$XTALPI(02228.HK)
The CB was completed yesterday.
After the trading session on January 7, 2026, Jingtai Holdings (02228) announced that it had signed a subscription agreement with underwriters such as JPMorgan Chase, Goldman Sachs, and Merrill Lynch to issue zero-coupon convertible bonds with a total principal amount of HKD 2.866 billion, which will mature in 2027. The net proceeds will mainly be used to strengthen R&D capabilities, enhance commercialization capabilities, build factories, and supplement working capital.
From this description, this is a typical arbitrage investment fund, which is also reasonable and adds huge liquidity to the market. Jingtai can get a large sum of money to use first. It means that the shares have not yet been issued, but the money is being spent first. However, the neutral hedging strategy of institutions has improved liquidity.
Looking forward to it!
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