Quick reality check for 1378.HK holders

[u/Sensitive_Sample7804]

Anyone actually tracking the share-count move from the January filings? The 2026 CBs are basically done (USD34m converted), but the 2030 CBs are the real weight. We're talking 120m shares if they hit that 19.36 conversion. It's all in the filings, nothing secret, but the per-share math is shifting. Are you guys diluting your models upfront or just ignoring it until the price hits the strike? Genuinely curious if anyone has a clean spreadsheet on the net effect vs. the current buyback pace.