Core Viewpoint - Jitu Express Global Limited has completed the issuance of zero-coupon secured convertible bonds maturing in 2033, with a total principal amount of HKD 4.65 billion [2] Group 1: Bond Issuance Details - The convertible bonds were issued on February 5, 2026, and are expected to be listed on the Hong Kong Stock Exchange on or around February 6, 2026 [2] - The net proceeds from the issuance are approximately HKD 4.596 billion, with 70% allocated for overseas business and technology upgrades [2] - The joint global coordinators and joint bookrunners for the issuance are Morgan Stanley, BofA Securities, and J.P. Morgan [2] Group 2: Fund Allocation - Of the net proceeds, 60% will be used for upgrading overseas sorting centers, expanding trunk transportation capacity, and transitioning to green operations [2] - 10% of the proceeds will be allocated for upgrading the self-designed JMS system [2] - 20% will be used to optimize the capital structure, with authorization to repurchase up to approximately 890 million Class B ordinary shares, totaling no more than HKD 1 billion [2] - The remaining 10% will be used for general corporate purposes [2] Group 3: Share Dilution Impact - Based on the initial conversion price of HKD 14.55 per share, if all bonds are converted, approximately 320 million new shares will be issued, representing 3.47% of the enlarged share capital [2] - The shareholding percentage of founder Mr. Li Jie and his associates will be diluted from 11.01% to 10.62% [2]