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 或任何部分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。 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） 有關(1)出售天津和新股權 (2)收購寧波海曙興禮股權 的須予披露交易 的補充公告 茲提述旭輝控股（ 集團 ）有限公司（「本公司」）日期為二零二五年十二月二十八日的 公告（「該公告」）。除另有界定外，本公告所用詞彙與該公告所界定者具有相同涵 義。 除該公告所披露者外，本公司謹此向股東及潛在投資者提供有關交易事項的進一 步資料。 天津和新 —— 估值報告中經評估資產價值與財務報表中賬面資產價值存在差異的 原因，以及出售事項導致的預期虧損與經評估減值的進一步闡釋 – 1 – (1) 該 公 告 第 6 頁「 天 津 和 新 估 值 報 告」一 節 載 明 ， 截 至 估 值 日 ...

Group 1 - A total of 97 stocks reached a 52-week high as of January 21, with the top three being Fengsheng Holdings (00607) at 70.31%, Beibo Group (08331) at 63.33%, and Lingrui Holdings (00784) at 53.85% [1] - Fengsheng Holdings closed at 0.900 and reached a peak of 1.090, while Beibo Group closed at 0.380 with a peak of 0.490 [1] - Lingrui Holdings had a closing price of 0.164 and a peak of 0.260, indicating strong upward momentum [1] Group 2 - Other notable stocks that reached new highs include LQ Culture (00550) at 49.30%, Skyworth Group (00751) at 44.30%, and Zhongsheng Beikong Biotechnology (08247) at 27.79% [1] - The list also features Shifang Holdings (01831) at 26.67% and Huanlian Lianxun (01473) at 23.08%, showcasing a diverse range of sectors achieving new highs [1] Group 3 - The report also highlights stocks that reached new lows, with Xuhui Holdings Group (00884) dropping to 0.125, a decrease of 15.56% [3] - Other stocks experiencing significant declines include Jiayi Holdings (02999) at 0.020, down 15.00%, and Times China Holdings (01233) at 0.090, down 8.42% [3] - The report indicates a challenging environment for certain companies, particularly in the real estate sector, as evidenced by the performance of companies like Country Garden (02007) and Sunac China (01918) [3]

Market Performance - The Hong Kong stock market showed resilience, with the Hang Seng Index and the Hang Seng Tech Index recovering from previous declines, closing up by 0.37% and 1.11% respectively [1][2] - The overall market remained stable despite a significant drop in US stocks overnight [1] Sector Performance - Major technology stocks saw gains, with notable increases in shares of Hua Hong Semiconductor (up over 5%) and SenseTime (up over 4%) [4][5] - Semiconductor stocks were active, driven by positive sentiment in the AI-driven storage cycle, with companies like Zhaoyi Innovation reaching new highs [2][7] - Gold stocks surged, led by Chifeng Jilong Gold (up over 9%) and Lingbao Gold (up over 8%), as spot gold prices broke through $4,880 [6][8] Individual Stock Movements - The stock of Skyworth Group soared over 37% after announcing a distribution of shares in Skyworth Photovoltaic and plans for a mainboard listing [16] - Southbound funds recorded a net inflow of HKD 13.93 billion, indicating strong investor interest [19] Future Outlook - Analysts predict that the Hang Seng Index could challenge the 30,000 to 31,000 point range by 2026, as current valuations remain below historical averages [21]

Core Viewpoint - CIFI Holdings has successfully completed a comprehensive debt restructuring, marking a significant turnaround for the company amidst the ongoing challenges in the real estate sector [1][2]. Group 1: Debt Restructuring Overview - The debt restructuring process began in November 2022, addressing over 66 billion RMB in total credit debt [2]. - CIFI's restructuring plan is characterized by its comprehensive and differentiated approach, involving approximately 81 million USD (about 567 billion RMB) in foreign debt restructuring, achieving a debt reduction of around 38 billion RMB, with a reduction ratio of 67% [2]. - The domestic bond restructuring is expected to exceed 5 billion RMB, utilizing cash recovery, debt-to-equity swaps, and asset offsets [2]. Group 2: Financial Structure Improvement - Post-restructuring, the total interest-bearing debt is projected to decrease from 84.2 billion RMB to around 50 billion RMB, representing a reduction of over 40% [3]. - The debt structure will shift from short-term high-interest to long-term low-interest, significantly lowering financial costs and alleviating operational pressure [3]. - The net debt ratio is expected to revert to levels seen in 2017, indicating a return to a healthier financial state [3]. Group 3: Strategic Path and Business Model - CIFI aims to transition to a "low debt, light asset, high quality" business model, focusing on self-operated businesses and enhancing product and service capabilities [6][7]. - The company plans to strengthen its rental business, with rental income reaching 786 million RMB in the first half of 2025, contributing to stable cash flow [6]. - CIFI is exploring asset management services, leveraging its development and operational expertise to create a dual return model through equity stakes and asset management services [7]. Group 4: Industry Context and Future Outlook - The successful restructuring positions CIFI to compete in a transformed real estate market that prioritizes low debt and sustainable operational capabilities [8]. - CIFI's experience serves as a reference for other private real estate companies navigating similar challenges, emphasizing the importance of maintaining delivery commitments and stability during difficult times [8]. - As the company sheds its "problematic enterprise" label, it is poised to re-enter the competitive landscape with a clearer strategy and stronger operational foundation [8].

Core Viewpoint - The successful debt restructuring of CIFI Holdings marks a significant turnaround for the company, establishing a benchmark for market-oriented and legal risk management in the real estate sector during a period of deep adjustment [1][9]. Group 1: Debt Restructuring Overview - CIFI initiated its debt restructuring in November 2022, addressing over 66 billion RMB in credit debt amid ongoing liquidity pressures in the real estate industry [2]. - The restructuring plan is characterized by its comprehensive and differentiated approach, involving approximately 81 billion USD (about 567 billion RMB) in foreign debt, with a debt reduction of around 38 billion RMB, achieving a 67% debt reduction ratio [2]. - The domestic restructuring involves about 10.06 billion RMB, with expected debt reductions exceeding 5 billion RMB through various arrangements [2]. Group 2: Financial Structure Improvement - Post-restructuring, the total interest-bearing debt is projected to decrease from 84.2 billion RMB to around 50 billion RMB, representing a reduction of over 40% [3]. - The debt structure will shift from short-term high-interest to long-term low-interest, significantly lowering financial costs and alleviating operational pressure [3]. - The net debt ratio is expected to revert to levels seen in 2017, indicating a return to a healthier financial state [3]. Group 3: Strategic Path and Business Model - CIFI aims to transition to a "low debt, light asset, high quality" model, with a clear recovery path focusing on self-operated business, rental income, and asset management [7][8]. - The company plans to concentrate resources on core urban areas and improve product offerings, leveraging its reputation for timely project delivery to support business recovery [7]. - Rental income from investment properties is projected to reach 786 million RMB by mid-2025, contributing to stable cash flow and allowing for the replacement of existing development loans with lower-cost operational loans [8]. Group 4: Industry Context and Future Outlook - The completion of the debt restructuring removes major obstacles for CIFI's strategic transformation, positioning the company for sustainable growth amid ongoing industry adjustments [6][9]. - The real estate sector is shifting away from high leverage and rapid turnover models, emphasizing low debt, strong operations, and sustainable development capabilities [9]. - CIFI's experience serves as a practical reference for other private real estate companies navigating similar challenges, highlighting the importance of maintaining delivery commitments and team stability during crises [9].

Group 1: 52-Week Highs - A total of 80 stocks reached 52-week highs as of January 20, with the top three being Easy Communications Group (08031) at 89.19%, Great Health International (02211) at 66.22%, and Siwei Technology (01202) at 28.21% [1] - Easy Communications Group closed at 0.690, with a peak price of 0.700 [1] - Great Health International closed at 3.630, with a peak price of 3.690 [1] - Siwei Technology closed at 1.100, with a peak price of 1.500 [1] Group 2: Additional Stocks Reaching Highs - Roma Metaverse Group (08072) reached a high of 26.44% with a closing price of 0.520 and a peak of 0.550 [1] - Yuroong Group (01536) had a high rate of 24.46%, closing at 0.285 with a peak of 0.290 [1] - Jiancheng Holdings (01630) achieved a high rate of 21.90%, closing at 0.124 with a peak of 0.128 [1] Group 3: 52-Week Lows - The stock with the largest decline was Jiahe International Holdings (08591), which fell by 14.63% to a closing price of 0.750 [3] - Meilian Holdings (02671) experienced a decline of 13.88%, closing at 5.300 [3] - CIFI Holdings Group (00884) saw a drop of 13.46%, closing at 0.136 [3]

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： 旭輝控股(集團)有限公司 (於開曼群島註冊成立的有限公司) | | | 第 2 頁 共 6 頁 v 1.3.0 FF305 呈交日期： 2026年1月19日 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) 00884 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 ...

Key Points - Significant inflow of funds into stocks such as JunDa Co., Ltd. (02865), Shandong Molong (00568), and Lion Holdings (02562) over the past five days, with changes in holding ratios of 12.76%, 4.30%, and 4.09% respectively [1] - Conversely, notable outflows were observed in stocks like Huaxia Hengsheng Technology (03088) and GF Securities (01776), with holding ratio changes of -14.20% and -6.92% respectively [1] Inflow Summary - **JunDa Co., Ltd. (02865)**: - Holding ratio change: 12.76% - Cumulative holding ratio: 49.2974% - Net inflow amount: 233.608 million - Net shares bought: 809.38 thousand [2] - **Shandong Molong (00568)**: - Holding ratio change: 4.30% - Cumulative holding ratio: 58.6827% - Net inflow amount: 36.768 million - Net shares bought: 1101.52 thousand [2] - **Lion Holdings (02562)**: - Holding ratio change: 4.09% - Cumulative holding ratio: 51.9135% - Net inflow amount: -35.712 million (indicating outflow) - Net shares bought: 1875.35 thousand [2] - **Weimob Group (02013)**: - Holding ratio change: 2.65% - Cumulative holding ratio: 29.6699% - Net inflow amount: 346.284 million - Net shares bought: 10505.30 thousand [2] - **Zhongqing Co., Ltd. (01855)**: - Holding ratio change: 2.56% - Cumulative holding ratio: 10.3564% - Net inflow amount: 28.986 million - Net shares bought: 2115.60 thousand [2] Outflow Summary - **Huaxia Hengsheng Technology (03088)**: - Holding ratio change: -14.20% - Cumulative holding ratio: 6.07% - Net inflow amount: -0.873 million - Net shares bought: -17.60 thousand [2] - **GF Securities (01776)**: - Holding ratio change: -6.92% - Cumulative holding ratio: 53.4549% - Net inflow amount: 13.941 million - Net shares bought: -66.32 thousand [2] - **Nanjing Panda Electronics (00553)**: - Holding ratio change: -3.35% - Cumulative holding ratio: 46.719% - Net inflow amount: -47.038 million - Net shares bought: -811.60 thousand [2] - **CIFI Holdings Group (00884)**: - Holding ratio change: -3.23% - Cumulative holding ratio: 11.8448% - Net inflow amount: -2.942 million - Net shares bought: -1438.94 thousand [2] - **Hongye Futures (03678)**: - Holding ratio change: -2.34% - Cumulative holding ratio: 58.3444% - Net inflow amount: -31.207 million - Net shares bought: -584.10 thousand [2]

Core Insights - The report highlights significant changes in the stock holdings of various companies under the Hong Kong Stock Connect program, with notable increases and decreases in ownership percentages [1][2][3]. Group 1: Increased Holdings - JunDa Co., Ltd. (02865) saw the largest increase in ownership percentage, rising by 7.34% to a total of 43.86% [2] - Lion Group Holding (02562) experienced a 3.14% increase, bringing its ownership to 50.95% [2] - Shandong Molong Petroleum Machinery (00568) had a 1.84% increase, resulting in a total ownership of 56.21% [2] - Over the last five trading days, JunDa Co., Ltd. (02865) had the highest increase of 15.15%, with a current ownership of 43.86% [4] - Zhejiang Shibao (01057) and Naxin Microelectronics (02676) also saw significant increases of 7.04% and 6.43%, respectively [4] Group 2: Decreased Holdings - Huaxia Hengsheng Technology (03088) faced the largest decrease in ownership, dropping by 12.16% to 8.11% [3][4] - CIFI Holdings Group (00884) saw a reduction of 2.36%, with a current ownership of 12.71% [3] - Green Economy (01315) experienced a decrease of 2.13%, resulting in a total ownership of 3.41% [3] - Over the last five trading days, Huaxia Hengsheng Technology (03088) also had a significant decrease of 12.13% [4] - Other companies like Hang Seng China Enterprises (02828) and GF Securities (01776) also reported notable decreases of 6.01% and 5.68%, respectively [4]

FF305 公司名稱： 旭輝控股(集團)有限公司 (於開曼群島註冊成立的有限公司) 呈交日期： 2026年1月15日 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 。 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 | 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) | 00884 | 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 | | | | ...