Group 1 - The core announcement involves a bondholder, Mr. Duan Chuanliang, exchanging convertible bonds for 547 million shares of Kangda Environmental, representing approximately 25.55% of the company's total issued share capital as of the announcement date [1] - Following the exchange, Mr. Duan and Sharp Profit will collectively hold rights to 1.156 billion shares, amounting to about 54.01% of the total issued share capital [1] - Sharp Profit, a wholly-owned subsidiary of China Water Affairs, is a major shareholder with approximately 28.46% of the company's issued share capital as of the announcement date [1] Group 2 - The company has 214 million stock options that have vested, allowing option holders to subscribe for shares at an exercise price of HKD 0.30 per share [2] - According to takeover rules, Mr. Duan must make an appropriate offer to option holders for all unexercised options [2] - The offer price for the shares is set at HKD 0.348 per share, which is higher than the conversion price of HKD 0.25 per share under the convertible bonds [2]

Group 1 - The issuance of exchangeable bonds in the Hong Kong stock market has been active this year, with zero-coupon exchangeable bonds frequently emerging, exemplified by Alibaba's issuance of HKD 12.023 billion on July 9 [1] - As of July 20, the total issuance of exchangeable bonds in the Hong Kong stock market has exceeded HKD 47.2 billion, driven by strong demand from international long-term institutional investors [1] - Exchangeable bonds allow holders to convert them into shares of the issuing company's subsidiaries, parent companies, or affiliated enterprises, thus providing a dual nature of debt and equity [1] Group 2 - The appeal of exchangeable bonds is attributed to the increasing global preference for the Hong Kong market, especially as competition for IPO subscription quotas intensifies [1] - Exchangeable bonds serve as a tool linked to high-quality stock assets, becoming a channel for international capital to allocate investments in premium Hong Kong stocks [1] Group 3 - The conditions for conversion of exchangeable bonds are typically predetermined, allowing bondholders to benefit significantly if the underlying stock price rises [2] - For instance, Alibaba's zero-coupon exchangeable bond allows holders to exchange it for shares of Alibaba Health at an initial exchange price of HKD 6.23, representing a 48% premium over the hedged placement price of HKD 4.21 [2] Group 4 - The liquidity in the Hong Kong stock market has improved significantly, with the total market capitalization reaching HKD 42.7 trillion as of June 30, 2025, a 33% increase from the previous year [3] - The average daily trading volume in the first half of 2025 was HKD 240.2 billion, up 118% year-on-year, contributing to favorable conditions for the conversion of exchangeable bonds [3] - Nearly 40% of Hong Kong-listed companies have seen their stock prices rise over 20% this year, with some companies like Pop Mart experiencing increases over 170% [3] Group 5 - Exchangeable bonds have emerged as an alternative channel for international capital to invest in high-quality Hong Kong assets, especially amid a competitive IPO market [4] - As of July 18, the total amount raised through Hong Kong IPOs reached HKD 124.006 billion, with 42% of this amount contributed by cornerstone investors, two-thirds of whom are overseas investors [4] - The ongoing optimization of the Hong Kong market mechanisms and the enhanced international competitiveness of quality enterprises are expected to lead to increased adoption of exchangeable bonds by more premium companies [4]

2025 年 7 月 7 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 宏观及公司点评 全球市场观察 宏观经济 美国经济 - 就业超预期，美联储将继续观望 6 月美国新增非农就业大超市场预期，失业率也超预期下降，显示就业市场 仍然稳健，数据公布后市场对 7 月降息预期大幅降至 5%。但数据背后仍有隐 忧，首先新增就业主要由季节性的地方政府教育岗位招聘支撑，而私营部门 特别是制造业、金融、医疗保健和酒店休闲等支柱服务业就业大幅放缓。其 次，失业率下降主要因劳动参与率的下降，显示特朗普移民政策影响，劳动 力供给减少。 非农就业超预期将延长美联储观望期，降低近期降息概率。美联储仍需观察 两个月的数据才能评估关税对通胀的影响。预计通胀在 6-8 月可能小幅反弹， 9 月再次下行。随着经济放缓和通胀见顶回落，我们认为美联储可能在 9 月 降息一次，11 月或 12 月再降息一次。（链接） 招银国际研究部 邮件：research@cmbi.com.hk 2025 年 7 月 7 日 | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌 ...

Group 1: Market Operations - The central bank conducted a reverse repurchase operation of 34 billion yuan for 7 days at a fixed rate of 1.40%, with a total bid amount of 34 billion yuan and a net withdrawal of 491.9 billion yuan on that day [2][4]. Group 2: Funding Conditions - The funding environment remains ample and loose, with the overnight pledged repo rate slightly declining to 1.31% and the 7-day pledged repo rate decreasing by over 4 basis points to 1.42% [4]. Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit is around 1.61%, showing little change from the previous day [8]. Group 4: Bond Market Trends - The yields on major interbank bonds mostly decreased, with the 30-year main contract rising by 0.11%, the 10-year contract by 0.03%, and the 5-year contract by 0.02% [11][12]. Group 5: Corporate Bond Issuance - Alibaba plans to issue approximately 12 billion Hong Kong dollars in exchangeable bonds for cloud computing and international e-commerce investments [17]. - Guizhou successfully issued its first technology innovation corporate bond [17]. - Sunac China intends to issue 754 million new shares to repay 5.6 billion yuan of domestic bonds [17]. - Fitch Ratings indicates that more city investment enterprises holding existing residential properties will benefit from the expanded use of special bonds [17].

Core Viewpoint - Alibaba plans to invest 380 billion yuan in AI infrastructure and is utilizing innovative financing tools to support this strategic investment [1][11]. Group 1: Financing Strategy - Alibaba announced the issuance of zero-coupon exchangeable bonds totaling approximately 12 billion HKD, maturing in 2032, with Alibaba Health shares as the underlying asset [1][2]. - This financing method is a low-cost option anchored to the value of Alibaba Health's equity, reflecting institutional investors' optimism about its future stock price [1][3]. - The initial exchange ratio for the bonds is set at approximately 160,500 shares of Alibaba Health for every 1 million HKD of bonds, with an initial exchange price of 6.23 HKD per share, which is 37.83% higher than the closing price on the announcement day [6]. Group 2: Market Context - Since September 24 of the previous year, Hong Kong stocks have performed well, with the Hang Seng Tech Index rising over 40% [1]. - Alibaba Health's stock price has also increased by 40% year-to-date, contributing to a lower financing cost for Alibaba [3][4]. Group 3: Strategic Focus - The financing will enhance Alibaba's focus on its core strategies in e-commerce and AI, with significant investments planned for international market expansion and AI infrastructure [8][11]. - Alibaba's financial health remains strong, with a net cash position of 366.4 billion yuan as of March 31, 2025, and a low debt ratio compared to peers in the Chinese internet sector [9][11]. Group 4: Future Outlook - The funds raised will be directed towards cloud computing infrastructure and international e-commerce development, with AI seen as a long-term growth engine [11]. - Alibaba's international e-commerce business is currently in an expansion phase but has not yet achieved profitability, with an adjusted EBITA loss of 15.137 billion yuan for the fiscal year 2025 [11].

Group 1 - Alibaba announced plans to issue zero-coupon exchangeable bonds totaling approximately HKD 12 billion, maturing in 2032, to fund cloud computing infrastructure and support international e-commerce development [1] - The bonds will reference Alibaba Health's common stock listed on the Hong Kong Stock Exchange, and Alibaba can fulfill its exchange obligations through delivery of Alibaba Health shares, cash, or a combination of both [1] - Even if Alibaba uses all Alibaba Health shares for settlement, it is expected to maintain control over Alibaba Health [1] Group 2 - Alibaba Group reported a revenue of CNY 996.347 billion for the fiscal year 2025, with a net profit growth of 77% to CNY 125.976 billion [2] - Alibaba Cloud achieved double-digit revenue growth in fiscal year 2025, with AI-related product revenue experiencing triple-digit year-on-year growth for seven consecutive quarters [2] - The company plans to invest over CNY 380 billion in the next three years to build cloud and AI hardware infrastructure, aiming to accelerate AI adoption across various industries [2]

Macro Dynamics - The Ministry of Commerce responded to the trade agreement between the US and Vietnam, emphasizing China's opposition to unilateral actions that sacrifice its interests for trade deals [1] - The Ministry of Commerce also commented on reports of a potential visit by a US presidential business delegation to China, reiterating the need for mutual respect and cooperation to enhance US-China economic relations [2] Industry Developments - The National Medical Products Administration announced measures to optimize the regulatory support for high-end medical device innovation, including special reviews for innovative medical devices and guidance for AI and biomaterials products [3] - The first chip-level post-quantum password card was launched by Anhui Wentian Quantum Technology Co., marking a significant advancement in quantum security technology [5] Financial Institutions - China Merchants Bank received approval to establish a wholly-owned subsidiary, China Merchants Financial Asset Investment Co., with a registered capital of 15 billion yuan, aimed at providing comprehensive financing support [6] - Baoding Bank was approved to increase its registered capital from 5.27 billion yuan to 5.98 billion yuan [7] Market Data - A-shares saw collective gains, with the Shanghai Composite Index rising by 0.18%, the Shenzhen Component by 1.17%, and the ChiNext Index by 1.90%, driven by a surge in consumer electronics stocks [9] - The total margin financing balance across both exchanges increased by 10.52 billion yuan, with the Shanghai Stock Exchange reporting a balance of 928.08 billion yuan and the Shenzhen Stock Exchange at 909.00 billion yuan [10] Company Dynamics - Aerospace Chengtong announced the restoration of its qualification for military material engineering service procurement after completing internal investigations [12] - Morgan Stanley increased its long position in CATL's H-shares from 7.05% to 8.09%, while its short position rose from 4.86% to 5.83% [13][14] - Wealth Trend's actual controller plans to reduce his stake by up to 3% through a combination of trading methods, which is not expected to significantly impact the company's governance [15] - Alibaba plans to issue approximately 12 billion HKD in zero-coupon exchangeable bonds, with proceeds aimed at cloud computing infrastructure and international e-commerce development [16]

Group 1 - The company has entered into a subscription agreement for the purchase of exchangeable bonds amounting to USD 4 million, with a payment structure involving USD 1 million in cash and the issuance of approximately 33.428 million shares at HKD 0.7 per share [1] - The exchangeable bonds, if fully exercised, will convert into 1% of the total issued share capital of the target company [2] - The company plans to issue up to 77 million placement shares at a price of HKD 0.7 per share, representing approximately 13.94% of the existing share capital as of the announcement date [2] Group 2 - The placement price of HKD 0.7 per share represents a discount of approximately 18.60% compared to the closing price of HKD 0.86 on the date of the placement agreement [3] - The estimated total proceeds from the placement, after deducting commissions and related expenses, will be approximately HKD 53.9 million, with a net amount of about HKD 53.36 million [3] - The net proceeds will be allocated as follows: approximately HKD 7.8 million for the cash consideration of the subscription, around HKD 35.56 million for repaying existing loans, and about HKD 10 million for general working capital [3]

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佈之內容概不負責， 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佈全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本公佈僅供參考，並不構成收購、購買或認購股份或本公司其他證券之邀請或要約。 （於開曼群島註冊成立並遷冊往百慕達之有限公司） （股份代號：855） 配售可交換債券 本公佈乃中國水務集團有限公司（「本公司」）自願作出，旨在向股東及潛在投資者 提供有關可交換債券之最新資料。 謹此提述本公司日期為二零二零年四月一日、二零二一年七月十二日及二零二三 年十二月四日之公佈（「該等公佈」），內容有關（其中包括）認購可交換債券以及修 訂可交換債券之條款。除文義另有所指外，本公佈所用詞彙與該等公佈所界定者 具有相同涵義。 本公司董事（「董事」）會（「董事會」）謹此宣佈，於二零二四年十一月八日（交易時 間後），全資附屬公司Sharp Profit（即可交換債券之持有人）與一名配售代理（「配 售代理」，其為根據香港法例第571章證券及期貨條例可從事第1類（證券交易）、 第4類（就證券提供意見）及第6類（就機構融資提供意見）受規管 ...