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。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成提呈收購、購買或認購任何證券的要約邀請或招攬，或訂立進行收 購、購買或認購的協議之邀請，且本公告並不旨在邀請收購、購買或認購任何證券之要約。 本公告不會直接或間接於或向美國（包括美國的領土及屬地、任何州以及哥倫比亞特區）發佈。 本公告及其包含的信息並不構成在美國境內購買、認購或出售證券的任何要約或要約邀請或招 攬或其組成部分。本公告中所述的證券並無亦不會根據1933年美國《證券法》（經修訂）（「《證券 法》」）進行登記，亦不得於美國境內發售或出售，惟獲豁免或毋須遵守《證券法》登記規定的交 易除外。本公告中所述的證券將根據《證券法》S規例在美國境外發售和出售。本公告中所述的 證券不會於美國境內或發售受到限制或禁止的其他司法管轄區境內進行公開發售。本公告或其 中包含的信息沒有招攬任何金錢、證券或其他對價，並且任何基於本公告或其包含的信息而發 出的任何金錢、證券或其他對價均不會被接受。 中 ...

证券时报·数据宝统计显示，中国太保今日收盘价为37.44元，下跌0.03%，日换手率为0.30%，成交额为 7.63亿元，全天主力资金净流入266.10万元，近5日该股累计下跌3.11%，近5日资金合计净流出3.93亿 元。 中国太保9月10日大宗交易平台出现一笔成交，成交量39.08万股，成交金额1463.55万元，大宗交易成交 价为37.45元，相对今日收盘价溢价0.03%。该笔交易的买卖双方均为机构专用席位。 9月10日中国太保大宗交易一览 | 成交量（万 | 成交金额（万 | 成交价格 | 相对当日收盘折溢价 | 买方营业 | 卖方营业 | | --- | --- | --- | --- | --- | --- | | 股） | 元） | （元） | （%） | 部 | 部 | | 39.08 | 1463.55 | 37.45 | 0.03 | 机构专用 | 机构专用 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 两融数据显示，该股最新融资余额为16.60亿元，近5日增加2.71亿元，增幅为19.53%。 机构评级来看，近5日共有1家机构给予该股评级，预 ...

Summary of the Insurance Industry Conference Call Industry Overview - The insurance industry showed stable growth in the first half of 2025, with profits slightly increasing. All listed insurance companies, except for China Ping An, achieved positive growth, with total net assets increasing by 1.2% [1][2][22]. Key Points Financial Performance - The overall performance of the insurance industry in the first half of 2025 met expectations, confirming a recovery in profits. The net profit growth ranged from -8.8% for China Ping An to positive growth for other companies, with total net assets reaching 2.19 trillion yuan [2][22]. - New business value (NBV) showed strong momentum, with growth rates between 20% and 65%, primarily driven by accelerated sales through bank insurance channels and improved value rates [2][4]. Investment Performance - Under new accounting standards, investment performance became the dominant factor for profitability. Companies like Xinhua and PICC saw significant increases in the proportion of investment performance to pre-tax profits, while China Pacific and Ping An remained focused on insurance service performance [1][3]. - Net investment income for the five listed insurance companies increased by 6% year-on-year, totaling 285.2 billion yuan, with total investment income rising by 9% to 367.4 billion yuan [8][9]. Distribution Channels - The individual insurance agent channel continued to decline, with a 3.5% decrease in the number of agents. However, the average MVA (Market Value Added) per agent improved significantly [5]. - The bank insurance channel saw an increase in efficiency, with its share of total premiums rising by 11% to 110% year-on-year. The new single value rate in this channel ranged from 12% to 29% [5]. Property Insurance - The growth rate of original premium income in property insurance slowed down, but the comprehensive cost ratio improved significantly. The growth rate for auto insurance slowed, while new energy vehicle insurance maintained rapid growth, with Ping An and PICC reporting increases of 49.3% and 36%, respectively [6][7]. Asset Allocation - The allocation of assets among insurance companies showed a trend towards increasing OCI (Other Comprehensive Income) equity. The proportion of bond assets remained high, with the highest being China Pacific at 76.5% and the lowest being PICC at 49.7% [10][11][14]. - Stock and fund asset allocations saw double-digit growth for several companies, with Ping An leading in new stock proportions at 45% [12]. Future Outlook - The outlook for insurance stocks is positive, with expectations of recovery in valuations due to low interest rates and reduced costs. The potential for increased sales of rights-based products and the impact of economic recovery are also highlighted [22][23]. Recommendations - Focus on companies with low operating costs and valuations, such as China Pacific; those with significant equity returns like Xinhua; and those with good dividend yields and undervaluation like China Ping An and China Taiping [23].

Core Viewpoint - China Pacific Insurance (02601.HK) plans to issue convertible bonds exclusively to professional investors outside of the United States, aiming to support its core insurance business and strategic initiatives [1] Group 1: Convertible Bonds Issuance - The company intends to issue convertible bonds only to professional investors as defined by the Listing Rules and Securities and Futures Ordinance [1] - The offering will not be available to the general public in Hong Kong or any related parties of the company [1] Group 2: Use of Proceeds - The net proceeds from the convertible bonds will be utilized for: 1. Supporting the core insurance business 2. Implementing three major strategies: "Big Health", "Artificial Intelligence+", and "Internationalization" 3. Supplementing working capital and other general corporate purposes [1] Group 3: Listing and Trading - The company will apply to the Hong Kong Stock Exchange for the listing and trading of the convertible bonds issued to professional investors - Additionally, the company will seek approval for the listing and trading of H-shares upon the exercise of the conversion rights of the convertible bonds [1] - The listing of the convertible bonds on the Hong Kong Stock Exchange does not indicate the commercial value or credit quality of the company or the bonds [1]

Core Viewpoint - China Pacific Insurance (601601) (02601) announced the proposal to issue convertible bonds to professional investors, with the offering to be conducted solely outside the United States under the Securities Law S regulations [1] Group 1 - The company plans to use the net proceeds from the convertible bond issuance to support its core insurance business [1] - The funds will also be allocated to implement three major strategies: "Great Health and Elderly Care," "Artificial Intelligence +," and "Internationalization" [1] - Additionally, the proceeds will be used to supplement working capital and for general corporate purposes [1]

Core Viewpoint - China Pacific Insurance (02601) proposes to issue convertible bonds to professional investors, exclusively outside the United States, to support its core insurance business and strategic initiatives [1] Group 1: Convertible Bonds Issuance - The company plans to issue convertible bonds aimed at professional investors [1] - The issuance will be conducted in accordance with the Securities Law regulations, specifically for sales outside the United States [1] Group 2: Use of Proceeds - The net proceeds from the convertible bond issuance will be utilized to support the core insurance business [1] - Funds will also be allocated to implement three major strategies: "Great Health and Elderly Care," "Artificial Intelligence+," and "Internationalization" [1] - Additionally, the proceeds will be used to supplement working capital and for general corporate purposes [1]

中國太平洋保險（集團）股份有限公司 CHINA PACIFIC INSURANCE (GROUP) CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02601） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成提呈收購、購買或認購任何證券的要約邀請或招攬，或訂立進行該 等收購、購買或認購的協議之邀請，且本公告並不旨在邀請收購、購買或認購任何證券之要 約。 本公告不會直接或間接於或向美國（包括其領土及屬地、美國任何州以及哥倫比亞特區）發佈。 本公告及其包含的信息並不構成在美國境內購買、認購或出售證券的任何要約、要約邀請或招 攬或其組成部分。本公告中所述的證券並無亦不會根據1933年美國《證券法》（經修訂）（「《證券 法》」）進行登記，亦不得於美國境內發售或出售，惟獲豁免或毋須遵守《證券法》登記規定的交 易除外。本公告中所述的證券將根據《證券法》S規例在美國境外發售和出售。本公告中所述的 證券不會於美國 ...