Core Viewpoint - China Pacific Insurance (02601.HK) has successfully completed the issuance of bonds totaling HKD 15.556 billion, with all conditions of the subscription agreement met [1] Group 1 - The bond issuance was completed on September 18, 2025, and the net proceeds will be used to support the insurance main business, implement three strategic initiatives: "Great Health, AI+, and Internationalization," and supplement working capital for general corporate purposes [1] - The bonds will be listed and traded on the Hong Kong Stock Exchange, with the application expected to take effect on September 19, 2025 [1]

Core Viewpoint - Goldman Sachs reports that China Pacific Insurance has announced the issuance of HKD 15.556 billion zero-coupon convertible bonds maturing in 2030, indicating the company's opportunity to raise equity capital due to the stock price increase and low-cost financing over the past 12 months [1] Group 1: Company Financials - The core insurance subsidiaries of China Pacific Insurance (China Pacific Life and China Pacific Property) do not have immediate capital needs, with solvency ratios of 136% and 196% respectively in the first half of the year [1] - The additional capital from the bond issuance is expected to provide the company with greater flexibility in capital management amid uncertainties in long-term bond yields [1] Group 2: Analyst Ratings - Goldman Sachs maintains a "Neutral" rating on the company, with a target price of HKD 30.5 for its H-shares [1]

Core Viewpoint - China Ping An has signed a subscription agreement to issue HKD 11.765 billion zero-coupon convertible bonds due in 2030, which can be converted into H-shares at an initial conversion price of HKD 55.02 per share [1][2] Group 1 - The total principal amount of the bonds is HKD 11.765 billion, which can be converted into approximately 214 million shares, representing about 2.87% of the existing H-shares and 1.17% of the total issued share capital as of the announcement date [1] - The initial conversion price of HKD 55.02 per share is subject to adjustments [1] - After full conversion of the bonds, the new shares will represent approximately 2.79% of the enlarged issued H-shares and 1.16% of the total issued share capital, assuming no other changes in share capital [1] Group 2 - The net proceeds from the bond issuance will be used to meet the group's future financial business development needs, support the new strategic developments in healthcare and elderly care, and for general corporate purposes [2] - The board believes that the bond issuance will help optimize the group's capital structure and diversify financing channels, providing support for the group's ongoing business development [2]