1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core View of the Report In July 2025, the net financing scale of Chinese - funded US dollar bonds in the primary market was negative, with the issuance mainly being unrated bonds. The total issuance scale increased significantly compared to the previous month and the same period last year, mainly due to Shimao Group Holdings Co., Ltd. issuing new bonds for debt restructuring. Most of the main sectors had positive net financing, with real - estate US dollar bonds being the main force in issuance [1][7]. 3. Summary According to the Directory (1) 7月中资美元债净融资规模为负，发行以无评级为主 - As of July 31, 2025, 85 new Chinese - funded US dollar bonds were issued in the primary market, mainly real - estate US dollar bonds, with a total issuance scale of $19.387 billion, a 55% month - on - month and 27% year - on - year increase. The average issuance coupon rate was 3.79%. 98 bonds matured, with a maturity scale of $20.017 billion. The net financing scale for the month was - $629 million. The significant increase in issuance scale was mainly due to Shimao Group issuing $11.734 billion in new bonds for debt restructuring [1][7]. - In terms of different ratings, 2 investment - grade bonds were newly issued, with a scale of $744 million; 13 matured, with a scale of $5.55 billion, and the net financing scale was - $4.806 billion. No high - yield bonds were newly issued, 5 matured, with a scale of $1.6 billion, and the net financing scale was - $1.6 billion. 83 unrated bonds were newly issued, with a scale of $18.643 billion; 80 matured, with a scale of $12.867 billion, and the net financing scale was $5.777 billion [2][12][14]. (2) 主要板块净融资规模多数为正，地产美元债为发行主力 - Real - estate US dollar bonds: As of July 31, 2025, 6 new bonds were issued, with a scale of $11.734 billion, an average issuance coupon rate of 2.17%. All were new bonds issued by Shimao Group for debt restructuring. 11 bonds matured, with a scale of $4.419 billion. The net financing scale for the month was $7.314 billion, and no material defaults occurred [3][18]. - Financial US dollar bonds: As of July 31, 2025, 55 new bonds were issued, with a scale of $3.789 billion, an average issuance coupon rate of 2.98%. 55 bonds matured, with a scale of $5.669 billion. The net financing scale for the month was - $1.88 billion, and no material defaults occurred [3][27]. - Urban investment US dollar bonds: As of July 31, 2025, 12 new bonds were issued, with a scale of $1.725 billion, an average issuance coupon rate of 5.74%. 12 bonds matured, with a scale of $1.198 billion. The net financing scale for the month was $527 million, and no material defaults occurred [3][34].

智通财经APP讯，世茂集团(00813)发布公告，于2025年8月7日，根据于2025年7月21日所发行的2026年 到期零息强制可换股债券的转换而配发及发行11.26亿股。 ...

世茂集团(00813)发布公告，于2025年8月7日，根据于2025年7月21日所发行的2026年到期零息强制可换 股债券的转换而配发及发行11.26亿股。 ...

格隆汇8月7日丨世茂集团(00813.HK)公布，根据于2025年7月21日所发行的2026年到期零息强制可换股 债券的转换而配发及发行11.26亿股。 ...

第 1 頁 共 5 頁 v 1.3.0 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 世茂集團控股有限公司 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00813 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（ ...

Group 1 - The core viewpoint of the article highlights the decline in the stock price of Shimao Group, which fell by 5.8% to 0.65 yuan per share, with a trading volume of 20.4254 million yuan as of 15:09 on August 7 [1] - Shimao Group's main business involves developing large-scale and high-quality real estate projects in economically developed or potential cities in mainland China, including residential, hotel, retail, and commercial properties [1] - The company is committed to promoting urbanization and practices the concept of "urban operator" with innovative and forward-thinking real estate development strategies, aiming to "achieve urban dreams" [1] Group 2 - As of the 2024 annual report, Shimao Group reported total revenue of 59.975 billion yuan and a net profit of -35.905 billion yuan [2]

Core Viewpoint - The Hong Kong real estate stocks have generally risen, with notable increases in companies such as China Jinmao and Jianfa International Group, indicating a potential recovery in the market [1] Group 1: Market Performance - Hong Kong real estate stocks saw significant gains, with China Jinmao and Jianfa International Group rising over 4%, and Yuexiu Property increasing by 2.6% [1] - Other companies like Longfor Group, CIFI Holdings, Shimao Group, and R&F Properties also experienced gains exceeding 1% [1] Group 2: Market Outlook - Huatai Securities' research report suggests that the foundation for a medium to long-term stabilization in the real estate market is being established, although full recovery will take time [1] - The report outlines potential policy directions for the second half of the year, including stabilizing housing price expectations, effectively stimulating home-buying demand, optimizing land acquisition to reduce inventory, and focusing on funding sources for urban renewal [1] Group 3: Investment Recommendations - Huatai Securities favors the recovery pace in core cities, particularly first-tier cities, and continues to recommend developers with "good credit, good cities, and good products" [1] - The report also highlights the attractiveness of leading property management companies with stable dividends and performance, as well as local Hong Kong real estate stocks benefiting from asset revaluation [1]

Summary of Key Points Core Viewpoint - In July, the total issuance scale of offshore Chinese bonds was approximately $22.5 billion, reflecting a 10% month-on-month decline, with significant contributions from various sectors including real estate and local government financing [2][3]. Group 1: Issuance Details - The actual total issuance scale of offshore Chinese bonds, excluding the restructuring bonds from Shimao Group, was $15.7 billion in July [3]. - The issuance of offshore RMB-denominated bonds amounted to about $5.1 billion, while USD-denominated bonds reached approximately $13.3 billion, with an average financing cost of 5.25% for fixed-rate bonds [5]. - The issuance of offshore Euro-denominated bonds surged to about $2.1 billion, with notable contributions from China Development Bank and Bright Food International [5]. Group 2: Sector Performance - Excluding sovereign and government bonds, 72 Chinese enterprises issued 97 offshore bonds totaling $20.1 billion in July, with the average bond size increasing to $2.07 million [7]. - The real estate sector's issuance, excluding Shimao Group's restructuring bonds, was $0.8 billion, primarily from Hong Kong enterprises [10]. - Local government financing platforms saw a significant increase, with 49 platforms issuing 55 offshore bonds totaling $6 billion, marking an 89% month-on-month growth [10]. Group 3: Financial Sector Insights - The financial sector's issuance decreased by 32% to approximately $4.2 billion, with 11 financial institutions issuing 20 offshore bonds [15]. - Notably, China Development Bank successfully issued dual-currency bonds in the international market, achieving a record subscription rate [15]. - The issuance of sustainable development bonds by various enterprises, including Zhengzhou Urban Construction and Jiangxi Jiulong Group, highlighted the growing trend towards sustainable financing [11][12]. Group 4: Market Trends and Economic Indicators - The net financing amount for the real estate sector turned positive for the first time this year, reaching approximately $15.2 billion in July, largely due to Shimao Group's debt restructuring [18]. - Central banks, including the Federal Reserve and the European Central Bank, maintained interest rates, influencing market expectations and bond issuance strategies [21]. - Positive developments in the real estate sector were noted, with several companies successfully restructuring debts and obtaining financing [22].

智通财经APP讯，世茂集团(00813)发布公告，于2025年8月4日根据于2025年7月21日所发行的2026年到 期零息强制可换股债券的转换而配发及发行新股份7.05亿股。 ...

世茂集团(00813)发布公告，于2025年8月4日根据于2025年7月21日所发行的2026年到期零息强制可换股 债券的转换而配发及发行新股份7.05亿股。 ...