Core Viewpoint - PayPay Corporation is set to launch its initial public offering (IPO) with approximately 54.99 million American depositary shares priced at $16 each, indicating a significant move towards public trading [1]. Group 1: IPO Details - The IPO will consist of 31.05 million ADSs issued directly by PayPay and 23.93 million ADSs sold by SVF II Piranha (DE) LLC, an investment fund controlled by SoftBank Group Corp [1]. - The ADSs are expected to start trading on the Nasdaq Global Select Market on March 12, 2026, under the ticker symbol "PAYP" [2]. - The IPO is anticipated to close on March 13, 2026, pending customary closing conditions [3]. Group 2: Underwriting and Over-allotment - Goldman Sachs & Co. LLC, J.P. Morgan, Mizuho Securities USA LLC, and Morgan Stanley & Co. LLC are serving as joint book-running managers for the IPO [3]. - PayPay has provided underwriters with an option to purchase up to an additional 8.25 million ADSs to cover any over-allotments within 30 days following the final prospectus [2].

Group 1 - PayPay Corp., a subsidiary of SoftBank Group Corp., has launched the roadshow for its initial public offering (IPO) of American depositary shares (ADSs), proposing to offer 54,987,214 ADSs at an estimated price range of $17 to $20 per ADS [1] - The offering includes 31,054,254 ADSs to be sold by PayPay and 23,932,960 ADSs to be sold by SVF II Piranha LLC, an investment fund controlled by SoftBank Group [1] - PayPay plans to grant underwriters a 30-day option to purchase an additional 8,248,081 ADSs to cover over-allotments [2] Group 2 - The company has applied to list the ADSs on the Nasdaq Global Select Market under the symbol "PAYP" [2] - Additionally, 8,653,079 ADSs will be offered in Japan as part of the total proposed offering, maintaining the same price range [2] - SoftBank Group intends for PayPay to remain its subsidiary post-IPO, with no expected material impact on its consolidated results or financial position [3]

Core Viewpoint - GDS Holdings Limited has announced the pricing of a $500 million offering of 2.25% convertible senior notes due in 2032, increasing the initial offering size from $450 million, with expected net proceeds of approximately $486.1 million after expenses [1][2]. Group 1: Notes Offering Details - The offering consists of 2.25% convertible senior notes with an aggregate principal amount of $500 million, due in 2032, and is being offered to qualified institutional buyers [1]. - The company has granted initial purchasers an option to buy an additional $50 million in notes, with the offering expected to close around May 30, 2025 [1]. - The net proceeds will be used for working capital and refinancing existing debt, including potential repurchases of convertible bonds due in 2029 [2]. Group 2: Notes Characteristics - The notes will bear interest at 2.25% per year, payable semiannually, and will mature on June 1, 2032 [3]. - The initial conversion rate is set at 30.2343 American depositary shares (ADSs) per $1,000 principal amount, equating to a conversion price of approximately $33.08 per ADS, representing a 35% premium over the ADS public offering price of $24.50 [4]. - The notes are convertible under specific conditions, with holders able to convert them into cash, ADSs, or a combination thereof starting December 1, 2031 [5]. Group 3: Redemption and Repurchase Options - The company may redeem the notes under certain conditions, including tax law changes or if less than 10% of the original principal remains outstanding [6]. - Holders can require the company to repurchase their notes on June 1, 2029, or upon a "fundamental change" [7][8]. Group 4: Market Impact and Additional Offerings - The company anticipates that some purchasers may establish short positions in its ADSs, which could affect the market price of both the ADSs and the notes [9]. - GDS Holdings has also priced a separate public offering of 6,000,000 ADSs to facilitate derivative transactions related to the notes offering [10]. - Additionally, a public offering of 5,200,000 ADSs has been announced, with underwriters granted a 30-day option for additional purchases [11].

Core Viewpoint - GDS Holdings Limited is initiating a proposed offering of convertible senior notes totaling US$450 million, with the aim of addressing working capital needs and refinancing existing debt [1][2]. Group 1: Notes Offering Details - The offering consists of convertible senior notes with a principal amount of US$450 million, maturing on June 1, 2032, and may include an additional US$50 million option for initial purchasers [1][2]. - The net proceeds from the offering will be used for working capital and refinancing existing indebtedness, including potential repurchases of convertible bonds due 2029 [2]. - The notes will be senior unsecured obligations of the company and will be convertible under specific conditions starting December 1, 2031 [3]. Group 2: Redemption and Repurchase Conditions - The company may redeem the notes for cash under certain conditions, including tax law changes or if less than 10% of the original principal remains outstanding [4]. - Holders can require the company to repurchase their notes on June 1, 2029, or upon a "fundamental change" [5]. Group 3: Market Activities and ADS Offerings - Certain purchasers may establish short positions in the company's American depositary shares (ADSs) in connection with the notes offering, potentially affecting market prices [6]. - The company has also announced a separate public offering of borrowed ADSs to facilitate derivative transactions for some note holders [7]. - Additionally, a primary offering of 5,200,000 ADSs is planned, with underwriters having a 30-day option to purchase an additional 780,000 ADSs [8]. Group 4: Company Overview - GDS Holdings Limited is a leading developer and operator of high-performance data centers in China, strategically located in major economic hubs [11]. - The company offers co-location and value-added services, including managed hybrid cloud services, and has a diverse customer base including hyperscale cloud service providers and large corporations [11].

Core Points - AirNet Technology Inc. will terminate the amended and restated Deposit Agreement effective May 30, 2025 [1][2] - On the effective date, holders of American depositary shares (ADSs) will have their ADSs automatically cancelled and will receive one ordinary share for each ADS cancelled [2] Company Actions - The termination of the Deposit Agreement will be communicated to all holders and beneficial owners of the Company's American depositary receipts (ADRs) around April 30, 2025 [2] - The underlying Deposited Securities will be distributed to ADS holders as part of the Mandatory Exchange [2]