Proposed CB offering with concurrent share repurchase

研报英文原文证据摘录

Proposed CB offering with concurrent share repurchase

China (PRC) | China Consumer

Guming EquityJuneResearch23, 2026

FLASH NOTEProposed CB offering with concurrent share

RATING BUYrepurchase

PRICE HK$20.44^

Guming announced a proposed HKD-denominated CB offering to

professional investors. Terms are yet to be finalized and subject to market PRICE TARGET | % TO PT HK$35.00 | +71%

conditions. It has ~RMB6.1bn net cash ending Mar-26. While EPS dilution 52W HIGH-LOW HK$31.28 - HK$20.30

(incl. share buybacks) remains unclear pending final terms, the concurrent MARKET CAP HK$0.0M | HK$0.0M

buyback should help mitigate CB-related hedging pressure, providing near- TICKER 1364 HK ^Prior trading day's closing price unless otherwise

term technical support to the share price. noted.

Guming announced a proposed HKD-denominated convertible bond (CB) offering to

professional investors offshore (Reg S), with terms (size, coupon, conversion price) yet to be

finalized and subject to market conditions.

Structure: CB issued by a wholly owned subsidiary and guaranteed by the company.•

Use of proceeds: Overseas expansion, raw materials and equipment procurement,•

refinancing, potential share repurchase (incl. but not limited to the concurrent share

repurchase), and general corporate purposes.

The CB issuance includes concurrent share repurchase mechanism (delta placement +

buyback), where the company plans to buy back shares linked to hedging flows:

Purpose: Facilitate CB hedging, support deal execution, and mitigate potential share price•

overhang from delta-hedge shorting.

The number of shares subject to the concurrent delta placement will be determined at•

the time of pricing of the proposed CB and is expected to broadly match the initial hedge

positions.