Core Viewpoint - China Pacific Insurance (601601.SH, 02601.HK) has successfully issued zero-coupon H-share convertible bonds amounting to HKD 15.556 billion, marking the largest scale of such bonds in history and the second issuance by a listed insurance company in 2025 [1][2]. Group 1: Convertible Bond Issuance - The zero-coupon convertible bonds were issued on September 18, 2025, and began trading on the Hong Kong Stock Exchange on September 19, 2025 [2]. - This issuance is notable for being the first overseas convertible bond by a state-owned financial enterprise listed both domestically and internationally, as well as the largest zero-coupon convertible bond in Hong Kong history [2][4]. - The initial conversion price for the bonds is set at HKD 39.04 per share, with a conversion potential of approximately 398 million shares, representing about 14.36% of the existing H-share capital [3][4]. Group 2: Financial Performance and Strategy - The funds raised will primarily support the core insurance business and the implementation of three strategic initiatives: "Great Health", "Artificial Intelligence+", and "Internationalization" [1][6]. - As of June 30, 2025, the company reported a solvency ratio of 264% and a core solvency ratio of 190%, both showing an increase of 8 percentage points from the end of 2024 [1][7]. - For the first half of 2025, the company achieved a revenue of CNY 200.5 billion, a year-on-year increase of 3%, with a net profit of CNY 27.9 billion, reflecting an 11% growth [6][7]. Group 3: Market Interest and Investor Activity - The issuance has attracted significant interest from foreign investors and peers, with Ping An Life increasing its stake in China Pacific Insurance to 10% and JPMorgan Chase acquiring over HKD 13.489 billion worth of shares [1][8]. - The convertible bonds were oversubscribed, with long-term investors accounting for over 70% of the subscriptions, indicating strong market confidence [4][6].

今年以来，多家港股上市公司发行"零息"可转债吸引了市场的关注。 继中国平安今年6月完成117.65亿港元零息可转债发行后，中国太保近日宣布，完成155.56亿港元零息可 转债发行，创下"历史上最大规模的港元零票息可转债""境内外同时上市国有金融企业首单境外可转 债"及"2025年至今亚太区金融机构板块最大的海外再融资项目"等多项纪录。 据证券时报记者梳理，今年以来，已有阜博集团、百度集团、中国平安、顺丰控股、阿里巴巴、中兴通 讯、中国太保等多家港股上市公司公告发行"零息"可转换债券或"零息"可交换债券。 顾名思义，零息可转债是指既没有定期利息，又可以转换成股票的债券，能够降低企业的融资成本。 （文章来源：证券时报） 值得注意的是，零息可转债的"零票息"特性虽然降低了融资成本，但其转换溢价普遍较高，成为市场关 注焦点。 比如，今年3月，作为携程集团大股东的百度集团宣布完成20亿美元零息可交换债券发行，该等债券的 初始交换率将为该等债券每10万美元本金交换1107.05股携程集团股份，相当于每股携程集团股份约 702.13港元的初始交换价，较对冲配售中的每股价格（每股携程集团股份491.00港元）的交换溢价约 4 ...

Core Viewpoint - The surge in "zero-interest" convertible bonds in the Hong Kong stock market reflects a trend of innovative capital tools aiding high-quality development, with major companies like China Pacific Insurance leading the way in low-cost financing and strategic empowerment [1][2]. Group 1: Zero-Interest Convertible Bonds Issuance - China Pacific Insurance recently completed a record issuance of 155.56 billion HKD in zero-interest convertible bonds, marking the largest scale of such bonds in history and the first overseas convertible bond issuance by a state-owned financial enterprise [1][2]. - Other companies, including Baidu, Alibaba, and China Ping An, have also announced similar issuances, indicating a broader trend among Hong Kong-listed firms to utilize zero-interest bonds for capital structure optimization and strategic transformation [2][3]. Group 2: Market Dynamics and Investor Sentiment - The zero-interest design alleviates financial pressure on companies, particularly in the current low-interest-rate environment, and helps maintain stable equity structures by reducing immediate dilution effects compared to direct stock issuance [3][4]. - High conversion premiums associated with these bonds reflect market confidence in future stock price growth, with examples showing premiums of 25% for China Pacific Insurance and up to 48% for Alibaba's bonds [4][5]. Group 3: Impact on Economic Development - The funds raised through zero-interest convertible bonds are primarily directed towards emerging industries, enhancing companies' capital strength and supporting their valuation potential [6][7]. - The issuance of these bonds not only provides low-cost financing and strengthens core capital but also attracts international capital, thereby improving corporate governance and supporting the overall vitality and international appeal of the Hong Kong stock market [6][7].

Core Viewpoint - The issuance of "zero-interest" convertible bonds by Hong Kong-listed companies has gained significant attention this year, with major firms like China Pacific Insurance achieving record-breaking fundraising amounts, indicating a trend towards innovative financing tools to optimize capital structure and support strategic transformation [1][2]. Group 1: Zero-Interest Convertible Bonds Issuance - China Pacific Insurance recently completed a HKD 155.56 billion zero-interest convertible bond issuance, marking the largest scale of such bonds in history and setting multiple records in the Asia-Pacific financial sector [1][2]. - Other companies, including Baidu, Alibaba, and China Ping An, have also announced similar issuances, reflecting a broader trend among Hong Kong-listed firms to utilize zero-interest bonds for capital raising [2][3]. Group 2: Benefits of Zero-Interest Bonds - The zero-interest design alleviates financial pressure on companies by eliminating interest payments during the bond's term, which is particularly advantageous in the current low-interest-rate environment [3][4]. - Compared to direct stock issuance, convertible bonds mitigate the immediate dilution of existing shareholders' equity, maintaining a stable ownership structure [3][4]. - The efficient approval process for these bonds allows companies to quickly secure financing to support business development [3]. Group 3: Market Dynamics and Investor Sentiment - The high conversion premiums associated with zero-interest bonds reflect market confidence in the future growth of the issuing companies, as seen in the significant premiums set during recent issuances [4][5]. - The current favorable capital market environment has attracted a high proportion of long-term investors, indicating strong recognition of the long-term value of leading companies [5][6]. Group 4: Impact on Economic Development - The funds raised through zero-interest convertible bonds are primarily directed towards emerging industries, enhancing the capital strength of companies and supporting high-quality economic development [7][8]. - The issuance of these bonds not only provides financial support but also helps improve corporate governance and attract international capital, thereby boosting the overall vitality and international appeal of the Hong Kong stock market [7][8].

Core Viewpoint - The issuance of "zero-interest" convertible bonds by several Hong Kong-listed companies has attracted market attention, with China Pacific Insurance recently completing a record issuance of 155.56 billion HKD, marking significant milestones in the capital market [1][3]. Group 1: Zero-Interest Convertible Bonds - Multiple Hong Kong-listed companies, including China Pacific Insurance, have issued "zero-interest" convertible bonds this year, optimizing their capital structure and injecting long-term momentum into strategic transformations [1][3]. - The issuance of zero-interest convertible bonds allows companies to avoid interest payments during the bond's term, effectively reducing financial pressure, especially in the current low-interest environment [3][4]. - The high conversion premium associated with zero-interest convertible bonds has become a focal point for market observers, reflecting the issuer's confidence in future stock price growth [7][10]. Group 2: Strategic Use of Funds - China Pacific Insurance plans to use the funds raised from its zero-interest convertible bond issuance to support its core insurance business and three strategic developments: "Great Health," "Artificial Intelligence+," and "Internationalization" [3][4]. - Other companies, such as Alibaba and ZTE, have also indicated that the proceeds from their zero-interest bond issuances will be directed towards emerging industries, including cloud computing and product research and development [14][15]. Group 3: Market Dynamics and Investor Sentiment - The current capital market environment is favorable for low-cost financing, with high long-term investor participation in zero-interest convertible bonds, indicating recognition of the long-term value of these companies [11][17]. - The rise of zero-interest convertible bonds is seen as a reflection of recovering market confidence and serves to broaden financing channels and investor types, directing funds towards strategic emerging industries [16][17].

9月11日盘前，中国太保（601601）公告称，拟根据一般授权发行本金总额155.56亿港元于2030年到期的零息H股可转换 债券，初始转股价格为每股H股39.04港元。 为何要发行债券？中国太保表示，公司从自身的业务发展需求及资本结构考虑，希望获得中长期境外低成本资金，以更 好地支持业务长足发展。据此，公司拟发行债券，债券及转换股份将在香港联交所上市，进一步充实资本实力，增强营 运韧性，构筑全球竞争优势。 公告称，中国太保拟将可转换债券发行所得款项净额用于支持保险主业、支持"大康养、人工智能+、国际化"三大战略 实施及补充营运资金等一般企业用途。 根据公告，9月10日（交易时段后），中国太保与经办人签署认购协议。公司拟发行的债券本金总额为155.56亿港元， 可于条款及条件所载情形下转换为H股。初始转换价为每股H股39.04港元（可予调整），较H股于9月10日在香港联交所 所报收市价每股32.20港元溢价约21.24%。 假设债券按每股H股39.04港元的初始转换价全部转换且不再发行其他股份，则债券将可转换为约3.9846亿股转换股份， 约占公司于该公告日现有已发行H股数目的14.36%及现有已发行股本总数 ...