大行评级｜大和：极兔速递发行可换股债券能为股东创造价值，重申“买入”评级

Core Viewpoint - J&T Express plans to issue HKD 4.65 billion zero-coupon guaranteed convertible bonds, with an initial conversion price of HKD 14.55 per B share, representing a premium of approximately 30.85% over the closing price on January 22 [1] Group 1 - The issuance of convertible bonds is expected to create value for shareholders due to lower financing costs [1] - The company is actively conducting share buybacks and has growth potential in its business [1] - The mid-term growth in J&T's East Asia and new market operations is considered stable, and any stock price corrections may present better buying opportunities [1]