Huan Qiu Lao Hu Cai Jing·2025-09-11 11:24Group 1 - China Pacific Insurance (CPIC) plans to issue zero-coupon H-share convertible bonds totaling HKD 15.556 billion, maturing in 2030 [1] - The initial conversion price is set at HKD 39.04 per H-share, representing a premium of approximately 21% over the previous trading day's closing price and about 22.49% over the average closing price of the last five trading days [1] - If fully converted, the bonds could result in approximately 398 million H-shares, accounting for 14.36% of CPIC's current issued H-shares and 4.14% of the total share capital [1] Group 2 - The net proceeds from the bond issuance will primarily support CPIC's core insurance business and the implementation of three strategic initiatives: "Health and Wellness," "AI+," and "Internationalization" [1] - CPIC's stock price has increased by 50% this year, rising from around HKD 22 to approximately HKD 33, with a peak of HKD 37.86 [1] - For the first half of 2025, CPIC reported stable performance with a revenue of CNY 200.496 billion, a 3% year-on-year increase, and a net profit of CNY 27.885 billion, up 11% [2] Group 3 - As of June 30, 2025, CPIC's total assets reached CNY 3.77 trillion, a 6.5% increase from the previous year, with a comprehensive solvency adequacy ratio of 264% and a core solvency adequacy ratio of 190%, both exceeding regulatory requirements [2] - Other insurance companies, such as Ping An, have also issued zero-coupon H-share convertible bonds, indicating a trend among insurers to utilize this financing method due to its lower cost and ability to enhance core capital [2]