Apr. 19 at 7:12 PM
$LU I will say it again that I give it 95% odds that LU is going to convert the
$976.9 million convertible bond at price
$4.64 USD sometime in the next few months and well before the Oct 2026 deadline. First they need to put out 2025/26 reports and get the HK listing back. This convert will bring Ping to 73.3% ownership. This is below the 75% threshold for the Hong Kong listing so it triggers nothing. This action will boost LU share count to ~1.07 billion shares but will also boost LU's tangible asset by
$976.9 million. This has always been the master plan for Ping on the road to taking LU private. In the end, LU will be sitting with ~11 billion in tangible asset and ~
$10.5 USD per share with the new share count. Tung's holds will be down to a few percent. You have to expect the market to pop a ton when they see Ping take down 200 million shares for
$4.64. Friday's action was the final play to clean up house in my opinion.
