Jinxin Fertility (1951.HK): ABS Programme Launch Signals Accelerating Balance Sheet Optimisation; Operations on Track

研报英文原文证据摘录

Jinxin Fertility (1951.HK): ABS Programme Launch Signals Accelerating Balance Sheet Optimisation; Operations on Track

Flash |

23 Jun 2026 00:54:59 ET │ 11 pages

Jinxin Fertility (1951.HK)

ABS Programme Launch Signals Accelerating Balance Sheet

Optimisation; Operations on Track

CITI’S TAKE Buy

Jinxin’s proposed asset-backed securities (ABS) programme on the Price (22 Jun 26 16:10) HK$2.03

Shanghai Stock Exchange — backed by a Shenzhen new campus property Target price HK$3.80

— marks an important development in the company’s balance sheet

Expected share price return 87.2% transformation. If completed, the transaction would unlock over Rmb1bn

in cash proceeds, materially reducing its leverage. Mgmt conducted a Expected dividend yield 45.8%

conference call after the announcement release, and highlighted that this Expected total return 133.0%

financial engineering is underpinned by genuine operational momentum: Market Cap HK$5,491M

management confirmed 1H26 operating performance is exceeding internal US$701M

targets, with the US business delivering a standout performance well

ahead of expectations. With the FY25 dividend due in July and buybacks

set to resume in 2H26, the three-year shareholder return plan appears

firmly on track. Eva Zhao, CFAAC

+852-2501-2701

eva.zhao@citi.com

ABS Programme to Unlock Shenzhen Property Value; a Potential Landmark

Transaction for China’s Medical Services Sector. Jinxin announced it is considering John Yung, CFA

launching an ABS programme on the Shanghai Stock Exchange, using the Shenzhen +852-2501-2790

Zhongshan Hospital building — held via subsidiary Shenzhen Hengyu Lianxiang — as john.yung@citi.com

the underlying asset. The property would be monetised while the hospital continues