Core Viewpoint - Chow Tai Fook (00659) has announced a new panda bond plan for 2026, with a total registration amount not exceeding RMB 5 billion, pending approval from the China Interbank Market Dealers Association [1] Group 1: Panda Bond Plan - The 2026 panda bond plan can be issued within two years from the receipt of the acceptance notice from the association, and may be issued in multiple tranches [1] - The exact issuance time, term, scale, and terms of the 2026 panda bonds will depend on market conditions at the time of issuance [1] - The coupon rate for the 2026 panda bonds will be determined through a centralized book-building process [1] Group 2: Financial Strategy - The 2026 panda bond plan is expected to provide a cost-effective way for the group to refinance the outstanding principal amount of notes maturing in 2026 and 2027 [1] - The favorable interest rate differential between USD/HKD borrowing and RMB borrowing is anticipated to persist, benefiting the company's financing strategy [1] - A significant portion of the group's assets, operations, and income is denominated in RMB, making the 2026 panda bonds a natural hedge against RMB exchange rate fluctuations [1]

Core Viewpoint - Chow Tai Fook (00659) has announced a new panda bond plan for 2026, with a total registration amount not exceeding RMB 5 billion, following the maturity of its 2023 panda bond plan in April 2025 [1] Group 1: Panda Bond Plan - The company has applied to the China Interbank Market Dealers Association for the registration of the 2026 panda bond plan, which can be issued within two years upon receiving the acceptance notice [1] - The exact issuance time, term, scale, and terms of the 2026 panda bonds will depend on market conditions at the time of issuance [1] - The coupon rate for the 2026 panda bonds will be determined through a centralized book-building process [1] Group 2: Financial Strategy - The 2026 panda bond plan is expected to provide a cost-effective means for refinancing the outstanding principal amount of notes maturing in 2026 and 2027 [1] - The favorable interest rate differential between USD/HKD borrowing and RMB borrowing is anticipated to persist, benefiting the company's financing strategy [1] - A significant portion of the company's assets, operations, and income is denominated in RMB, making the 2026 panda bonds a natural hedge against RMB exchange rate fluctuations [1]