Core Viewpoint - GCL-Poly Energy Holdings Limited (03800.HK) announced an extension of the final deadline for issuing up to HKD 1.17 billion convertible bonds to March 20, 2026, due to the need for more time to fulfill the conditions precedent for the subscription agreement [1] Group 1 - The company has agreed with the subscribers to extend the final deadline for the convertible bond issuance [1] - The original deadline was set for February 27, 2026, which has now been postponed [1] - The total amount of convertible bonds to be issued is up to HKD 1.17 billion [1]

Core Viewpoint - The report from Credit Lyonnais indicates that improvements in debt structure and declining interest rates are expected to enhance the profitability of J&T Express-W (01519), while ongoing share buybacks are likely to further boost earnings per share, benefiting all shareholders despite potential dilution effects. The rating is maintained at "Outperform" with a target price of HKD 13.6 [1] Group 1 - J&T Express plans to issue HKD 46.5 billion in convertible bonds with a maturity of 7 years, offering a yield of 0.375% upon conversion [1] - The primary purposes of the bond issuance include share buybacks, refinancing high-interest old debt, and expanding into new markets in the EU and the US [1] - Management has indicated that due to sufficient cash reserves, there may not be further financing plans in 2026 [1]

Core Viewpoint - The report from Credit Lyonnais indicates that improvements in debt structure and declining interest rates are expected to enhance the profitability of J&T Express-W (01519), while ongoing share buybacks are likely to further boost earnings per share, benefiting all shareholders despite potential dilution effects [1] Group 1 - J&T Express plans to issue HKD 4.65 billion in convertible bonds with a maturity of 7 years, offering a yield of 0.375% upon conversion [1] - The primary purposes of the bond issuance include share buybacks, refinancing high-interest old debt, and expanding into new markets in the EU and the US [1] - Management has indicated that due to sufficient cash reserves, there may not be further financing plans in 2026 [1] Group 2 - Credit Lyonnais maintains a "Outperform" rating for J&T Express with a target price of HKD 13.6 [1]