发行可转换票据，助力国际业务

Group 1: Convertible Notes Issuance - The company plans to issue $130 million in convertible notes maturing in 2030, with an option for initial buyers to purchase up to $20 million more under a greenshoe option[1] - 40% of the raised funds, amounting to $60 million, will be used for stock buybacks at a price of $9.51 per ADS, reducing share capital by 2.5%[1] - The initial conversion price is set at $12.36 per ADS, allowing for a conversion ratio of 80.8865 ADS for every $1,000 principal[1] Group 2: Impact on International Business - The funds raised will primarily support international business expansion, which has higher loan rates and take rates[1] - The company expects a 10-15% year-over-year growth in net income by 2025, with international revenue projected to account for 25% of total income[1] - By 2030, the target is for international business to represent 50% of total revenue[1] Group 3: Dilution and Ratings - The potential dilution effect from the convertible notes issuance is estimated at 4.8%, offset by the 2.5% reduction from stock buybacks, resulting in a net increase of 2.3% in share capital[1] - The company maintains a "Buy" rating with a target price of HKD 13, reflecting a potential upside of 40.5% from the current price of $9.25[4]