J&T Global Express (HKG:1519) plans to issue HK$4.65 billion of zero-coupon guaranteed convertible bonds due in 2033, according to a Friday Hong Kong bourse filing.

The bonds will be issued by a wholly owned subsidiary and guaranteed by the company, with an initial conversion price of HK$14.55 per share, a premium of about 31% to the stock's closing price on Jan. 22.

Assuming full conversion, the bonds would convert into about 319.6 million new shares, representing roughly 3.6% of the company's existing share capital.

Net proceeds of about HK$4.6 billion will be used to expand overseas operations, support technology development, optimize the group's capital structure, including potential share buybacks, and for general corporate purposes.

The bonds are expected to be listed in Hong Kong, subject to regulatory approvals and completion conditions, the filing said.