Qifu Technology announced the completion of its offering of convertible senior notes, totaling an aggregate principal amount of US$690 million due 2030. This amount includes the initial purchasers' full exercise of their option to purchase an additional US$90 million principal amount of the notes. The notes were offered to qualified institutional buyers.
The net proceeds from this offering are designated for repurchasing the company's American depositary shares (ADSs) and/or Class A ordinary shares. These repurchases will be conducted under the newly established March 2025 Share Repurchase Plan, which operates in addition to the existing share repurchase plan announced in November 2024.
The company expects the offering to be immediately accretive to its 2025 earnings per ADS upon closing. This accretion is facilitated by the concurrent repurchase of approximately US$230 million worth of ADSs and the cash-par conversion settlement mechanism of the notes.
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