According to the latest information from the Hong Kong Stock Exchange, on September 12, shareholders of China Pacific Insurance (Group) Co., Ltd. (CPIC) (02601) transferred shares from HSBC Hong Kong to Citibank, with a transfer market value of HK$4.847 billion, representing 5.27% of the company's shares.

On September 11, CPIC announced that on September 10, 2025, the company entered into a subscription agreement with underwriters. Under the subscription agreement, the company has agreed to issue bonds to the underwriters or as directed by the underwriters, and the underwriters have individually (but not jointly) agreed to subscribe for and pay for the bonds, or procure subscribers to subscribe for and pay for the bonds, subject to certain conditions set out in the subscription agreement.

The total principal amount of the bonds to be issued by the company is HK$15.556 billion, which are convertible into H shares under the circumstances set out in the terms and conditions. The initial conversion price is HK$39.04 per H share (subject to adjustment).

Assuming the bonds are fully converted at the initial conversion price of HK$39.04 per H share and no other shares are issued, the bonds will be convertible into approximately 398 million conversion shares, representing approximately 14.36% of the company's existing issued H shares and 4.14% of the existing share capital as of the date of the announcement. This also represents approximately 12.55% of the company's issued H shares and 3.98% of the issued share capital after enlargement by the issue of the conversion shares upon full conversion of the bonds (assuming no other changes to the company's share capital for any reason).