Sou Hu Cai Jing·2025-07-30 07:57Issuance Overview - The company plans to issue zero-coupon convertible bonds amounting to RMB 35.84 billion, maturing in 2030 [1][3] - The initial conversion price is set at HKD 30.25 per share, representing a 15.90% premium over the closing price of HKD 26.1 on July 28 [3] - The potential conversion shares amount to approximately 129.7 million H-shares, accounting for about 17.17% of existing H-shares and approximately 2.71% of total equity [3] Use of Proceeds - The net proceeds from the fundraising are approximately USD 494.3 million (equivalent to about RMB 35.43 billion) [3] - The funds will be utilized to enhance the company's research and development in computing power products [3] Bond Terms - The bonds will be redeemable at the issuer's option if the unredeemed principal is less than 10% of the initial total issuance [3] - Bondholders have the right to request redemption on August 5, 2028 [3] - The issuance is authorized by the general mandate granted at the 2025 shareholders' meeting, thus no further shareholder approval is required [3] - The bonds will be offered to no fewer than six independent subscribers [3] - The issuance has received approval from the National Development and Reform Commission for corporate foreign debt borrowing [3]