Group 1 - The company, Wuzhou International (00230), announced that its total contracted sales for the first nine months of 2025 reached approximately 3.22 billion RMB, representing a year-on-year decline of about 24.2% [1] - The corresponding total floor area of the contracts was approximately 190,000 square meters, which reflects a year-on-year decrease of about 14.4% [1]

本公司公佈，本公司連同其附屬公司、合營公司及聯營公司之二零二五年首九個 月錄得合約銷售額約 32.2 億元人民幣，相應合約總樓面面積約 19.0 萬平方米， 分別按年下降約 24.2%及約 14.4%。 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之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不會就本公告全部或任何部分內容而產生或因倚賴該 等內容而引致之任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） (股份代號：230) 截至二零二五年九月三十日止九個月物業銷售簡報 五礦地產有限公司（「本公司」）根據香港法例第571章證券及期貨條例第XIVA 部項下內幕消息條文(定義見香港聯合交易所有限公司證券上市規則（「上市規 則」））及上市規則第13.09(2)(a)條發出本公告。 免責聲明 上述銷售數據未經審核，乃根據初步內部資料編製，鑒於收集及整理該等銷售資 料過程中存在各種不確定因素，該等銷售數據與本公司按年度或半年度刊發的經 審核或未經審核綜合財務報表中披露的數字可能存在差異。因此，該等數據僅供 投資者參考，它們並不能成為或被視為出售或購買本公司任何證券或金融產品的 邀請 ...

Core Viewpoint - China Minmetals Corporation's subsidiary, Minmetals Land Co., Ltd., plans to privatize due to the loss of its listing platform advantage and has applied to delist from the Hong Kong Stock Exchange [2][4] Group 1: Privatization Details - The privatization offer is made by June Glory International Limited, a non-wholly owned subsidiary of China Minmetals, proposing to buy shares at HKD 1.000 each, representing a premium of approximately 185.71% over the undisturbed closing price of HKD 0.350 [3][6] - As of the announcement date, Minmetals Land has issued 3,346,908,037 shares, with June Glory holding 2,071,095,506 shares (approximately 61.88%) [3] Group 2: Financial Performance - Minmetals Land has reported cumulative losses exceeding HKD 5.8 billion over the past three years, with significant declines in revenue and increasing net losses [7][8] - The company’s revenue for 2022, 2023, and 2024 is projected at HKD 100.65 million, HKD 126.31 million, and HKD 98.83 million, respectively, with net losses of HKD 13.60 million, HKD 5.26 million, and HKD 37.48 million [7] Group 3: Market Reactions and Future Strategies - Following the announcement, Minmetals Land's stock surged by 91.84% on October 24, indicating strong market interest and speculation regarding its future direction, particularly the potential integration with another subsidiary, China Metallurgical Group [2][8] - The company aims to enhance operational flexibility and focus on long-term strategic planning post-privatization, adapting to the ongoing challenges in the real estate sector [8][9]

Core Insights - *ST Yunwang (002306.SZ) released its Q3 2025 financial report on October 25, 2025, indicating the current status of institutional investors' holdings [1] Summary by Categories Institutional Holdings - As of October 24, 2025, there are 2 institutional investors disclosing their holdings in *ST Yunwang A-shares, with a total holding of 155 million shares, representing 17.88% of the total share capital [1] - The institutional investors include Shanghai Zhenxi Enterprise Management Consulting Partnership (Limited Partnership) and Hangzhou Noke Longen Enterprise Management Consulting Partnership (Limited Partnership) [1] - The total holding percentage by institutional investors remains unchanged at 17.88% [1]

Core Viewpoint - Wuzhou Real Estate has announced a privatization plan at a price of HKD 1 per share, following three consecutive years of losses and a significant increase in net debt ratio, indicating a strategic shift due to the loss of financing capabilities and low trading volume [2][4][7]. Group 1: Financial Performance - Wuzhou Real Estate has reported losses of HKD 13.62 billion, HKD 10.16 billion, and HKD 35.21 billion from 2022 to 2024, totaling over HKD 58 billion in cumulative losses [7]. - As of mid-2025, the company's total liabilities reached HKD 304.02 billion, with a net debt ratio of 215.4% and cash equivalents of HKD 19.83 billion [7]. - The average daily trading volume over the past 12 months was approximately 440,000 shares, indicating severely diminished liquidity [4]. Group 2: Privatization and Strategic Shift - The privatization is driven by the controlling shareholder, China Minmetals, which holds 61.88% of Wuzhou Real Estate's shares through June Glory International Limited, with a total cost of approximately HKD 12.76 billion, representing a 104.08% premium over the stock price before suspension [4]. - The company has not raised capital through the market since 2009, and the announcement of privatization marks the end of its public listing journey [3][4]. - The strategic focus of China Minmetals has shifted towards core businesses in metal mining and metallurgy, leading to a reduction in resources allocated to Wuzhou Real Estate [4]. Group 3: Business Operations and Challenges - Wuzhou Real Estate's contract sales have plummeted from a peak of HKD 26 billion in 2021 to HKD 2.29 billion in the first half of 2025 [3]. - The company has faced challenges in its urban integration projects, which have long payback periods and have not alleviated current financial pressures [4][5]. - Despite some growth in property management and construction services, these segments contributed only 11.8% to total revenue, insufficient to counteract the decline in real estate development [5]. Group 4: Debt Management and Future Outlook - To alleviate liquidity pressures, Wuzhou Real Estate has not acquired new land for two consecutive years and has focused on cost-cutting measures, reducing marketing expenses by 49.2% in the first half of 2025 [8]. - The company is restructuring its borrowing framework, increasing the proportion of RMB loans while reducing foreign loans, and has signed a three-year loan agreement for HKD 1 billion to replace maturing debts [8][9]. - Post-privatization, common strategies for debt management may include debt-to-equity swaps, project sales, and attracting strategic investors [9].

扬子晚报网10月24日讯（记者 范晓林 薄云峰 实习生 潘伊笑）10月24日，五矿地产复牌高开超91%。截至10时30分，涨幅89.8%，报0.93港元/股。 | 14:20 6 | | | ·II 5G (100) | | | --- | --- | --- | --- | --- | | | | 五矿地产 00230 港V | | + Q Q G | | 0.930 | 港币 +0.440 | +89.80% | | | | 行业 | 地产 +0.36% > | | | | | 今开 | 0.940 最高 | 0.950 | 成交量 | 5659.85万 | | BEIR | 0.490 最低 | 0.910 | 成交额 | 5234.31万 | | 市值1 | 31.13亿 换手 | | 1.69% 市盈 | 亏损 | | 分时 | FB | 周K | 月Ｋ | (0) | | | | | 五档 | 分享 | | 9999 | | 93.88% | 卖5 = | 0.980 204万 | | 0.490 | | | 英4 | 0.970 60.4万 | | | | | 卖3 | 0.960 312万 | ...

Core Insights - As of October 24, a total of 60 stocks reached their 52-week highs, with 康大食品 (00834), 五矿地产 (00230), and CMON (01792) leading in growth rates of 121.62%, 58.33%, and 43.86% respectively [1][2]. 52-Week Highs Summary - 康大食品 (00834) closed at 0.600, with a peak price of 0.820, achieving a growth rate of 121.62% [2]. - 五矿地产 (00230) closed at 0.940, with a peak price of 0.950, achieving a growth rate of 58.33% [2]. - CMON (01792) closed at 0.062, with a peak price of 0.082, achieving a growth rate of 43.86% [2]. - Other notable stocks include 圆美光电 (08311) with a growth rate of 32.65%, and 世纪联合控股 (01959) with a growth rate of 29.71% [2]. 52-Week Lows Summary - The report also highlighted stocks reaching their 52-week lows, with 能源及能量环球 (01142) showing a decline of 38.98% [3]. - 新琪安 (02573) experienced a decrease of 14.87%, while 中国信息科技 (08178) saw a decline of 12.66% [3]. - Other stocks with significant declines include 星空华文 (06698) at -7.89% and 九江银行 (06190) at -6.91% [3].

Core Viewpoint - Minmetals Land (00230HK) has announced a privatization plan, leading to a significant stock price surge of over 90% following its resumption of trading, with a current price of HKD 0.92 per share and a market capitalization of HKD 30.79 billion [1]. Company Summary - The company plans to privatize and delist from the Hong Kong Stock Exchange, with a proposed cancellation price of HKD 1 per share, representing a premium of approximately 104.08% over the closing price before suspension [3][4]. - The total cash consideration for the privatization will be approximately HKD 12.76 billion, funded through internal resources, with the financial advisor confirming the adequacy of financial resources for the payment obligations [3][4]. - Minmetals Land has faced persistent losses in recent years, with net losses of HKD 13.62 billion, HKD 10.16 billion, and HKD 35.21 billion projected for 2022, 2023, and 2024 respectively [5]. - In the first half of this year, the company reported a net loss of HKD 5.85 billion, a reduction from HKD 10.44 billion in the same period last year [5]. Industry Context - The company operates in the Chinese real estate sector, which is currently in a stabilization phase, facing a challenging and complex external environment [4]. - The proposed delisting is expected to enhance the company's operational efficiency and decision-making capabilities by reducing management and compliance complexities [4].

Core Viewpoint - On October 24, Minmetals Land's stock surged over 90% upon resuming trading after the announcement of its privatization plan and delisting from the Hong Kong Stock Exchange [1] Company Summary - Minmetals Land announced its intention to privatize and apply for the cancellation of its listing status on the Hong Kong Stock Exchange, with shares to be canceled at a price of HKD 1 per share [1] - The company is a subsidiary of China Minmetals Corporation and is one of the first 16 state-owned enterprises designated by the State-owned Assets Supervision and Administration Commission (SASAC) to focus on real estate [1]

Core Viewpoint - Wuzhou International Holdings (0230.HK) resumed trading with a significant increase of 91.84%, opening at HKD 0.94, following the announcement of a privatization proposal by its major shareholder, Wuzhou Hong Kong [1] Group 1 - The major shareholder has proposed to privatize the company through a scheme arrangement, offering a cash price of HKD 1 per share, which represents a premium of 104.08% compared to the last closing price before suspension [1] - The total consideration for the privatization could amount to a maximum of HKD 1.276 billion [1] - Currently, the offeror holds 61.88% of the company's equity [1]