又一家！零息可转债受热捧，多家港股公司入局

Core Viewpoint - The article highlights the rising trend of zero-coupon convertible bonds in the Hong Kong stock market, emphasizing their role in optimizing capital structure and facilitating strategic transformation for listed companies [1][4]. Group 1: Zero-Coupon Convertible Bonds Overview - Zero-coupon convertible bonds are becoming a popular financing tool for companies, allowing them to raise capital without immediate interest payments, thus significantly reducing financing costs [6][7]. - Companies like Tanwan (09890.HK) have successfully issued zero-coupon convertible bonds, with Tanwan raising HKD 468 million, which will be allocated for AI-related investments [3][4]. Group 2: Recent Issuances and Their Purposes - Tanwan's zero-coupon convertible bond has an initial conversion price of HKD 23.5 per share, potentially converting into approximately 1.99 million new shares, representing about 3.79% of existing shares [3]. - Other companies, such as Guangfa Securities and Jingtai Holdings, are also planning to issue zero-coupon convertible bonds to support business development, with Guangfa expecting to raise around HKD 61.1 billion through its bond issuance [3][4]. Group 3: Market Trends and Implications - The issuance of zero-coupon convertible bonds is seen as a new trend in the Hong Kong market, with over HKD 930 billion raised by various companies in recent years, including major players like Alibaba and Baidu [4]. - The zero-coupon structure allows companies to avoid interest expenses during the bond's term, aligning well with the current low-interest-rate environment and reducing financial pressure [6][7]. Group 4: Attracting International Capital - The trend of issuing zero-coupon convertible bonds is expected to broaden financing channels for companies, reducing reliance on traditional equity financing methods, which can dilute existing shareholders' equity [9][10]. - This trend is likely to attract long-term investors, enhancing market stability and international competitiveness, while also increasing the international influence of the Hong Kong stock market [9][10].