Group 1 - The core point of the article is that Yunnan Jiajun Target Material Technology Co., Ltd. has pledged a significant portion of its shares, which raises concerns for investors [1][2] - As of December 26, 2025, the total number of pledged shares by Yunnan Jiajun is 513,600,000, accounting for 95.11% of its holdings and 17.61% of the company's total share capital [1] - The purpose of the recent share pledge of 27 million shares is for contract performance guarantee [2] Group 2 - The company confirms that the controlling shareholder does not engage in non-operating fund occupation or illegal guarantees that could harm the interests of the listed company [2] - The share pledge will not have a significant impact on the company's operations or governance, and there is no risk of forced liquidation of the pledged shares [2] - The company will continue to monitor the share pledge situation and disclose relevant information as required [2]

Core Viewpoint - ST Jinglan (000711.SZ) plans to enhance its core technology competitiveness and market scale in the hazardous waste resource utilization sector by injecting assets from Xinlian Technology, aligning with its strategic transformation direction outlined in its restructuring plan [1] Group 1 - The company intends to initiate the process of acquiring Xinlian Technology's equity or main business assets [1] - The acquisition aims to improve the quality of the company's assets and enhance its sustainable operating and profitability capabilities [1] - This move is part of the company's commitment to inject high-quality assets with continuous profitability into its operations [1]

Core Viewpoint - ST Jinglan (000711.SZ) plans to initiate the process of injecting assets from Xinyuan Environmental Technology Co., Ltd. into the company, in accordance with the restructuring plan commitments made by Yunnan Jiajun Target Material Technology Co., Ltd. [1] Group 1 - The company intends to sign a letter of intent for the acquisition of Xinyuan Environmental Technology Co., Ltd. [1] - Xinyuan Technology specializes in the resourceful and clean utilization of hazardous waste containing zinc and indium, such as steel smoke dust, lead-zinc smelting slag, and electroplating sludge, characterized by high technical barriers and qualification thresholds, complex processes, high management requirements, and large investment scales [1] - The company aims to enhance its core technological competitiveness and market scale in the field of resource utilization of hazardous waste containing zinc and indium through the acquisition of Xinyuan Technology's equity or main business assets [1] Group 2 - The acquisition aligns with the company's strategic transformation direction outlined in the restructuring plan, which focuses on injecting high-quality assets with sustainable profitability to enhance the company's operational and profitability capabilities [1]

Core Viewpoint - ST Jinglan plans to acquire 51% stake in NORTH WEST VANADIUM PROPRIETARY LIMITED for $1 million to expand its overseas business and operational development [1] Group 1: Acquisition Details - The acquisition will make NORTH WEST VANADIUM PROPRIETARY LIMITED a subsidiary of ST Jinglan [1] - The company has obtained exploration rights for vanadium-titanium magnetite, which is advantageous due to its large reserves and high grades of vanadium and iron [1] Group 2: Strategic Benefits - The acquisition allows the company to partner with steel industry players to develop the vanadium-titanium magnetite and extract valuable rare metals such as vanadium and titanium [1] - This move is expected to increase the company's rare metal resource holdings, enhance profitability, and improve risk resistance and market competitiveness [1] - The long-term sustainable development of the company is positively impacted by this strategic acquisition [1]

Group 1 - The company ST京蓝 plans to acquire a 51% stake in NORTH WEST VANADIUM PROPRIETARY LIMITED for a price of 1 million USD to support its overseas business expansion and operational development [1] - Upon completion of the transaction, the target company will become a subsidiary of ST京蓝, enhancing its control over the new asset [1] - The main asset of the target company includes exclusive exploration rights for various minerals, including rare earths, zinc, copper, manganese, tantalum/niobium, vanadium, platinum group metals, iron, gold, nickel, and niobium, over a land area of 1,218.19 hectares [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11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: 美麗華酒店企業有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 不適用 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) | 00071 | 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 | | | 690,959,695 | | 0 | | 690,959,695 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 690,959,695 | | 0 | | 690,959,695 | 第 2 頁 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致 的任何損失承擔任何責任。 於2023年11月28日，正信(作為業主)與現有租戶(作為租戶)就該物業簽訂407A號舖位之租賃協議， 租期由2023年12月1日至2024年11月30日(包括首尾兩日)。根據上市規則第14A章，此協議構成本 公司的持續關連交易，而本公司已於2023年11月28日之公告中披露。根據407A號舖位之租賃協 議所載之租期可延長一年的選擇權已獲行使，而延續租約的租期將於2025年11月30日屆滿。 有關新租賃協議之持續關連交易 於2023年11月28日，正信(作為業主)與現有租戶(作為租戶)就該物業簽訂407A號舖位之租賃協 議，租期由2023年12月1日至2024年11月30日(包括首尾兩日)。根據上市規則第14A章，此協議 構成本公司的持續關連交易，而本公司已於2023年11月28日之公告中披露。根據407A號舖位 之租賃協議所載之租期可延長一年的選擇權已獲行使，而延續租約的租期將於2025年11月30 ...

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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 美麗華酒店企業有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 不適用 FF301 第 2 頁 共 10 頁 v 1.1.1 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 FF301 III.已發行股份及/或庫存股份變動詳情 | 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) | 00071 | 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 | | | 690,959,695 | | 0 | | 690,959,695 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | ...

Core Insights - ST Jinglan (000711.SZ) reported its Q3 2025 results, revealing significant institutional ownership dynamics [1] Institutional Ownership - As of October 28, 2025, 13 institutional investors disclosed holdings in ST Jinglan A-shares, totaling 1.464 billion shares, which represents 51.25% of the total share capital [1] - The top ten institutional investors include Yunnan Jiajun Target Material Technology Co., Ltd., and several accounts related to the bankruptcy asset disposal of Jinglan Technology Co., Ltd., among others [1] - The combined holding ratio of the top ten institutional investors is 47.75%, showing a decrease of 0.72 percentage points compared to the previous quarter [1]

Core Viewpoint - The recent judicial auction of shares in Jinlong Co., Ltd. marks the fifth instance of such events this year, indicating ongoing dilution of the controlling shareholder's stake and potential shifts in the company's ownership structure [2][7]. Group 1: Auction Details - On October 12, 30 million shares held by the controlling shareholder, Dongguan New Century Science and Education Development Co., Ltd., were auctioned on JD's judicial auction platform [2]. - The auction concluded with all 10 lots sold after over 720 bids, with the winning bidder, Chengdu Jinyao No. 1 Enterprise Management Partnership, acquiring 21 million shares for 262 million yuan [4]. - The auction prices ranged from 36.83 million yuan to 39.33 million yuan per lot, reflecting an increase from the starting price of 31.38 million yuan [4]. Group 2: Shareholding Changes - Following the auction, Chengdu Jinyao No. 1 is expected to become the fifth-largest shareholder of Jinlong Co., Ltd., holding over 2% of the shares [5]. - If all 30 million shares are sold, the controlling shareholder's stake will decrease to 16.29%, although the actual control of the company will remain unchanged [7]. Group 3: Market Context - The phenomenon of frequent share auctions is not isolated to Jinlong Co., Ltd., as it reflects a broader trend within the brokerage sector, where judicial auctions have become more common [9]. - The mixed results of share auctions indicate varying market appetite, with some auctions experiencing high interest while others, like Huachuang Yuxin's auction of over 41 million shares, failed to attract any bids [9][10]. - Analysts suggest that the fluctuating outcomes of these auctions are influenced by factors such as starting prices, market volatility, and the unique conditions attached to the shares being auctioned [10]. Group 4: Industry Outlook - Despite the cautious sentiment surrounding share auctions, institutional investors maintain an optimistic outlook on the brokerage sector, citing potential for recovery in valuations and performance growth [11]. - Reports indicate that the securities industry is expected to see improved performance in the third quarter, driven by increased trading activity and a favorable comparison to last year's low base [11].