QFIN-Qifu Technology, Inc. Announces Pricing of Offering of US$600 Million Cash-par Settled Convertible Senior Notes

Core Viewpoint - Qifu Technology, Inc. has announced a convertible senior notes offering totaling US $600 million, with plans to utilize the proceeds for share repurchases, which is expected to enhance earnings per ADS in 2025 [1][2][10] Group 1: Notes Offering Details - The offering consists of convertible senior notes with a principal amount of US$ 600 million, maturing in 2030, and an option for initial purchasers to buy an additional US $90 million [1] - The notes will bear an interest rate of 0.50% per year, payable semiannually, and holders can require the company to repurchase the notes at 100% of the principal amount plus accrued interest on specific dates [3][4] - The initial conversion rate is set at 16.7475 ADSs per US$ 1,000 principal amount, equating to a conversion price of approximately US $59.71 per ADS, representing a 35.0% premium over the closing price on March 25, 2025 [4] Group 2: Share Repurchase Plan - The net proceeds from the notes offering will be used for a newly established share repurchase plan, which includes a Concurrent Repurchase of approximately US$ 230 million in ADSs at a price of US$44.23 per ADS [2][8] - The March 2025 Share Repurchase Plan allows for additional repurchases of ADSs and/or class A ordinary shares in the open market or through other means, subject to market conditions [9][10] - The repurchase activities are expected to create meaningful accretion in earnings per ADS and offset potential dilution from the conversion of the notes [10] Group 3: Company Overview - Qifu Technology is a leading AI-empowered Credit-Tech platform in China, providing technology services to assist financial institutions and consumers throughout the loan lifecycle [16][17]