Ge Long Hui A P P·2025-09-25 01:08Core Viewpoint - Chow Tai Fook Enterprises (0659.HK) plans to issue HKD 22.18 billion zero-coupon exchangeable bonds maturing in 2028, with net proceeds of approximately HKD 22.5 billion intended for general corporate purposes, prioritizing investments in resilient projects with cash flow generation and growth potential aligned with the group's business segments [1] Group 1 - The bondholders will have the initial right to receive 752,900 shares of First Holdings (0697.HK) for every HKD 2 million of the bond's principal amount [1] - The exchange property initially consists of 835 million shares of First Holdings, representing about 10% of its total share capital, and nearly all of the shares held by the group through RPL [1] - The initial exchange price for First Holdings shares is set at HKD 2.6565, reflecting a 5% premium over the closing price of HKD 2.53 on September 24 [1] Group 2 - First Holdings has acknowledged the notification from Chow Tai Fook Enterprises regarding the proposed issuance of approximately HKD 22 billion in exchangeable bonds [1] - The core mission of First Holdings is to continuously create comprehensive value for all shareholders through corporate development [1] - Looking ahead, First Holdings aims to maintain an entrepreneurial spirit, operating the business with diligence, focus, and restraint to deliver long-term sustainable returns to all shareholders [1]