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SHANGHAI - China Pacific Insurance (Group) Co., Ltd. (CPIC) completed the issuance of HK$15.56 billion ($2 billion) zero coupon convertible bonds due 2030 on Thursday, according to a company press release.
The bonds are expected to be listed on the Hong Kong Stock Exchange on Friday, September 19. CPIC has already secured approval for the listing of and permission to deal in the conversion shares on the Hong Kong exchange.
The Chinese insurer plans to use the proceeds from the bond issue to develop its insurance business, implement strategic initiatives in health service and elderly care, artificial intelligence, and internationalization efforts. Some funds will also be allocated for general corporate purposes, including working capital.
CPIC stated that all conditions precedent for the bond issuance have been fulfilled. The company will now proceed with the relevant filings to the China Securities Regulatory Commission regarding the bond issue.
The zero coupon bonds, which don’t pay periodic interest to bondholders, will mature in 2030. Instead of interest payments, investors typically purchase these bonds at a discount to their face value and receive the full face value at maturity.
China Pacific Insurance Group is a major insurance company established under Chinese law with its registered office in Shanghai’s Huangpu District.
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