Core Viewpoint - The controlling shareholder of Hehua Co., Ltd. is planning a change in control, leading to a temporary suspension of the company's stock trading starting July 31 [1][3]. Group 1: Shareholder Control Change - Hehua Co., Ltd. announced that its controlling shareholder, Ningbo Yinyi Holdings Co., Ltd., is in the process of planning a share transfer, which may result in a change of the controlling shareholder and actual controller [1]. - No formal transaction agreements have been signed yet, and further discussions and evaluations are ongoing regarding this matter [1]. Group 2: Stock Suspension - Due to the ongoing planning of the shareholder control change, Hehua Co., Ltd. has decided to suspend its stock trading to ensure fair information disclosure and protect investor interests, with the suspension expected to last no more than two trading days [3]. Group 3: Investment Activities - Recently, Hehua Co., Ltd. has been active in investment, announcing on July 11 that it will invest 5 million yuan in establishing a venture capital fund in partnership with a professional investment institution and an individual [3]. - The total initial capital commitment for the fund is 11 million yuan, with Hehua Co., Ltd. holding a 45.45% stake [3]. - The fund will primarily invest in high-quality equity targets in the upstream and downstream of raw pharmaceutical enterprises and synthetic biological medicine, with an investment period of three years and an exit period of two years [3]. Group 4: Company Profile - Hehua Co., Ltd. is primarily engaged in the research, development, production, and sales of pharmaceutical intermediates, as well as the commissioned processing and sales of urea [4]. - On July 30, Hehua Co., Ltd. experienced a significant stock price increase, reaching a closing price of 8.02 yuan per share, with a total market capitalization of 2.9 billion yuan [4].

Group 1 - Binjiang Group successfully issued 600 million yuan of short-term financing bonds with an interest rate of 2.5%, reflecting a healthy financial status and improved financing environment for leading private real estate companies [1] - Sunac Real Estate's two office properties in Beijing are set to be auctioned due to a loan contract dispute, indicating ongoing financial pressure despite support for overseas debt restructuring [2] - Kaisa Group has completed 76% repayment of investment funds for its Jin Heng Wealth product, showcasing the company's commitment to resolving issues and restoring investor confidence [3] Group 2 - Greentown China Holdings' liquidation hearing has been postponed to August 4, 2025, allowing the company more time to address its financial crisis and seek effective solutions [4] - Xinyuan Real Estate has faced a significant lawsuit involving 350 million yuan, highlighting the worsening operational difficulties and the need for urgent resolution of legal disputes to improve financial conditions [5]

智通财经7月9日电，香港法院将绿景中国地产的清盘呈请聆讯推迟至8月4日。 ...

Important News - The US has adjusted tariffs on China as of May 14, 00:01 Eastern Time [1] - China Securities Depository and Clearing Corporation clarified that account verification is a routine operation, not a special arrangement for "off-market financing" [1] - The People's Bank of China reported that from January to April, the total social financing increased by 16.34 trillion yuan, with new loans amounting to 10.06 trillion yuan, and M2 growth year-on-year at 8% [1] Company News - Tencent (00700.HK) reported Q1 revenue of 180 billion yuan, a year-on-year increase of 13% [1] - China Petroleum & Chemical Corporation (00386.HK) received an increase of approximately 302 million H-shares from Sinopec Group [1] - Longfor Properties (06968.HK) reported contract sales of approximately 1.804 billion yuan in the first four months, a year-on-year decrease of 0.3% [1] - Oceanwide Holdings (03377.HK) reported cumulative contract sales of approximately 8.09 billion yuan in the first four months, a year-on-year increase of 13.62% [1] - New China Life Insurance (01336.HK) reported original insurance premium income of 85.3791 billion yuan in the first four months, a year-on-year increase of 27% [1] - China Pacific Insurance (02601.HK) reported original insurance premium income of 115.359 billion yuan from Pacific Life Insurance in the first four months, a year-on-year increase of 10.4% [1] - Heng Rui Medicine plans to issue 224.5 million shares in Hong Kong, with an issue price not exceeding 44.05 HKD [1] - Vanke Enterprises (02202.HK) announced that its largest shareholder, Shenzhen Metro Group, plans to provide a loan to the company not exceeding 1.552 billion yuan [1] - Greentown China Holdings (00095.HK) has postponed the hearing for its liquidation application to July 9 [1]

Financial Performance - For the year ended December 31, 2024, the Group achieved total revenue of approximately RMB 3,713.9 million, representing a decrease of approximately 39.3% year-on-year compared to RMB 6,117.6 million in 2023 [53]. - Gross profit for the year was approximately RMB 150.9 million, with a gross profit margin of 4.1%, down from 25.8% in 2023, indicating a decline of 21.7 percentage points [53][58]. - The Group reported a loss of approximately RMB 5,433.7 million, an increase of approximately 154.8% year-on-year, with loss attributable to owners of the Company amounting to RMB 5,171.4 million, up 143.2% from 2023 [54][58]. - Basic loss per share was RMB 100.69 cents, representing an increase of approximately 141.4% year-on-year from RMB 41.71 cents in 2023 [54][58]. - The average finance costs for the year were 8.0%, slightly down from 8.2% in 2023, while the liabilities to assets ratio increased to 76.9% from 72.2% [59]. - Revenue from property sales was approximately RMB 2,627.9 million, representing a decrease of approximately 47.6% compared to RMB 5,010.8 million in 2023, attributed to the sales of specific projects [115]. - Revenue from commercial property investment and operations amounted to approximately RMB 666.4 million in 2024, representing a year-on-year decrease of approximately 4.9% from RMB 700.9 million in 2023 [95]. - Comprehensive services generated revenue of RMB 419.5 million in 2024, reflecting a year-on-year increase of approximately 3.4% from RMB 405.9 million in 2023 [96]. Market Conditions - China's GDP for 2024 reached RMB 134.9 trillion, reflecting a growth of 5.0% compared to the previous year [16]. - The real estate market experienced a double-digit decline in sales and investment, but government policies led to a short-term recovery in the fourth quarter [17]. - The sales of new housing and second-hand property transactions showed a steady increase, indicating a stabilization in the property market [17]. - The decline in property prices and land costs in first-tier cities has ended, indicating a potential recovery in the market [17]. - The overall market for real estate is anticipated to remain in a trough stage, but policy support and market stabilization efforts are expected to drive recovery [31][34]. - The real estate sector's investment in 2024 was RMB 10,028.0 billion, a decrease of 10.6% year-on-year, with residential housing investment down by 10.5% [41]. - Sales of newly built commodity housing in 2024 totaled RMB 9,675.0 billion, reflecting a decline of 17.1%, with residential housing sales decreasing by 17.6% [41]. - The real estate market in China is expected to stabilize, with increased supply of quality homes driving improved housing demand [97]. Strategic Focus and Development - LVGEM (China) maintained a dual business model focusing on both residential and commercial development, with "NEO" and "Zoll" as core commercial brands [19]. - The Group plans to focus on five high-quality projects and enhance asset management capabilities to shift growth momentum across segments in 2025 [32]. - Urban renewal is expected to play a significant role in stabilizing economic growth, with the Group leveraging its 40 years of experience in this area [33]. - The Group aims to adopt a "Technology + Real Estate" model to improve development efficiency and meet future urban function demands [33]. - The Group is actively restructuring its offshore debts to optimize its financial position and ensure robust business operations [27][29]. - The Group is exploring debt restructuring options with creditors to alleviate liquidity stress and focus on the operation and development of five quality projects [36]. - The Group plans to continue focusing on the development of the Greater Bay Area (GBA) and promote urban renewal projects, adopting a "Technology + Real Estate" model to enhance operational efficiency [51][55]. Construction and Projects - The total construction area for LVGEM (China) was approximately 1.8 million square meters, including 2 new projects under construction (110,000 square meters), 3 completed projects (390,000 square meters), and 2 delivered projects (290,000 square meters) [18]. - The total area of construction included 2 new projects, 3 completed projects, and 2 delivered projects, showcasing ongoing development efforts [18]. - The Group's land reserve as of December 31, 2024, was approximately 6.4 million square meters, with 84% located in core areas of first-tier cities in the Greater Bay Area, indicating strong future revenue potential [87]. - The Baishizhou Urban Renewal Project is recognized as the largest urban renewal project in Shenzhen and China, consolidating global resources to create a new urban living space [62][65]. - The Group's iconic projects, including the Shenzhen Baishizhou Urban Renewal Project, have maintained good momentum and are well-recognized in the market [61]. - The construction of LVGEM Baishizhou Jingting was completed one month ahead of schedule, showcasing the project's efficient development [71]. - The delivery rate for the second phase of the Hongshuwan project reached 98%, with 939 residential units delivered within 7 days, and the delivery was two months ahead of schedule [75]. Financial Management and Challenges - Cash flow pressure is a major challenge for the Group, necessitating sophisticated fund management and the disposal of inefficient assets to generate cash [26][29]. - The Group disposed of part of its commercial units and parking spaces for RMB 814 million to alleviate liquidity pressure, demonstrating proactive cash flow management [85]. - The Group is actively communicating with overseas creditors to restructure and optimize its debt, ensuring smooth daily operations and reducing financing costs [88]. - The Group's total borrowings amounted to approximately RMB 33,578.7 million as of December 31, 2024, down from RMB 35,350.0 million in 2023 [132]. - The Group's gearing ratio as of December 31, 2024, was approximately 126.2%, up from 106.6% in 2023, indicating increased financial leverage [141]. - Current assets as of December 31, 2024, were approximately RMB 62,624.4 million, while current liabilities were approximately RMB 59,441.1 million, resulting in a significant decrease in net current assets from RMB 20,578.3 million in 2023 to RMB 3,183.4 million [142]. Management and Governance - The company has a strong management team with diverse backgrounds in finance, real estate, and corporate governance [178]. - The management team emphasizes independent judgment and performance scrutiny to enhance corporate governance [174]. - The Group's directors believe that the fair market value of the underlying properties can cover the outstanding mortgage loans guaranteed by the Group in case of default [158]. - The Group's treasury policies focus on risk management and transactions directly related to its underlying business [161]. - The Group's employee training and development programs are ongoing to enhance workforce capabilities [162]. - The Group's management discussion includes important events that occurred during the year ended December 31, 2024 [185]. Environmental and Social Responsibility - The Group emphasizes the importance of environmental protection for its long-term development and will continue to improve management practices [189]. - An "Environmental, Social and Governance Report" will be published alongside the annual report [190].

金十数据4月9日讯，绿景中国地产发布公告，针对公司的清盘呈请聆讯延期至5月14日。绿景中国地产 极力反对呈请。据该公司此前的公告，2月4日，翘石集团环球有限公司向香港高等法院提出针对该公司 的清盘呈请，内容有关该公司所担保约本金21万美元另加应计利息的财务义务。对于境外债务，绿景中 国地产的态度是寻求债务解决方案。3月24日，该公司发布公告，截至公告日，公司尚未支付总额约为 4.585亿美元的到期本金款项，公司正在积极与相关债权人协商，延长原定到期日。 绿景中国地产：香港清盘呈请聆讯延期至5月14日，寻求境外债务解决方案 ...

Financial Performance - For the year ended December 31, 2024, the total revenue was RMB 3,713,887,000, a decrease of 39.3% from RMB 6,117,628,000 in 2023[2]. - The gross profit for the same period was RMB 150,934,000, down 90.4% from RMB 1,576,254,000 in the previous year[2]. - The net loss attributable to shareholders for the year was RMB 5,171,433,000, compared to a loss of RMB 2,126,475,000 in 2023, representing an increase in loss of 143.1%[2]. - The total comprehensive loss for the year was RMB 5,407,821,000, compared to RMB 2,229,566,000 in 2023, indicating a significant increase in overall losses[3]. - The basic and diluted loss per share for the year was RMB 100.69, compared to RMB 41.71 in 2023, indicating a worsening financial position[2]. - The group reported a net loss of RMB 5,434 million for the year ending December 31, 2024[7]. - The company reported a significant impairment loss on goodwill of RMB 231,602,000 in 2024, with no such loss reported in 2023[34]. - The pre-tax loss for 2024 was RMB 5,171,433 thousand, compared to a loss of RMB 2,126,475 thousand in 2023, indicating a significant increase in losses[40]. - The company reported a loss of approximately RMB 5,433.7 million, an increase of 154.8% compared to RMB 2,132.4 million in 2023[64]. - Loss attributable to shareholders was approximately RMB 5,171.4 million, up 143.2% from RMB 2,126.5 million in 2023, with basic loss per share of RMB 100.69, an increase of 141.4% from RMB 41.71 in 2023[64][66]. Revenue Breakdown - Property sales revenue was RMB 2,627,934 thousand, down 47.5% from RMB 5,010,846 thousand in the previous year[18]. - Revenue from hotel operations, property management services, and other services was RMB 419,543 thousand, slightly up from RMB 405,928 thousand in the previous year[18]. - Revenue from customer contracts was RMB 3,047,477 thousand, a decrease of 43.7% compared to RMB 5,416,774 thousand in the previous year[18]. - Rental income was RMB 666,410 thousand, down 4.9% from RMB 700,854 thousand in the previous year[18]. - The group generated revenue of approximately RMB 666.4 million from commercial property investment and operations, a year-on-year increase of about 3.8% compared to RMB 700.9 million in 2023[84]. - The average occupancy rate of the Green景 Jinjiang Hotel in Shenzhen was over 72% in 2024, contributing to a revenue of RMB 419.5 million from integrated services, up approximately 3.4% from RMB 405.9 million in 2023[85]. Assets and Liabilities - Non-current assets decreased to RMB 40,962,258,000 from RMB 45,554,813,000, reflecting a decline of 10.5%[4]. - Current assets increased to RMB 62,624,419,000 from RMB 59,957,745,000, showing a growth of 4.4%[4]. - Total liabilities rose to RMB 59,441,065,000, up from RMB 39,379,480,000, marking an increase of 50.9%[4]. - The company's equity attributable to shareholders decreased to RMB 18,039,614,000 from RMB 23,178,428,000, a decline of 22.1%[4]. - Total assets as of December 31, 2024, were RMB 103,586,677,000, a slight decrease from RMB 105,512,558,000 in 2023[29]. - The total borrowings as of December 31, 2024, were approximately RMB 33,578.7 million, a decrease from RMB 35,350.0 million in 2023[103]. - The group recorded a financial guarantee contract of approximately RMB 7,007.4 million as of December 31, 2024, compared to RMB 4,879.7 million in 2023, indicating an increase in contingent liabilities[111]. - As of December 31, 2024, the total liabilities amounted to approximately RMB 79,605.5 million, an increase from RMB 76,123.5 million in 2023, resulting in a debt-to-equity ratio of 126.2% compared to 106.6% in 2023[104]. Cash Flow and Financing - The group's cash and cash equivalents stood at RMB 597 million as of the reporting date[7]. - The average financing cost was 8.0%, slightly down from 8.2% in 2023[66]. - Financing costs increased to RMB 2,049,474,000 in 2024 from RMB 1,744,114,000 in 2023, marking an increase of about 17.5%[28]. - Interest expenses increased to RMB 3,007,178 thousand in 2024 from RMB 2,723,515 thousand in 2023, representing a growth of 10.5%[35]. - The group is able to meet its funding needs for real estate project development through internal resources and debt and equity financing[107]. - The company aims to actively manage cash flow and sell low-efficiency assets to strengthen its financial position amid increasing cash flow pressure[51]. - The company is actively pursuing the sale of underperforming assets to recover more cash and strengthen its financial position amid market uncertainties[79]. Operational Challenges and Strategies - There are significant uncertainties regarding the group's ability to implement plans and continue operations, dependent on generating sufficient cash flow[9]. - The group is actively seeking legal advice to oppose the winding-up petition and avoid liquidation[11]. - The group has appointed financial and legal advisors to assist in restructuring its offshore debts[11]. - The company aims to generate more cash flow by selling properties and improving liquidity[11]. - The company is currently working with financial advisors and legal teams to explore debt restructuring options to alleviate liquidity pressures and focus on the development of five quality projects[56]. - The company aims to enhance its operational capabilities and align with the development upgrades of core cities in the Greater Bay Area, indicating potential for value recovery[56]. - The company is focusing on optimizing its debt structure through negotiations with overseas creditors to reduce financing costs and ensure smooth daily operations[80]. Market Conditions and Future Outlook - The real estate market remains in a correction phase, with double-digit declines in sales and investment, but there are signs of stabilization in the fourth quarter[47]. - The company anticipates that policy support in 2025 may drive recovery in the real estate market, although challenges remain[53]. - The urban renewal market is expected to enter a golden development period, driven by government support and policies aimed at boosting domestic demand[59]. - The overall real estate market in China is still in a downward phase, with sales and investment growth both experiencing double-digit declines[58]. - The company plans to focus on five quality projects for development, enhance asset management capabilities, and strengthen urban renewal efforts in response to market challenges in 2025[54]. Governance and Compliance - The company has adopted the corporate governance code and has complied with all provisions as of December 31, 2024[120]. - The audit committee has reviewed the group's annual performance for the year ending December 31, 2024[122]. - The independent auditor did not express an opinion on the consolidated financial statements for the year ending December 31, 2024, due to insufficient audit evidence[124]. - The company is currently seeking potential candidates to fill vacancies in the board to comply with listing rules regarding independent non-executive directors[119]. - The board believes that having the same person serve as both Chairman and CEO enhances operational efficiency and strategy execution[118]. - The company is committed to maintaining a balance of power and authority between the board and management despite deviations from the corporate governance code[118].

Core Viewpoint - Greentown China Holdings (00095) is unable to fulfill all of its offshore payment obligations by the due date or within the relevant grace period, with approximately $458.5 million in overdue principal payments as of the announcement date [1] Group 1 - The company is actively negotiating with creditors to extend the original due dates for its debts [1] - The inability to make payments may lead creditors to demand accelerated repayment or take further enforcement actions [1] - The company is committed to handling all offshore debts fairly and justly, respecting the legal status and repayment order of all creditors [1] Group 2 - The company has appointed Ample Advisory Limited as its financial advisor and YTLaw as its legal advisor to assist in evaluating its capital structure and financial condition [2] - These advisors are working closely with the company to assess the situation, conduct due diligence, and seek all possible practical solutions [2] Group 3 - Despite the challenging market environment, the company remains focused on delivering completed properties as per contracts and continuing its business operations [1] - The company is implementing strict cost-saving measures, including reducing non-core and non-essential business operations and expenditures [1]

2025年将是原生鸿蒙关键一年。 重大资产重组，两公司双双停牌 3月16日晚，湘财股份公告，公司与上海大智慧股份有限公司正在筹划通过湘财股份向大智慧全体A股 换股股东发行A股股票的方式换股吸收合并大智慧，并发行A股股票募集配套资金。因筹划重大资产重 组，公司A股股票自2025年3月17日起停牌，预计停牌时间不超过10个交易日。 大智慧也同时发布了筹划重大资产重组和股票停牌的公告。 2024年三季报显示，湘财股份是大智慧第二大股东，持有大智慧1.28亿股股份，持股比例为6.4%；股东 户数来看，湘财股份10.03万户，大智慧13.15万户，合计23.18万户。截至最新收盘，湘财股份总市值 197亿元，大智慧总市值180.55亿元，合计总市值约378亿元。 同日晚，国泰君安发布公告称，合并重组相关股份发行已全部完成，换股新增的59.86亿股A股、21.14 亿股H股将于3月17日分别在上交所和香港联交所上市流通。公司拟将中文名称变更为国泰海通证券股 份有限公司，A股证券简称变更为国泰海通，H股证券简称变更为國泰海通。公司A股证券代码保持不 变。 东吴证券指出，新一轮并购升温，证券行业整合仍具备较大空间。政策引导叠 ...

Economic Overview - In the first half of 2024, China's GDP reached RMB 61.7 trillion, reflecting a year-on-year growth of 5.0%[15]. - The World Bank forecasts a global economic growth rate of 2.6% for 2024, indicating a stabilization after three years of sluggish growth[15]. Real Estate Market Trends - National investment in real estate development totaled RMB 5.25 trillion, a year-on-year decrease of 10.1%, with RMB 3.99 trillion allocated to residential housing, down 10.4% year-on-year[16]. - The sales area of newly built commodity housing in China was 479 million square meters, a decline of 19.0% year-on-year, while the sales amount reached RMB 4.71 trillion, down 25.0% year-on-year[16]. - The real estate market is experiencing a gradual recovery due to new policies aimed at stabilizing the market and reducing inventory[16]. - The Chinese real estate market is shifting towards a "destocking" paradigm, with policies focused on reducing existing property inventory[16]. - The decline in new construction projects and completions has stabilized, suggesting a potential turnaround in the real estate sector[16]. - The residential credit policy has significantly boosted market confidence, contributing to the recovery of newly-built commodity housing sales[16]. - The overall real estate market in China is expected to stabilize in the second half of 2024, with a gradual narrowing of the year-on-year decline in new home sales[65]. Company Performance - For the six months ended 30 June 2024, the Group achieved total revenue of approximately RMB 1,942.8 million, representing an increase of approximately 44.5% year-on-year[24]. - Gross profit for the same period was approximately RMB 437.7 million, reflecting a decrease of approximately 25.2% year-on-year, with a gross profit margin of approximately 22.5%[24]. - The Group recorded a loss of approximately RMB 1,610.4 million, an increase of approximately 177.5% year-on-year, with a loss attributable to owners of the Company of approximately RMB 1,528.2 million, up 124.4% year-on-year[24]. - Basic loss per share was approximately RMB 29.98 cents, representing an increase of approximately 124.4% year-on-year[26]. - The Group's contracted sales amounted to approximately RMB 5,389.7 million, reflecting a year-on-year increase of approximately 82.5% from RMB 2,953.1 million in the first half of 2023, primarily driven by contributions from the Baishizhou Project, LVGEM Royal Bay in Zhuhai, and LVGEM International Garden[46]. Financial Position - As of 30 June 2024, bank balances and cash amounted to RMB 4,270.5 million, an increase from RMB 4,016.6 million as of 31 December 2023[27]. - The liabilities to assets ratio increased to 73.5% from 72.2%[27]. - The Group's total assets were approximately RMB 104,962.9 million as of June 30, 2024, down from RMB 105,512.6 million on December 31, 2023, with total liabilities increasing to approximately RMB 77,154.0 million from RMB 76,123.5 million[92]. - The Group's gearing ratio was 113.1%, up from 106.6% on December 31, 2023[91]. - Total borrowings as of June 30, 2024, amounted to approximately RMB 35,726.3 million, an increase from RMB 35,350.0 million as of December 31, 2023[88]. Urban Renewal and Development Projects - The government plans to commence the renovation of 54,000 old communities in 2024, indicating significant urban renewal efforts[20]. - LVGEM (China) has over 20 years of successful experience in urban renewal, providing numerous "Urban Renewal Solutions" for Shenzhen[19]. - Major projects include the Shenzhen Baishizhou Urban Renewal Project, which is positioned in a high-demand area with significant commercial potential[33]. - The Baishizhou Urban Renewal Project features a gross floor area of approximately 5.00 million square meters, integrating various developments including commercial, office, hotel, and residential spaces[50]. Corporate Governance and Management - The Group's strategy focuses on the Greater Bay Area (GBA) and includes real estate development, commercial property investment, and comprehensive services[32]. - The management emphasizes the importance of solid management and control in promoting the revitalization of the housing market[16]. - The Group continues to adopt a dual-driven strategy of "residential + commercial" to ensure balanced growth and provide strategic buffers during economic fluctuations[46]. - The roles of Chairman and CEO being held by the same individual are believed to facilitate the execution of business strategies and improve operational efficiency[122]. Shareholder Dynamics - The substantial shareholders' interests indicate a significant concentration of ownership among a few entities, with the top five shareholders holding over 50% of the total shares[117]. - The ownership structure reveals multiple layers of control, particularly with entities like ARTE Special Situation Fund L.P. and its affiliates[117]. - The company is subject to complex ownership arrangements, which may impact governance and strategic decisions[117]. Cash Flow and Liquidity - The Group's liquidity position is being closely monitored, including sensitivity analysis of forecast bank and cash balances[151]. - The Group's cash flow forecasts cover a period of not less than twelve months from the end of the reporting period[151]. - The Group successfully refinanced its syndicated loans and other borrowings totaling RMB 7,730 million with repayment terms of 12 to 36 months[154]. Market Challenges and Future Outlook - The Group's operations have been impacted by the slowing property market in Mainland China, leading to lower pre-sale proceeds than expected[151]. - The Group is negotiating refinancing facilities with banks by increasing the loan-to-value ratio of pledged investment properties[155]. - The Group will actively adjust sales and pre-sale activities to meet market needs and achieve budgeted sales volumes[154].