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<Research>G Sachs on CPIC's Issuance of Zero-Coupon CB: No Immediate Capital Needs for Core Insurance Subsidiaries
CPIC (02601.HK) announced the issuance of HKD15.556 billion zero-coupon convertible bonds due 2030. Goldman Sachs wrote in its research report that this move is believed to be an o...
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<Research>G Sachs on CPIC's Issuance of Zero-Coupon CB: No Immediate Capital Needs for Core Insurance Subsidiaries
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CPIC (02601.HK)  -0.820 (-2.585%)    Short selling $96.71M; Ratio 10.751%   announced the issuance of HKD15.556 billion zero-coupon convertible bonds due 2030. Goldman Sachs wrote in its research report that this move is believed to be an opportunity for the company to capitalize on the past 12 months' stock price rally and low-cost financing for equity fundraising.

In Goldman Sachs' opinion, CPIC's core insurance subsidiaries (CPIC Life and CPIC P&C) do not have immediate capital needs, given their core solvency ratios at 136% and 196% respectively in 1H25.

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The broker also expects additional capital to provide CPIC with greater flexibility in capital management in light of the uncertainty in long-term bond yield trends.

CPIC was given a Neutral rating, with a target price of HKD30.5.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-09-18 16:25.)

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