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SHANGHAI - China Pacific Insurance (Group) Co., Ltd. (CPIC) announced Wednesday its plan to issue Hong Kong dollar-denominated convertible bonds to professional investors, according to a press release statement.
The offering will target professional investors as defined by Hong Kong securities regulations and will be conducted outside the United States in accordance with Regulation S under the U.S. Securities Act. The company specified that no bonds will be offered to the public in Hong Kong or placed with any connected persons of CPIC.
The pricing details, including the issue price and initial conversion price, have not yet been determined and will be established through a book building exercise conducted by joint global coordinators, bookrunners, and lead managers. The company has not finalized the amount or specific terms of the proposed issue.
CPIC intends to use proceeds from the offering for three main purposes: development of its insurance business, implementation of strategic initiatives in health service and elderly care, AI+, and internationalization, as well as general corporate purposes including working capital supplementation.
The company plans to apply for listing of the convertible bonds on the Hong Kong Stock Exchange as a debt issue for professional investors only. It will also seek permission for listing of the H shares that would be issued upon conversion of the bonds.
CPIC cautioned that the proposed convertible bond issue may not materialize as no definitive agreement has been signed. The company stated it would make further announcements if a subscription agreement is reached.
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