Ping An to issue HKD 11.765bn convertible bonds

Ping An Insurance Group Co. of China (SSE:601318) announced its intention to issue HKD 11.765 billion in zero-coupon convertible bonds due in 2030, under a general mandate approved by shareholders. The initial conversion price is set at HKD 55.02 per H share, subject to adjustments. If fully converted, the bonds would result in approximately 213,831,334 new H shares, representing approximately 2.87% of the existing H shares and 1.17% of the current total share capital. The proceeds will be allocated towards future business development, capital replenishment, and the strategic development of medical and elderly care initiatives. The bonds are expected to be listed on the Frankfurt Stock Exchange.