格隆汇9月11日｜高盛发表研究报告指，中国太保宣布发行155.56亿港元2030年到期的零息可转换债 券，相信这是公司利用过去12个月股价上涨及低成本融资的机会所进行的股票募集。该行并不认为中国 太保的核心保险子公司(太保寿险及太保财险)有实时的资本需求，两者核心偿付能力比率在上半年分别 为136%及196%。另一方面，鉴于长期债券收益率走向的不确定性，该行相信额外资本可让公司在资本 管理上更具弹性。该行予公司"中性"评级，H股目标价30.5港元。 ...

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]