Zhi Tong Cai Jing·2026-01-22 04:02Core Viewpoint - Luoyang Molybdenum (603993) successfully issued a $1.2 billion one-year zero-coupon convertible bond, enhancing its financial flexibility while limiting dilution risk [1] Group 1: Financial Performance - As of the announcement date, the bond issuance will convert into approximately 333.7 million H-shares, representing about 8.48% of the existing issued H-shares and approximately 1.56% of the total issued shares of the company [1] - According to a report by Daiwa Capital Markets, Luoyang Molybdenum's preliminary performance for 2025 is expected to meet forecasts, driven by copper production exceeding guidance [1] Group 2: Production Outlook - Management has indicated that copper production is projected to grow by 2.6% year-on-year to 10.7% in 2026 [1] - The cobalt export quota from the Democratic Republic of the Congo reflects a structural tightening in global supply, positively impacting prices and benefiting large producers like Luoyang Molybdenum [1] Group 3: Market Activity - The stock price of Luoyang Molybdenum experienced fluctuations, initially dropping nearly 4% before rising by 2.81% to HKD 21.48, with a trading volume of HKD 393 million [1]