Core Viewpoint - The company, now primarily a Bitcoin investor, experienced a decline in stock price following a negative analyst note, contrasting with the modest decline of the S&P 500 [1] Group 1: Analyst Commentary - Gus Galá from Monness, Crespi, Hardt issued a sell recommendation with a price target of $175, significantly lower than the stock's recent closing price of $337.58 [2] - The analyst highlighted concerns regarding the stock's premium valuation relative to its total Bitcoin holdings and potential impacts on financial strength due to an increasing amount of convertible bonds [4] Group 2: Convertible Bonds - Convertible bonds can either remain as debt or convert into equity, posing risks of excessive debt on the balance sheet or dilution for existing shareholders if many bonds are converted [5] Group 3: Bitcoin Exposure - The company is highly exposed to Bitcoin's volatility, which, despite recent strong performance, remains a cryptocurrency subject to significant price fluctuations [6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 LET GROUP HOLDINGS LIMITED （於開曼群島註冊成立之有限公司） （股份代號：1383） 海外監管公告： 由一間海外上市附屬公司及繼續停牌 本 公 告 乃 根 據 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）證 券 上 市 規 則（「上市規則」）第 13.10B條而作出。 LET Group Holdings Limited於 菲 律 賓 證 券 交 易 所（「菲律賓證券交易所」）上 市 的 一 間海外上市附屬公司Suntrust Resort Holdings, Inc.已 於2025年8月20日在菲律賓證 券交易所網站刊載其截至2025年6月30日止三個月之季度報告（「第二季度報告」）。 有關詳情請參閱隨附的第二季度報告。 繼續停牌 茲提述本公司日期為2025年8月18日之公告，內容有關聯交所上市委員會決定取 ...

Coinbase is raising $2 billion from the sale of convertible bonds, joining a rush of cryptocurrency-focused companies tapping the market to lock in cheap capital https://t.co/awS2IZed9j ...

1. Report Industry Investment Rating No information provided regarding the industry investment rating in the given report. 2. Core Viewpoints of the Report - With the expansion of global AI demand and the capital expenditure on computing power by North American cloud - computing giants, the domestic computing hardware supply chain is expected to continue its high - growth trend. Domestic large - models are predicted to iterate rapidly in the second half of the year, and the AIDC scale is expected to further expand. The pan - AI sector is a relatively scarce high - growth area, and investment opportunities in this sector are recommended to be focused on in Q3 [1][10]. - Currently, convertible bond valuations are at a relatively high historical level due to the continuous inflow of fixed - income funds and the recovery of stock market expectations. The idea of achieving excess returns in the high - valuation range is to bet on the elasticity of the underlying stocks of convertible bonds. When the capital situation of convertible bonds is stable and the stock market expectations do not change significantly, the valuation of the convertible bond market is unlikely to shrink actively. Buying convertible bonds corresponding to high - elasticity underlying stocks (such as those in the AI sector) at a high - risk preference position can easily generate excess returns during an upward wave [1][10]. 3. Summary by Relevant Catalog 3.1 Overall Logic and Layout Ideas - The domestic computing hardware supply chain is expected to maintain high growth due to global AI demand expansion and North American cloud - computing giants' capital expenditure on computing power. Domestic large - models will iterate quickly in the second half, and AIDC will expand. The pan - AI sector is a high - growth area, and Q3 investment opportunities are recommended [1][10]. - For convertible bond investment, with high valuations, the strategy is to invest in convertible bonds of high - elasticity underlying stocks to gain excess returns in an upward market [1][10]. 3.2 Individual Bond Selection 3.2.1 Unex Electronics/Unex Convertible Bond - Unex is a global leader in electronic design and manufacturing services, leading in the SiP module field. It has 30 manufacturing service sites across four continents, providing comprehensive services to global brand customers [16]. - In 2024, its revenue was 60.691 billion yuan, almost flat year - on - year. Cloud and storage product revenue increased by 13.35% due to AI - driven server demand [16]. - In 2025, it aims to accelerate business in AI accelerator cards. It is also developing power modules and motherboards for AI servers. It participates in providing Wi - Fi SiP modules for a North American AI glasses customer's third - generation product and has obtained an order for N - in - one motherboard modules, expected to bring significant revenue in 2026 [2][22][24]. 3.2.2 Huamao Technology/Huamao Convertible Bond - Huamao is a leader in the automotive passive safety field, with products covering airbags, seat belts, etc. In 2024, it released an action plan, strengthening its automotive parts business and entering the semiconductor and computing manufacturing fields [25]. - In 2024, its revenue was 2.213 billion yuan, up 7.67% year - on - year. Net profit was 277 million yuan, up 14.64%. It plans to expand in the semiconductor and computing manufacturing sectors by increasing investment and integrating the supply chain of Fuchuang Youyue [25][30]. - Fuchuang Youyue provides one - stop electronic manufacturing services, especially in high - speed optical module manufacturing for global computing industry chains. It has shipped to 7 of the top 20 global optical module manufacturers in 2024, with over 3.5 million 800G optical module PCBA shipments [31][32]. 3.2.3 Bowei Alloy/Bo 23 Convertible Bond - Bowei's main businesses are new materials and international new energy. Its new materials are high - performance non - ferrous alloy products, widely used in AI, 6G, etc. In 2024, its alloy strip business sales increased by 42.23% and net profit increased by 171.12% [33]. - Its high - speed connector, shielding, and lead - frame materials are crucial for computing servers and data centers. Products like boway19920 and boway70318 meet the requirements of high - computing servers [35]. 3.2.4 Sangfor Technologies/Sangfor Convertible Bond - Sangfor focuses on enterprise - level network security, cloud computing, and IT infrastructure. Its network security business uses cloud security and AI for active monitoring and protection [36]. - It has been developing cloud computing since 2012, launching multiple products. In 2024, it released the AICP platform for large - model development, aiming to lower the threshold of using AI technology [37]. 3.2.5 Minglida/Mingli Convertible Bond - Minglida's products are mainly used in photovoltaic, energy storage, new - energy vehicles, and security. In 2024, its sales declined due to the inventory reduction in the photovoltaic and energy - storage industries. However, demand is recovering in 2025 [39]. - It has made breakthroughs in the new - energy vehicle business with leading global customers. It plans to expand in the robot and liquid - cooling industries and expects increased revenue from server and automotive liquid - cooling [39][43][44].

Market Trends - Convertible bonds are surging in Asia [1] - Mideast startups double fundraising [1] Company Specific - Thames Water braces for state rescue [1]

Market Trends - Asian convertible bond sales are soaring in 2025, trending towards multiyear highs [1]

Henderson Land Development is seeking to raise $1 billion from the sale of convertible bonds https://t.co/YiYlU55aZD ...

Core Viewpoint - GDS Holdings Limited is initiating a proposed offering of convertible senior notes totaling US$450 million, with the aim of addressing working capital needs and refinancing existing debt [1][2]. Group 1: Notes Offering Details - The offering consists of convertible senior notes with a principal amount of US$450 million, maturing on June 1, 2032, and may include an additional US$50 million option for initial purchasers [1][2]. - The net proceeds from the offering will be used for working capital and refinancing existing indebtedness, including potential repurchases of convertible bonds due 2029 [2]. - The notes will be senior unsecured obligations of the company and will be convertible under specific conditions starting December 1, 2031 [3]. Group 2: Redemption and Repurchase Conditions - The company may redeem the notes for cash under certain conditions, including tax law changes or if less than 10% of the original principal remains outstanding [4]. - Holders can require the company to repurchase their notes on June 1, 2029, or upon a "fundamental change" [5]. Group 3: Market Activities and ADS Offerings - Certain purchasers may establish short positions in the company's American depositary shares (ADSs) in connection with the notes offering, potentially affecting market prices [6]. - The company has also announced a separate public offering of borrowed ADSs to facilitate derivative transactions for some note holders [7]. - Additionally, a primary offering of 5,200,000 ADSs is planned, with underwriters having a 30-day option to purchase an additional 780,000 ADSs [8]. Group 4: Company Overview - GDS Holdings Limited is a leading developer and operator of high-performance data centers in China, strategically located in major economic hubs [11]. - The company offers co-location and value-added services, including managed hybrid cloud services, and has a diverse customer base including hyperscale cloud service providers and large corporations [11].

Core Viewpoint - Euronext has launched an offering of €425 million in senior unsecured bonds due 2032, which are convertible into new shares and/or exchangeable for existing shares, aimed at qualified investors only [1][11]. Group 1: Offering Details - The nominal amount of the bond offering is €425 million, and the bonds will be issued with a denomination of €100,000 each [1][3]. - The bonds are expected to pay a fixed coupon rate between 1.5% and 2.0% per annum, payable semi-annually [3]. - The initial conversion price will be set between 30% and 35% above the reference share price on Euronext Paris [4]. Group 2: Use of Proceeds - The net proceeds from the bond offering will be used to repay a portion of a bridge loan facility used for the acquisition of Admincontrol and for general corporate purposes [2]. Group 3: Redemption and Conversion Rights - The bonds will be redeemed at par on 30 May 2032 unless previously converted, exchanged, redeemed, or purchased and cancelled [5]. - Bondholders will have the right to convert or exchange the bonds into new and/or existing shares from the 41st day after the issue date until 7 business days before the maturity date [7]. - The conversion ratio will be based on the principal amount divided by the initial conversion price, with standard adjustments for anti-dilution and dividend protections [8]. Group 4: Market and Shareholder Information - The bonds will be placed with qualified investors only, excluding public offers in certain jurisdictions [11][17]. - Existing shareholders will not have preferential subscription rights in connection with the bond issuance [12]. - The company is not aware of any intentions from its main shareholders to participate in the offering [13]. Group 5: Lock-up and Dilution - The company will agree to a lock-up undertaking regarding its shares for a period starting from the announcement of the final terms of the bonds and ending 90 days after the issue date [14]. - The potential dilution from the bond conversion, assuming a nominal amount of €425 million and a reference share price of €145.0, would represent approximately 2.1% of the company's outstanding share capital [15].