Jul. 1 at 9:46 PM
$LU Dead thread, but worth highlighting: Ping An holds a
$976 million USD convertible note at a
$2.32 USD conversion price, with conversion eligible starting April 30, 2026.
Current ADSs outstanding: ~866 million
Tangible book value: ~
$13/share
Ping & Co. ownership: ~75%
When fully converted in less than a year, Ping & affiliates would receive an additional 410 million ADSs, increasing their stake to ~84% and diluting tangible book value to roughly
$10/share. Looking at current figures they are going to be highly profitable later this year.
So, I see
$2.32 as the firm floor. With financials and the 20-F coming due, all the pieces needed for HK trading resumption are nearly in place. Something will give prior to the conversion date - take over - guessing
$3.75-4.75?
After flipping once again above
$3 and flat for a while I resumed buying today at
$2.73 for the first time, and will continue adding down to
$2.30. 7th times the charm and it is going to take time and patience on this one.
