On July 16th, Guosen Securities reported that China Ping An plans to issue $3.5 billion convertible bonds. It is estimated that the dilution effect after full conversion will be 3.3%, and the net proceeds of $3.452 billion will be used for further development of core business, enhancing capital, supporting medical care and elderly care ecosystems, and optimizing capital structure and diversifying funding sources. Given the high interest rates and stock market volatility in the United States, it is not entirely surprising that Chinese companies have surged in convertible bond issuance this year, especially in the technology sector. UBS Group recommends a target price of HKD 56 for China Ping An's H-shares and rates it as a "buy". As for other mainland insurance companies, China Insurance Company has increased its issuance of Capital Tier 2 supplemental bonds or non-fixed-term capital bonds. In the first half of 2014, its issuance exceeded CNY 23 billion, making it the highest in the domestic life insurance market by March 2024, with China Life Insurance having the highest core solvency adequacy ratio of 155%, followed by PICC's PICC Life Insurance (146%), CPIC's Tai Ping Life and New China Life Insurance (143%), all of which are nearly three times the minimum regulatory requirement (50%). Tai Kang Life Insurance, a subsidiary of China Pacific Insurance, has a core solvency adequacy ratio of 108%, but it has already issued CNY 8 billion in perpetual bonds in the second quarter of 2024. In a previous investor conference call, Taikang said that its external capital financing plan has been basically completed and that it is seeking to organically generate capital through increasing profit margins and ROE.