此外，周大福创建宣布拟发行于2028年到期的22.18亿港元0.75%可交换债券，交换财产为其持有的首程 控股约10.0%的已发行股本。交易完成后，周大福创建将退出对首程控股的投资。中金表示，将此次交 易视为首程控股进一步优化其持股结构的重要契机；此次交易完成后，首程控股流动性将显著改善。 周大福创建(00659)再涨超4%，截至发稿，涨3.82%，报8.42港元，成交额4606.77万港元。 消息面上，周大福创建近期发布截至6月底全年业绩，公司股东应占溢利上升4%至21.62亿港元。里昂 发布研报称，周大福创建下半财年经常性利润同比增长18%至14亿元，由于公司的战略投资带动更高贡 献，其表现较预期高出19%。末期息派0.35港元，同比持平，基本符合预期，公司亦建议进行十送一红 股。 ...

Core Viewpoint - The report from CICC raises the target price for Shoucheng Holdings (00697) by 21% to HKD 3.3 per share, indicating a 30% upside potential from the current stock price, corresponding to a 2.8 times P/B for 2025, while maintaining an outperform rating for the industry [1]. Group 1: Share Structure Optimization - The transaction involving Chow Tai Fook's issuance of HKD 22.18 billion 0.75% exchangeable bonds, which will exchange for approximately 10% of Shoucheng Holdings' issued share capital, is seen as a significant opportunity for optimizing the shareholding structure of Shoucheng Holdings [2]. - Prior to 2025, Shoucheng Holdings had a high proportion of industrial investors compared to financial market institutional investors, which suppressed stock liquidity and the entry of new institutional investors. The company has taken multiple steps to improve liquidity, including issuing USD 1.8 billion convertible bonds to overseas investors and a recent HKD 600 million placement [3]. - Following the completion of the transaction, the effective float ratio of the company is expected to increase from around 10% to approximately 30%, significantly improving liquidity [3]. Group 2: Future Outlook - In the next 3-6 months, the company is expected to have further upside potential, with around 57% of the convertible bonds issued in the second quarter already converted, totaling approximately 500 million shares [4]. - The share exchange by Chow Tai Fook implies a price of HKD 2.65 per share, which is not expected to exert short-term pressure on the stock price [4]. - The company's profitability is anticipated to continue improving alongside the development of the robotics industry [4].

格隆汇9月25日｜周大福创建(0659.HK)拟发行于2028年到期的22.18亿港元0.75厘可交换债券，所得款项 净额约22.5亿港元，将用于持续厘定的一般企业用途，其中约50%拟于适当时机，优先考虑投资于具韧 性、能产生现金流兼具增长潜力并与集团的业务板块相符的项目。 首程控股则表示，接到早期投资人周大福创建的通知，获悉其建议发行总额约为22亿港元的可交换债 券。公司的核心使命是通过企业发展为所有股东持续创造综合价值。展望未来，公司将继续秉持创业者 精神，认真、专注、克制地经营企业，致力于为全体股东带来长期可持续的回报。 债券持有人初步有权就债券本金额中每200万港元收取75.29万股首程控股(0697.HK)股份。交换财产初 步由8.35亿股首程股份组成。组成交换财产的首程股份占首程股本约10%及为集团透过RPL持有首程的 接近全部股权。债券的初始交换价每股首程股份2.6565港元，较首程股份于9月24日所报收市价每股2.53 港元溢价5%。 ...

（原标题：首程控股(00697)股东发行约22亿港元可交换债券） 智通财经APP讯，首程控股(00697)发布公告，公司接到早期投资人周大福创建有限公司(0659.HK)的通 知，获悉其已于今日成功建议发行总额约为22亿港币的可交换债券，冀此获得了较好的现金回流，集团 报以衷心的祝福。 公司始终秉持的核心使命是通过企业发展为所有股东持续创造综合价值，这一使命亦是驱动公司前行的 不竭动力。 展望未来，公司将继续秉持创业者精神，认真、专注、克制地经营企业，致力于为全体股东带来长期可 持续的回报。集团期待更多投资者继续关注与支持公司的成长与发展。 ...

公司始终秉持的核心使命是通过企业发展为所有股东持续创造综合价值，这一使命亦是驱动公司前行的 不竭动力。 展望未来，公司将继续秉持创业者精神，认真、专注、克制地经营企业，致力于为全体股东带来长期可 持续的回报。集团期待更多投资者继续关注与支持公司的成长与发展。 首程控股(00697)发布公告，公司接到早期投资人周大福创建有限公司(0659.HK)的通知，获悉其已于今 日成功建议发行总额约为22亿港币的可交换债券，冀此获得了较好的现金回流，集团报以衷心的祝福。 ...

Core Viewpoint - Alibaba Group plans to issue approximately $3.2 billion of zero-coupon convertible senior notes maturing in 2032 to enhance cloud infrastructure and expand international business operations [1] Fund Allocation - About 80% of the net proceeds from the fundraising will be used to enhance cloud infrastructure, including expanding data centers, upgrading technology, and optimizing services to meet growth demands [1] - The remaining 20% will be allocated to expanding international business operations, focusing on operational investments to improve market position and efficiency [1] Stock Price Strategy - Alibaba has entered into capped call transactions aimed at increasing the effective conversion price, with the upper limit expected to be 60% higher than the closing price of Hong Kong stocks on Thursday [1] - Based on the closing price of $143.93 on Wednesday, the stock price could rise to $230, which would trigger new share issuance, effectively reducing potential dilution and demonstrating Alibaba's confidence in future development [1] Financial Position - As of the end of June, Alibaba's cash reserves stood at $81.8 billion, indicating a strong financial position [1] - The issuance of notes and capped call transactions is intended to lower the company's overall cost of capital [1] Market Context - Recent favorable interest rates and overall capital market conditions have attracted many companies to issue bonds, with Baidu issuing $2 billion in exchangeable bonds this year and Tencent reportedly planning to issue offshore RMB bonds [1]

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]

Macro Economic Overview - The US job market remains robust, with June non-farm payrolls significantly exceeding market expectations, leading to a drop in the unemployment rate. However, the job growth is primarily supported by seasonal government education positions, while private sector employment, especially in manufacturing and key service industries, has slowed considerably [2] - The Federal Reserve is expected to maintain a wait-and-see approach, with a reduced probability of interest rate cuts in the near term. Inflation is anticipated to slightly rebound from June to August before declining again in September [2] - The report indicates that the Chinese stock market showed mixed results, with Hong Kong stocks declining while A-shares rose, driven by sectors such as banking and public utilities [4] Company Analysis - Alibaba (BABA US) announced plans to issue HKD 12 billion in zero-coupon exchangeable bonds due in 2032 to support international business development. The proceeds will be used for general corporate purposes, including investments in cloud infrastructure and international business [5] - The issuance of these bonds is expected to help Alibaba quickly raise overseas funds for international expansion and increase the liquidity of Alibaba Health's shares upon conversion [5] - The report maintains a "Buy" rating for Alibaba with a target price of USD 155.5, reflecting a potential upside of 43% from the current price of USD 108.70 [6] Focus Stocks - Geely Automobile (175 HK) is rated "Buy" with a target price of HKD 24.00, indicating a potential upside of 48% from the current price of HKD 16.26 [6] - Xpeng Motors (XPEV US) is also rated "Buy" with a target price of USD 28.00, representing a 49% upside from its current price of USD 18.85 [6] - Luckin Coffee (LKNCY US) is rated "Buy" with a target price of USD 40.61, suggesting a 6% upside from the current price of USD 38.49 [6]

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].