Core Viewpoint - FinVolution Group has announced a convertible senior notes offering totaling US$130 million, aimed at funding international expansion, replenishing working capital, and facilitating a concurrent share repurchase [1][2]. Notes Offering Details - The offering consists of convertible senior notes with a principal amount of US$130 million, maturing in 2030, and an option for initial purchasers to buy an additional US$20 million [1]. - The notes will bear an interest rate of 2.50% per year, payable semi-annually starting January 1, 2026 [3]. - The initial conversion rate is set at 80.8865 ADSs per US$1,000 principal amount, equating to an approximate conversion price of US$12.36 per ADS, representing a 30% premium over the closing price of US$9.51 on June 18, 2025 [4]. Repurchase Plan - Concurrently, the company plans to repurchase 6,377,740 ADSs at US$9.51 each, which is the last reported sale price on June 18, 2025 [6]. - This repurchase is intended to assist initial hedging by purchasers of the notes and is part of existing share repurchase programs announced in 2023 and 2025 [6]. Company Overview - FinVolution Group is a leading fintech platform in China, Indonesia, and the Philippines, established in 2007, focusing on connecting young borrowers with financial institutions [13]. - As of March 31, 2025, the company had 216.2 million cumulative registered users across its platforms [13].

Core Viewpoint - FinVolution Group announced a proposed offering of convertible senior notes totaling US$130 million, with an option for an additional US$20 million, aimed at institutional buyers under Rule 144A of the Securities Act [1][9] Group 1: Notes Offering Details - The convertible senior notes will mature on July 1, 2030, unless repurchased, redeemed, or converted prior to that date [3] - Holders can convert their notes into cash, American Depositary Shares (ADSs), or a combination of both at the company's discretion [4] - The company plans to use the net proceeds from the offering for international business expansions, replenishing working capital, and funding a concurrent repurchase of ADSs [2] Group 2: Repurchase and Market Impact - The concurrent repurchase will involve buying back ADSs from certain purchasers of the notes, facilitating initial hedging for those investors [6] - The repurchase activities may influence the market price of the ADSs and the trading price of the notes [7][8] - The repurchase price for the notes will be equal to 100% of the principal amount plus any accrued interest [5] Group 3: Company Overview - FinVolution Group is a leading fintech platform in China, Indonesia, and the Philippines, established in 2007, focusing on connecting young borrowers with financial institutions [11] - As of March 31, 2025, the company had 216.2 million cumulative registered users across its platforms [11]

Core Viewpoint - Qifu Technology, Inc. is proposing a convertible senior notes offering of US$600 million due 2030, aimed at qualified institutional buyers, with an additional option of US$90 million for initial purchasers [1] Group 1: Notes Offering Details - The proposed offering consists of convertible senior notes with a total principal amount of US$600 million, maturing on April 1, 2030 [1][3] - The notes will be general unsecured obligations of the company, with holders having the option to require repurchase on April 3, 2028, at 100% of the principal amount plus accrued interest [3] - The notes will be convertible under certain conditions, with cash-par settlement upon conversion, allowing the company to pay cash or a combination of cash and American depositary shares (ADSs) [4][5] Group 2: Use of Proceeds - The net proceeds from the notes offering will be used for repurchasing ADSs and/or class A ordinary shares under a newly established share repurchase plan, which is expected to be accretive to earnings per ADS upon closing [2][11] - The March 2025 Share Repurchase Plan allows for concurrent repurchases at the time of pricing the notes and additional repurchases over time [7][10] Group 3: Repurchase Plan Mechanics - The concurrent repurchase will involve buying back ADSs from certain purchasers of the notes in off-market transactions, facilitating initial hedges for those investors [8][9] - Future repurchases may occur on the open market or through other means, adhering to applicable regulations [10] Group 4: Company Overview - Qifu Technology is a leading AI-empowered Credit-Tech platform in China, providing technology services to assist financial institutions and consumers throughout the loan lifecycle [16]

Core Viewpoint - Baidu, Inc. has announced the pricing of its US$2 billion exchangeable bonds due in 2032, aimed at certain non-U.S. persons, with the offering expected to close around March 12, 2025 [1]. Group 1: Bonds Offering Details - The bonds will reference ordinary shares of Trip.com Group Limited, listed on the Hong Kong Stock Exchange [2]. - Holders cannot exchange their bonds before the first anniversary of the issue date, with specific conditions for exchanges thereafter [2][4]. - The initial exchange ratio is set at 1,107.0457 Trip.com Shares per US$100,000 principal amount, representing a 43% exchange premium over the recent share price of HK$491.00 [3]. Group 2: Financial Terms and Use of Proceeds - The bonds will not bear regular interest and will mature on March 12, 2032, with a repurchase option available for holders on March 12, 2029 [4]. - The net proceeds from the bonds offering will be used for repaying existing indebtedness, paying interest, and for general corporate purposes [5]. Group 3: Regulatory and Market Considerations - The bonds will not be registered under the Securities Act and cannot be offered or sold in the U.S. except under specific exemptions [6]. - The bonds are expected to be listed on the Open Market segment of the Frankfurt Stock Exchange [7]. - Investors may engage in hedging transactions that could impact the market price of Trip.com Shares [8].

Core Viewpoint - Baidu, Inc. plans to offer up to US$2 billion in exchangeable bonds due 2032, targeting non-U.S. persons in offshore transactions, subject to market conditions [1][3] Group 1: Bonds Offering Details - The bonds will reference ordinary shares of Trip.com Group Limited, listed on the Hong Kong Stock Exchange [2] - Holders can exchange bonds into cash after the first anniversary of the issue date, with specific contingencies [2] - The exchange ratio and other terms will be finalized at the time of pricing [2] Group 2: Use of Proceeds - The net proceeds from the bonds offering will be used for repayment of existing indebtedness, payment of interest, and general corporate purposes [3] Group 3: Regulatory and Market Considerations - The bonds will not be registered under the Securities Act and cannot be offered or sold in the U.S. except under certain exemptions [3] - The Trip.com Shares held by the company are classified as "restricted securities" [3] Group 4: Investor Strategies - Certain purchasers of the bonds may use a convertible arbitrage strategy to hedge their exposure, involving a short position in Trip.com Shares or ADSs [4] - The bookrunners expect to facilitate a sale of Trip.com Shares to hedge investors concurrently with the pricing of the bonds [4] Group 5: Company Overview - Baidu, founded in 2000, is a leading AI company with a strong Internet foundation, trading on Nasdaq and HKEX [6]