---
title: "In \"The Big Banks,\" Citigroup: J&T's debt structure improvement is expected to enhance profitability"
description: "The Lyon Research Report pointed out that J&T EXPRESS-W plans to issue CNY 4.65 billion convertible bonds with a term of 7 years, aimed at share repurchase, replacing high-interest old debts, and expa"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/273657473.md"
published_at: "2026-01-26T06:44:29.000Z"
---

# In "The Big Banks," Citigroup: J&T's debt structure improvement is expected to enhance profitability

> The Lyon Research Report pointed out that J&T EXPRESS-W plans to issue CNY 4.65 billion convertible bonds with a term of 7 years, aimed at share repurchase, replacing high-interest old debts, and expanding into new markets. Management indicated that refinancing may not be necessary in 2026. The bank believes that the improvement in debt structure and the decline in interest rates will enhance profitability, and continuous share repurchases will boost earnings per share, maintaining an "outperform" rating with a target price of CNY 13.6

According to a report by Citigroup, J&T EXPRESS-W (01519.HK) plans to issue HKD 4.65 billion convertible bonds with a maturity of 7 years, and the yield to maturity upon conversion is 0.375%. The main purposes of the bond issuance include share repurchase, refinancing high-interest old debts, and expanding into new markets in the European Union and the United States. Management stated that given the company's ample cash reserves, there may not be further financing plans in 2026.

The bank believes that improvements in the debt structure and declining interest rates are expected to enhance the company's profitability, while ongoing share repurchases should further boost earnings per share. Even with potential dilution effects, all shareholders will still benefit; maintaining an "outperform" rating with a target price of HKD 13.6

### Related Stocks

- [01519.HK - J&T EXPRESS-W](https://longbridge.com/en/quote/01519.HK.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.