Core Viewpoint - CIFI Holdings has been making positive strides recently, including the restructuring of its domestic bond market and the announcement of a stake sale in Yongsheng Services to a London-based fund [1][5]. Group 1: Stake Sale Details - CIFI Holdings announced a commitment letter with LMR to sell 8.24% of Yongsheng Services, equating to approximately 142.39 million shares, with the sale price set at a minimum of HKD 1.936 per share, representing a 10% premium over the closing price on September 25, 2025 [1][2]. - The transaction aims to avoid significant discounts that could arise from a bulk sale, thereby preserving the value of Yongsheng Services and the interests of all stakeholders involved [2]. Group 2: Yongsheng Services Overview - Yongsheng Services, listed on the Hong Kong Stock Exchange, is a comprehensive property management service provider, having rebranded from CIFI Yongsheng Services in late 2023 to focus on independent transformation [3]. - As of June 30, 2025, Yongsheng Services operates in 100 cities across mainland China, managing a total contracted area of approximately 3.549 billion square meters, with around 2.537 billion square meters currently under management, serving over 112,000 households [3]. Group 3: Debt Restructuring Progress - CIFI Holdings' domestic bond restructuring plan has been approved by relevant bondholder meetings, involving seven company bonds with a total principal amount of approximately 10.061 billion yuan [6][7]. - The successful restructuring is expected to alleviate future liquidity pressures, reduce debt burdens, and improve the overall financial condition and balance sheet of the company, creating favorable conditions for a gradual return to healthy development [7].

｜2025年9月29日星期一｜ 点评：本次交易尚处于筹划阶段，存在因监管审批、交易双方协商分歧等因素导致方案调整或终止的可 能性。投资者需持续关注公司信息披露，谨慎评估投资风险。 NO.1 广州住房公积金可用于支付二手房首付款 9月28日，广州住房公积金管理中心等四部门联合发布新政，优化住房公积金提取政策，扩大住房公积 金的支付适用范围。除了现售商品住房外，购买存量商品住房、配售型保障性住房或者共有产权住房， 均可申请提取住房公积金用于支付购房首付款。 点评：广州此次政策突破了住房公积金首付提取仅限新房的限制，为其他一线城市提供政策参考。同 时，在"金九银十" 节点推出该政策，释放了支持合理住房消费的积极信号，或带动更多城市优化公积 金政策，进一步提振楼市信心。 NO.2 大连万达集团及王健林被限制高消费 天眼查显示，日前，大连万达集团股份有限公司及其法定代表人王健林被法院下达限制高消费令。该措 施源于一起标的为1.86亿元的强制执行案件。据万达知情人士透露，此事是"由于万达下属项目公司经 济纠纷导致，事实上之前双方一直在通过多种方式协商解决，我们也正在了解具体情况，本次或是因在 执行层面信息不对称导致"。 ...

(e)期限：建议交易的期限至少为364日，并可由LMR选择延长至最长三年; 旭辉控股集团(00884)发布公告，于2025年9月26日(交易时段后)，本公司与LMR就建议交易订立承诺 函。本公司与LMR拟订立并实施建议交易，以达成下列商业目标： (a)出售永升(01995)股份：本公司向LMR出售其于1.424亿股永升股份的权益，而所出售永升股份数目可 由本公司与LMR协商调整，以反映任何摊薄事件; (b)出售价：本公司以每股永升股份至少1.936港元的价格出售，相等于每股永升股份于2025年9月25日的 收市价的110%，而LMR以该价格收购该等永升股份权益; (c)回报：建议交易或其任何组成部分，须以确保LMR就上文(b)分段所述收购事项的总代价每年获得至 少7%的回报进行构建(回报形式由本公司与LMR协商); (f)不参与管理：就LMR而言，建议交易纯属财务投资，属于以永升未来股价升值为核心的股权增长策 略的一环。LMR无意且不会寻求参与永升的管理，亦不会与永升订立任何协议或其他安排以取得永升 的董事席位、任何其他管理权或永升其他股东不享有的特别权利; (g)禁止卖空及证券借贷：LMR不得直接或间接：( ...

Group 1 - The core objective of the proposed transaction is for the company to sell its stake in Yongsheng Holdings to LMR, with the sale price set at a minimum of HKD 1.936 per share, representing a 10% premium over the closing price on September 25, 2025 [1] - The transaction is structured to ensure LMR receives at least a 7% annual return on the total consideration paid for the shares [1] - The proposed transaction is expected to generate approximately HKD 276 million, which will be used to restructure the company's offshore debts and liabilities [2] Group 2 - The company has identified its indirect stake in Yongsheng as a liquid asset for financing purposes, but large-scale sales at significant discounts would lead to value loss [2] - The transaction is designed to achieve liquidity goals while avoiding the negative market impact associated with large-scale sales of listed securities [2] - The duration of the proposed transaction is set for a minimum of 364 days, with an option for LMR to extend it for up to three years [1]

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 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券之邀請或要約。 CIFI Holdings (Group) Co. Ltd. 旭 輝 控 股（ 集 團 ）有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：00884） （債務股份代號：05261、40316、40464、40519、40681、40682） 訂約方： (1) 本公司；及 (2) LMR。 內幕消息 有關就建議交易訂立承諾函 涉及本公司出售永升服務集團有限公司普通股 本公告乃由本公司根據上市規則第13.09 (2) (a)條及香港法例第571章證券及期貨條 例第XIVA部之內幕消息條文（ 定義見上市規則 ）作出。 董事會欣然宣佈，於二零二五年九月二十六日（ 交易時段後 ），本公司與LMR就建 議交易訂立承諾函。 承諾函 日期： 二零二五年九月二十六日（ 交易 ...

( 於開曼群島註冊成立的有限公司 ) (Stock code 股份代號: 00884) CIFI Holdings (Group) Co. Ltd. 旭 輝 控 股 ( 集 團 ) 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear non-registered shareholder(s) (Note) , CIFI Holdings (Group) Co. Ltd. (the "Company") Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07 of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expan ...

CIFI Holdings (Group) Co. Ltd. 旭 輝 控 股 ( 集 團 ) 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) ( ) 於開曼群島註冊成立的有限公司 (Stock code 股份代號: 00884) N O T I F I C A T I O N L E T T E R 通 知 信 函 Dear registered shareholders, CIFI Holdings (Group) Co. Ltd. (the "Company") – Notice of Publication of 2025 Interim Report (the "Current Corporate Communication") The Current Corporate Communication of the Company has been published in English and Chinese languages and is available on the Company's website ...

| 公司簡介 | 2 | Company Profile | | --- | --- | --- | | 公司資料 | 4 | Corporate Information | | 主要房地產項目 | 6 | Major Property Projects | | 詞彙及定義 | 9 | Glossary and Definitions | | 主席報告 | 10 | Chairman's Statement | | 管理層討論及分析 | 16 | Management Discussion and Analysis | | 權益披露 | 31 | Disclosure of Interests | | 企業管治及其他資料 | 47 | Corporate Governance and Other Information | | 簡明綜合財務報表的審閱報告 | 54 | Report on Review of Condensed | | | | Consolidated Financial Statements | | 簡明綜合損益及其他全面收益表 | 56 | Condensed Consolidated S ...

Investment Rating - The report maintains a "Buy" recommendation for the real estate sector [2] Core Insights - The real estate index increased by 0.7% in the 38th week, ranking 9th among 31 primary industry sectors [9][10] - New housing demand is declining, inventory issues remain unresolved, and land finance continues to negatively impact the economy, necessitating stronger policy measures to alleviate downward pressure on the real estate fundamentals [34] Summary by Sections Industry Basic Data - Total number of stocks: 107 - Total market capitalization: 1,233.623 billion - Circulating market capitalization: 1,183.334 billion [3] Relative Index Performance - Absolute performance over 1 month: 4.7% - Absolute performance over 6 months: 12.2% - Absolute performance over 12 months: 31.4% - Relative performance over 1 month: 1.4% - Relative performance over 6 months: -3.4% - Relative performance over 12 months: -9.9% [4] Policy News - Various local governments are implementing measures to boost housing consumption and support affordable housing development, including adjustments to housing provident fund contributions and property tax policies [15][18] Sales Data - New housing transactions in 20 monitored cities increased by 32% year-on-year, with a total transaction area of 176 million square meters in the 38th week [21] - Second-hand housing transactions in 11 monitored cities increased by 71% year-on-year, with a total transaction area of 191 million square meters [25][29] Financing Data - Most bond issuances this week were by local state-owned enterprises, with the largest issuance being 1.98 billion by Jinqiao Group [30][32] Investment Strategy - Focus on companies with strong product differentiation and stable rental income from quality commercial real estate, as well as stock brokerage businesses in the existing housing market [34]

Group 1 - The core viewpoint is that the debt restructuring process for distressed real estate companies has entered a new phase, with significant progress observed in September 2025 [1][3][9] - Several companies, including CIFI Holdings, Kaisa Group, and R&F Properties, have achieved key breakthroughs in their debt restructuring efforts, indicating a positive trend [3][4] - As of August 2025, 20 distressed real estate companies have received approval for debt restructuring, with a total debt relief scale exceeding 1.2 trillion yuan [5][6][7] Group 2 - CIFI Holdings' restructuring plan was approved on September 15, 2025, with a cash repayment ratio increased to 20% and a debt extension period shortened to 7-8 years [3][6] - Kaisa Group's restructuring plan has come into effect, resulting in an estimated debt reduction of approximately 8.6 billion USD and an average debt extension of five years [3][6] - R&F Properties is actively advancing its debt restructuring, proposing a comprehensive plan that includes cash buybacks and asset disposals [3][6] Group 3 - The debt-to-equity swap has become a preferred method for many companies, reflecting its applicability and effectiveness in the current market environment [5][6] - A diversified approach to debt restructuring has emerged, with companies employing various strategies such as cash buybacks, debt extensions, and asset disposals [6][8] - The financial sector is supporting distressed companies through various channels, including asset management institutions and public REITs, which help reduce leverage and promote transformation [8][9] Group 4 - The market is showing signs of recovery, with policies aimed at stimulating buyer interest, leading to improved operational conditions for real estate companies [9][10] - The traditional peak sales season in September is expected to accelerate the pace of project launches in core cities, potentially boosting market activity [10]