Ping An Insurance (Group) Company of China, Ltd. (“Ping An”) filed its Monthly Return for the period ended 31 July 2026, confirming a stable capital structure and updated data on its outstanding convertible bonds.
Share capital unchanged • Authorised / registered share capital remained at 18.11 billion shares, split between 10.66 billion A-shares (par RMB1) and 7.45 billion H-shares (par RMB1). • Issued shares were also unchanged at the same levels, with zero treasury shares on record. • The company affirmed compliance with the Hong Kong Exchange’s minimum 5% public-float requirement for H-shares.
Convertible bonds: lower conversion prices, sizeable potential dilution • USD3.50 billion 0.875% Convertible Bonds due 2029 (“2024 CB”) and HKD11.77 billion Zero-Coupon Convertible Bonds due 2030 (“2025 CB”) remain fully outstanding. • Following the RMB1.75 per-share final dividend for FY2025 (effective 10 June 2026), conversion prices were automatically adjusted: – 2024 CB: from HKD40.49 to HKD39.29 per H-share (fourth adjustment). – 2025 CB: from HKD54.00 to HKD52.30 per H-share (second adjustment). • If both tranches were fully converted, up to 920.49 million new H-shares could be issued (695.54 million from the 2024 CB and 224.95 million from the 2025 CB). This represents approximately 12.36% of Ping An’s current 7.45 billion H-share base and about 5.08% of its total issued share capital across A and H classes.
No other equity instruments or movements • The company reported no outstanding share-option schemes, warrants, or other equity-linked instruments beyond the two convertible bond issues. • There were no share repurchases, cancellations, or new issuances during the month.
Overall, Ping An’s July filing highlights an unchanged share base, confirmation of public-float compliance, and updated—lower—conversion prices on its substantial outstanding convertible bonds, which remain the primary source of potential equity dilution.
Comments