此乃要件 請即處理 閣下如對本通函任何內容或將採取的行動有任何疑問，應諮詢 閣下的持牌證券交易商或 註冊證券機構、銀行經理、律師、專業會計師或其他專業顧問以獲取獨立意見。 閣下如已售出或轉讓所有名下的瑞安房地產有限公司股份，應立即將本通函送交買主或承 讓人或經手買賣或轉讓的銀行經理、持牌證券交易商或註冊證券機構或其他代理商，以便 轉交買主或承讓人。 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通函的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不會就本通函全部或任何部份內容而產生 的或因依賴該等內容而引致的任何損失承擔任何責任。 Shui On Land Limited 瑞安房地產有限公司 * （於開曼群島註冊成立之有限責任公司） （股份代號：272） 有關增加對基金的出資 及 項目公司股權轉讓之 主要交易 本通函所用全部詞彙與本通函「釋義」一節所載者具相同涵義。 董事會函件載於本通函第7至24頁。 本公司已根據上市規則第14.44條就合作協議及其項下擬進行的該等交易向一組有密切聯繫 的股東取得股東書面批准，該等股東合共持有就批准合作協議及其項下擬進行的該等交易 舉行股東大會的50% ...

Group 1 - The second Haza Jin Sports Festival, featuring a jump rope competition, opened on Saturday in Shanghai's Hongkou District and will last for 58 days, hosting 13 events and over 200 activities, covering 45 sports [1][2] - The festival aims to reflect the local culture and has successfully attracted over 150,000 participants during its inaugural event last year, significantly exceeding expectations [4][5] - The event has led to a 17% increase in foot traffic and double-digit revenue growth for the shopping center during the festival period compared to the same time in 2023 [5] Group 2 - The Haza Jin Sports Festival is a collaboration between the shopping center and the Hongkou District Sports Bureau, which has helped align the event with the interests of local families [2][4] - The festival's success is attributed to its community roots, with over 70% of families in the surrounding area having a background in studying abroad, contributing to a high-income and high-consumption demographic [5] - The integration of sports events into commercial spaces is seen as a beneficial exploration to convert foot traffic into economic growth, supported by national policies promoting sports events in commercial areas [7][8]

Key Points - The article highlights significant stock movements in the Hong Kong and US markets, with various companies experiencing notable gains and losses due to recent developments and announcements [1][2][3][4][5] Hong Kong Market Highlights - China Rare Earth Holdings (03788) surged nearly 20%, with a year-to-date increase of 320%, as the company proposed a spin-off of its gold segment for independent listing on the Hong Kong Stock Exchange [1] - Innovent Biologics (09969) rose nearly 4% after announcing the clinical approval of its new ADC innovative drug ICP-B794 [1] - North Sea Kangcheng - B (01228) increased over 50%, with its stock price doubling in three days, marking it as a rare disease stock in the Hong Kong market [1] - Hong Kong Travel (00308) saw a rise of over 24%, achieving a year-to-date stock price doubling, driven by market speculation on stablecoin cross-border payment scenarios [1] - CSPC Pharmaceutical Group (01093) gained nearly 3% after receiving drug registration approval for Mesalazine enteric-coated tablets, enhancing its product line in the immune system treatment sector [1] - Ruian Real Estate (00272) rose over 4%, with a cumulative contract property sales amount for the first six months increasing by 457% year-on-year [1] - Cornerstone Pharmaceuticals - B (02616) increased over 3%, planning to raise HKD 467 million for clinical research on CS2009 [1] - Q Technology (01478) rose over 7%, with mobile camera module sales of 32.648 million units in June, a year-on-year increase of 1.5% [1] - Dekang Agriculture and Animal Husbandry (02419) increased by 6%, with a new cycle logic continuing to strengthen, and Tianfeng Securities set a target price of HKD 154 [1] - Contemporary Amperex Technology (03750) rose over 3%, reaching a new high since its listing, following a deepened strategic cooperation agreement with Geely Automobile [2] - Gaming stocks continued to rise, with Wynn Macau (01128) up 6.49%, New World Development (00200) up 6.15%, and others showing similar gains [2] - Gold stocks faced declines, with Golden Resources (GORO.US) dropping nearly 10% and others following suit [4] US Market Highlights - Stablecoin concept stocks continued to rise, with Tiger Brokers (TIGR.US) increasing over 8% [4] - Trump Media & Technology Group (DJT.US) rose over 2% as the company seeks SEC approval for a blue-chip cryptocurrency ETF [4] - Wolfspeed (WOLF.US) continued to rise, with stock prices increasing over 9% [4] - Intel (INTC.US) rose over 7% after announcing company-wide layoffs [4] - JD.com (JD.US) increased over 2% as it launched its "Double Hundred Plan" for its delivery service [4]

Core Viewpoint - Ruian Real Estate is actively engaging in asset repositioning strategies, focusing on high-end residential development and light asset models to enhance operational efficiency and expand its business scale in key urban markets like Shanghai [2][6]. Group 1: Recent Transactions - Ruian Real Estate, in partnership with Tianan China Investment, acquired a 50% stake in a Shanghai property valued at nearly 20 billion yuan [2][3]. - The company announced the introduction of insurance capital into its Foshan project, aligning with its light asset strategy to improve capital circulation and efficiency [2][7]. - The acquisition of the Shanghai property involved a competitive bidding process, with the successful bid amounting to 2.894 billion yuan [3]. Group 2: Strategic Focus - The company aims to leverage its experience in high-end residential development to expand its product offerings in the Shanghai New World community, thereby increasing revenue sources [2][5]. - Ruian Real Estate plans to continue focusing on first-tier cities, particularly Shanghai, while adopting a light asset model to navigate market adjustments [2][6]. - The company has a history of collaboration with Shanghai Yongye Group, indicating a strategic partnership approach to major projects [5][6]. Group 3: Financial Performance and Asset Management - As of 2024, Ruian Real Estate's residential saleable assets in Shanghai are valued at only 5.9 billion yuan, highlighting a need for replenishment in its asset portfolio [6]. - The company has engaged in a transaction involving the transfer of 100% equity in its Foshan projects for approximately 3.49 billion yuan, with the net proceeds aimed at general operational funding [7][8]. - The operational performance of the projects remains strong, with an overall occupancy rate maintained above 90% and rental income showing growth [9].

Core Viewpoint - The acquisition of a 50% stake in Shanghai Yongye Urban Renewal Development Co., Ltd. by Ruian Real Estate and Tianan is expected to extend the development of the luxury residential series "Cuihu Tiandi" in Shanghai, with significant potential for future revenue generation [1][8][11]. Group 1: Acquisition Details - Ruian Real Estate and Tianan successfully acquired the 50% stake for 28.94 billion yuan, which grants them development rights to three residential and commercial land parcels in the New Tian District [1][8]. - The total residential area of the three parcels is approximately 156,000 square meters, with an estimated residential value exceeding 30 billion yuan based on the average price of 210,000 yuan per square meter for Cuihu Tiandi [1][12]. Group 2: Market Context - The three parcels are located within the "Daxin Tiandi Community," which aims to enhance the functionality and ecological layout of the New Tian District, attracting global talent to Shanghai [2][11]. - The area surrounding the parcels has a residential atmosphere, with proximity to key landmarks such as the Shanghai Music Hall and New World, enhancing its appeal for high-end residential development [4][12]. Group 3: Historical Background - The Shanghai Yongye Urban Renewal was established in 2020, focusing on real estate development and urban renewal projects, indicating a strategic move towards urban revitalization in the Huangpu District [7][8]. - Previous collaborations between Ruian Real Estate and Yongye Group have included significant projects like Cuihu Tiandi and the Pacific New World commercial center, showcasing a history of successful partnerships [11][13]. Group 4: Competitive Landscape - The market for high-end residential properties in Shanghai is highly competitive, with limited land availability leading to intense bidding from major state-owned enterprises [11][12]. - The requirement for at least 40% of the new developments to be smaller unit types reflects a strategic shift towards more diverse housing options in the luxury segment [12][13].

Core Viewpoint - The article highlights that major listed real estate companies are increasingly utilizing financial tools, such as public REITs and insurance capital, to revitalize their commercial assets and transition towards a "light asset operation" model [1][3]. Group 1: Company Actions - Ruian Real Estate announced a transaction involving the transfer of 100% equity in its subsidiaries, resulting in a total consideration of approximately 3.49 billion yuan, with a net cash inflow of about 683 million yuan for operational funding [1][2]. - China Overseas Development plans to list its Nanhai Yingyuehu Huanyu City project in Foshan through a public infrastructure REIT, aiming to raise 1.355 billion yuan [2][3]. Group 2: Industry Trends - The trend of utilizing REITs for asset securitization indicates a new phase in the "light asset transformation" of real estate companies, allowing them to shift from asset holders to investment participants and operators [3]. - The expansion of the REITs market has encouraged various real estate firms to actively participate in public REIT issuance, enhancing their financial flexibility and operational sustainability [3].

Core Insights - The event "Urban Renewal: Transformation and Coexistence" focused on the revitalization of the historic Hongshufang area in Shanghai, bringing together over 60 experts, scholars, and community representatives to discuss the transformation of this century-old neighborhood into a vibrant new district [1][5]. Group 1: Event Overview - The event was co-hosted by the Shanghai Municipal Local History Office and the Shanghai Planning and Natural Resources Bureau, with support from various local organizations [1]. - The event featured the presentation of local history books that encapsulate the historical memory of the city, highlighting the evolution of the Hongshufang area from its inception in 1933 to its current revitalization [5]. Group 2: Project Details - The project aims to protect the area's historical fabric while renewing its functionality, featuring 15,000 square meters of commercial space with over 70 brands, including more than 50 first stores in Shanghai or the region [5]. - The design integrates traditional and modern elements, with features like sky bridges connecting traditional Shikumen houses to modern buildings, and the use of reclaimed bricks for the food hall's exterior [5][6]. Group 3: Community Engagement - The project is envisioned as a "public living room" that serves the local community, providing spaces for residents of all ages to gather and socialize, thereby injecting vitality into the area [6]. - The food market, "Hongshufang Foodie Social 3.0," includes over 30 food stalls, blending traditional and modern culinary experiences, and aims to foster community connections [8]. Group 4: Cultural Significance - The transformation of Hongshufang is presented as a model for urban renewal that balances protection and development, history and future, functionality and emotion, offering a unique "Shanghai sample" for global urban renewal efforts [10].

Group 1 - The company announced a cooperation agreement involving a total investment commitment of RMB 3.54 billion (approximately HKD 3.875 billion) for equity transfer and project asset holding [1] - The total consideration for the equity transfer is approximately RMB 3.49 billion (approximately HKD 3.82 billion), with the fund acquiring 100% equity of Foshan Ruian and Foshan Anying [1] - Following the completion of the transaction, the fund will be considered a subsidiary of the company, and its financial performance will be consolidated into the company's financial statements [1] Group 2 - The transaction aligns with the company's "light asset strategy," aimed at improving capital circulation and establishing strategic partnerships with long-term partners [2] - The transaction is expected to generate a net cash amount of approximately RMB 683 million (approximately HKD 748 million) after tax and transaction costs [2] - The company anticipates that the transaction will not have a significant impact on its profit or loss [2]

预计上海瑞新里承担的资本承诺总额将不超过人民币1,047,000,000元。合营公司的目的是参与建议收购 事项，并于完成后从事上海项目的开发、销售及营运。合营公司的业务范围包括（其中包括）企业管理 咨询、物业管理、建筑专业建设工程设计及市政专业建设工程设计。 成立合营公司、提供担保及其项下拟进行的交易符合公司的业务发展策略，让公司可更专注于成为一级 商业房地产业主及营运商。透过与上海莘赋里的合营合作，集团将有机会参与开发位于中国大都市－上 海的黄金地段的上海项目。董事认为，成立合营公司及后续项目开发将为集团提供极具吸引力的商机， 有助集团实现收入来源多元化，并进一步完善集团的整体项目开发组合。 建议收购事项指合营公司拟透过公开挂牌竞价程序收购项目公司上海永业城市更新建设发展有限公司 50%股权，其底价为人民币28.94亿元。 于股东协议日期，上海瑞新里及上海莘赋里已同意分别对合营公司以现金出资人民币3,000,000元及人民 币7,000,000元，占合营公司资本中的30%及70%股权。 格隆汇6月19日丨瑞安房地产(00272.HK)公告，于2025年6月19日，上海瑞新里（公司间接全资附属公 司）与上海莘 ...

Core Viewpoint - ST Jin Yi Culture Development Co., Ltd. (ST Jin Yi) has applied to revoke its risk warning, but the outcome is uncertain pending review by the Shenzhen Stock Exchange [1][5]. Group 1: Stock Performance - Prior to the announcement of the application to remove the risk warning, ST Jin Yi's stock price had already reached a limit-up [4]. - On June 6, the stock price surged, closing at 3.35 yuan per share with over 130,000 shares traded at the limit-up price [5]. Group 2: Financial Performance - For the first quarter of this year, ST Jin Yi reported a net profit loss attributable to shareholders of the listed company [6]. Group 3: Strategic Acquisition - In late May, ST Jin Yi's acquisition of Beijing Kaike Weishi Technology Co., Ltd. (Kaike Weishi) drew significant investor attention [7]. - The company announced a transaction price of 412 million yuan for a 43.18% stake in Kaike Weishi, which will become a subsidiary and included in the consolidated financial statements [7][8]. - Kaike Weishi specializes in software development and services for the financial industry, with its products used by over 300 financial institutions, including 83% of major state-owned banks [8]. Group 4: Future Business Direction - ST Jin Yi plans to transition its main business from gold and jewelry retail to software and information technology services by 2025, using Kaike Weishi as a foundation for this shift [8]. - The company aims to leverage Kaike Weishi's experience to expand into other financial sectors and smart city applications, indicating a strategic transformation from the gold and jewelry industry to the software information sector [8].