Group 1 - The core viewpoint of the article is that Jitu Express plans to issue HKD 4.65 billion convertible bonds with a maturity of 7 years, aiming to improve its debt structure and expand into new markets in the EU and the US [1] - The primary purposes of the bond issuance include share buybacks, refinancing high-interest old debts, and market expansion [1] - The management indicated that due to sufficient cash reserves, there may not be further financing plans in 2026 [1] Group 2 - The issuance is expected to enhance the company's profitability due to improved debt structure and declining interest rates [1] - Continuous share buybacks are anticipated to further increase earnings per share, benefiting all shareholders despite potential dilution effects [1] - The rating agency maintains an "outperform" rating with a target price of HKD 13.6 [1]
大行评级｜里昂：维持极兔速递“跑赢大市”评级，目标价为13.6港元