China Pacific Insurance proposes HK$-denominated convertible bonds issue

China Pacific Insurance (Group) Co., Ltd. has announced a proposed issue of HK$-denominated convertible bonds. These convertible bonds will be offered exclusively to professional investors outside the United States, in accordance with Regulation S under the Securities Act of 1933. The company plans to apply for listing of the convertible bonds and the H shares issuable upon conversion on the Hong Kong Stock Exchange.

The proceeds from the offering are intended for the development of insurance business, implementation of strategic development initiatives in health service & elderly care, AI+, internationalization, and general corporate purposes including supplementing working capital. The pricing, issue price, and initial conversion price will be determined through a book-building exercise led by joint global coordinators, joint bookrunners, and joint lead managers.

As of the announcement date, the specific amount, terms, and conditions of the proposed convertible bonds issue have not yet been finalized, and no definitive agreement has been signed. Investors are cautioned that the issue may or may not materialize. Further announcements will be made should a subscription agreement be signed.