Group 1 - The company *ST Guohua (000004.SZ) announced that its wholly-owned subsidiary, Beijing Zhiyou Network Security Technology Co., Ltd., has won the bid for the "Kairong Cloud Intelligent Computing Center Phase II Section 3" project [1] - A contract has been signed between Beijing Zhiyou Network Security Technology Co., Ltd. (the party B) and Xinjiang Kairong Cloud Digital Technology Co., Ltd. (the party A) for the project [1] - The total contract price, including tax, is 236 million yuan, and the project will be implemented in phases to gradually realize the overall deployment of the computing power cluster [1]

Core Insights - *ST Guohua (000004.SZ) reported its Q3 2025 results on October 31, 2025, highlighting a significant change in institutional investor holdings [1] Institutional Holdings - As of October 30, 2025, three institutional investors disclosed holdings in *ST Guohua A-shares, totaling 31.5781 million shares, which represents 23.85% of the total share capital [1] - The institutional investors include Shenzhen Zhongnongda Technology Investment Co., Ltd., Shenzhen Ruihong Real Estate Development Co., Ltd., and Zhuhai Hengqin Puyuan Technology Partnership (Limited Partnership) [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 4.48 percentage points [1]

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential volatility in these companies' stock prices [1]. Group 1: Top Short-Selling Ratios - JD Health-R (86618) has the highest short-selling ratio at 100.00% [2] - China Resources Beer-R (80291) follows with a short-selling ratio of 97.44% [2] - Sun Hung Kai Properties-R (80016) ranks third with a short-selling ratio of 77.85% [2] Group 2: Top Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 3.449 billion [2] - Tencent Holdings (00700) has a short-selling amount of 3.116 billion [2] - Meituan-W (03690) follows with a short-selling amount of 2.066 billion [2] Group 3: Top Short-Selling Deviation Values - Dream Garden (N23076) has the highest deviation value at 33.73% [2] - Changjiang Life Technology (00775) follows with a deviation value of 32.22% [2] - Geely Automobile-R (80175) ranks third with a deviation value of 30.81% [2]

Core Viewpoint - *ST Guohua (000004.SZ) reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating financial distress and operational challenges [1] Financial Performance - The company achieved an operating revenue of 51.02 million yuan, a year-on-year decrease of 32.77% [1] - The net profit attributable to shareholders was -27.09 million yuan, reflecting a negative performance [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -47.09 million yuan [1] - The basic earnings per share stood at -0.2046 yuan [1]

Core Viewpoint - Fitch Ratings has upgraded the long-term issuer default rating of Wharf Holdings from BBB+ to A- with a stable outlook, reflecting a more optimistic internal assessment of its parent company, CK Hutchison Holdings [1] Group 1: Rating Upgrade - The upgrade in rating indicates Fitch's view of CK Hutchison's moderate willingness to provide strategic and operational support to Wharf Holdings, which has driven the rating increase [1] - Wharf Holdings' independent credit status remains at BBB+, supported by its strong market position and high occupancy rates in flagship retail malls in mainland China despite a slowdown in the retail market [1] Group 2: Financial Health - The company maintains a solid financial position characterized by low leverage and healthy solvency [1] - However, its independent credit status is constrained by a high concentration of assets, with a significant portion of investment property income derived from malls in two major international financial centers in China [1]

Core Insights - The residential property "Guojin Haoting" under the Chengdu International Financial Center (IFS) is set to be launched for sale, marking a significant development in the market [4][12][19] - This is the first time that a self-owned property from the IFS complex will be sold, indicating a shift in strategy for the company [12][19] Company Overview - The Chengdu IFS project, developed by Wharf Holdings, was acquired in 2007 for a record price of 7.24 billion yuan, with a total area of approximately 760,000 square meters, including a shopping center and multiple towers [7][9] - The project has been successful, with the shopping center achieving sales of over 10 billion yuan in 2023 and projected to reach 10.8 billion yuan in 2024, ranking 15th among national shopping centers [9] Product Details - "Guojin Haoting" consists of 326 residential units, with a total residential area of approximately 76,000 square meters, accounting for 10% of the total project area [14] - The residential units range from 100 square meters to 400 square meters, targeting high-end business and expatriate clientele, with rental prices previously ranging from 18,000 to over 70,000 yuan per month [12][14] Market Context - The launch of "Guojin Haoting" coincides with a significant increase in high-end housing supply in Chengdu, with an estimated 4,500 to 5,000 new homes priced over 10 million yuan expected in 2025 [19][22] - The property is strategically located in the core area of Chunxi Road and Taikoo Li, where no pure residential land has been released in the past five years, enhancing its value [19][22] Challenges Ahead - The project faces challenges regarding pricing expectations, as current market prices for new homes in Chengdu hover around 50,000 yuan per square meter, which may complicate sales if the company sets high price expectations [23] - Additionally, the competitive landscape has evolved, with newer high-end products featuring innovative designs and smart configurations, which "Guojin Haoting" must address to appeal to modern high-end buyers [23]

Core Viewpoint - *ST Guohua (000004.SZ) announced that its wholly-owned subsidiary, Beijing Zhiyou Network Security Technology Co., Ltd., has won the bid for the "Kelong Cloud Intelligent Computing Center Phase II Section 3" project, with a bid price of 235.67767 million yuan [1] Group 1 - The bidding was conducted by Xinjiang Kelong Cloud Computing Digital Technology Co., Ltd. [1] - The public announcement of the bid winners was made on September 29, 2025, by the China Tendering and Bidding Public Service Platform [1] - The company received the "Notice of Winning the Bid," confirming its status as the winning bidder for the project [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年9月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 九龍倉集團有限公司 | | | 呈交日期: | 2025年10月6日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00004 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 3,056,027,327 | | 0 | | 3,056,027,327 | | 增加 / 減少 (-) | | | 0 | ...

Core Viewpoint - *ST Guohua (000004.SZ) announced that its wholly-owned subsidiary, Beijing Zhiyou Network Security Technology Co., Ltd., recently participated in the bidding for the "Kelong Cloud Intelligent Computing Center Phase II Section 3" project, with a bid amount of 235.68 million yuan [1] Group 1 - The bidding was conducted for a project by Xinjiang Kelong Cloud Computing Digital Technology Co., Ltd. [1] - The public announcement of the bid candidates was released on September 29, 2025, by the China Tendering and Bidding Public Service Platform [1]

17 September 2025 Dear Non-registered Shareholders1 , Notification of Publication of Interim Report 2025 (the "Interim Report") We hereby notify you that the Interim Report of The Wharf (Holdings) Limited (the "Company"), in both English and Chinese, has been published and is now available on the Company's website at www.wharfholdings.com and Hong Kong Exchanges and Clearing Limited's website at www.hkexnews.hk (the "HKEXnews website") (together, the "Websites"). You may access the Interim Report by clickin ...