into approximately 398 million shares, representing about 14.36% of the existing issued H-shares and 4.14% of the current issued share capital [1] - After the conversion, the newly issued shares will account for approximately 12.55% of the expanded total issued H-shares and 3.98% of the expanded share capital, assuming no other changes in share capital [1] Group 2: Use of Proceeds - The net proceeds from the bond issuance will be used to support the insurance core business, implement the three major strategies of "healthcare, artificial intelligence, and internationalization," and supplement working capital for general corporate purposes [1]

拟由公司发行的债券本金总额为155.56亿港元，可于条款及条件所载情形下转换为H股。初始转换价为 每股H股39.04港元(可予调整)。假设债券按每股H股39.04港元的初始转换价悉数转换且不再发行其他股 份，则债券将可转换为约3.98亿股转换股份，约占公司于本公告日期现有已发行H股数目的14.36%及现 有已发行股本的4.14%。 格隆汇9月11日丨中国太保(02601.HK)发布公告，2025年9月10日，公司与经办人签署认购协议。根据认 购协议，(其中包括)公司已同意向经办人发行或根据经办人指示发行，且经办人已单独(而非共同)同意 认购并支付或促使认购人认购并支付债券(即155.56亿港元于2030年到期的零息可转换债券)，惟须受认 购协议所载若干条件规限。经办人已开展入标定价，关于债券的条款(包括但不限于本金金额和初始转 换价)已在入标定价后确定。 待债券发行完成后，公司拟将发行债券所得款项净额用于(i)支持保险主业；(ii)支持"大康养、人工智能 +、国际化"三大战略实施；及(iii)补充营运资金等一般企业用途。 ...

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