智通财经APP讯，路劲(01098)发布公告，有关针对公司全资附属公司 New Select Global Limited 新选环 球有限公司(新选)提出的清盘申请，根据维尔京群岛法院的命令，清盘申请已延期至2026年2月16日， 与新选委任临时清盘人的申请同时在维尔京群岛法院进行聆讯。 ...

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 佈 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 因 本 公 佈 之 全 部 或 任 何 部 份 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。 根據維爾京群島法院的命令，清盤申請已延期至二零二六年二月十六日，與新選委任臨 時清盤人的申請同時在維爾京群島法院進行聆訊。 本公司將持續向股東及投資者通報有關清盤申請及全面解決方案之任何重大進展，並 將根據上市規則於適當時機作出進一步公佈。 謹此提醒本公司股東、潛在投資者及其他投資者，在買賣本公司證券時，務請審慎考 慮相關風險。 承董事會命 Road King Infrastructure Limited （路勁基建有限公司*） 主席 單偉彪 香港，二零二六年二月三日 於本公佈刊發日期，董事會包括執行董事單偉彪先生、方兆良先生及伍寬雄先生，非執行董事 嚴中宇先生及鄧紅玉女士，以及獨立非執行董事黃偉豪先生、張漢傑先生 ...

Core Viewpoint - The real estate industry is experiencing a significant debt restructuring process in early 2026, with multiple companies making important progress in their debt resolution efforts, indicating a continuation of the trend from 2025 [1][2]. Group 1: Debt Restructuring Progress - In January 2026, companies such as Vanke, Road King, and Fantasia have disclosed important developments in their debt restructuring [2][3]. - Vanke's debt restructuring plan includes a combination of fixed payments, cash buybacks, and interest prepayments, which has garnered high approval from bondholders [2]. - Fantasia's restructuring has entered a critical judicial phase, as indicated by a ruling from the Hong Kong High Court [3]. Group 2: Scale of Debt Restructuring - In 2025, significant progress was made in debt restructuring, with 21 distressed real estate companies completing their restructuring, amounting to a total debt relief of approximately 1.2 trillion yuan [5]. - Jin Ke Co., for instance, completed a judicial restructuring involving a debt scale of 147 billion yuan, marking it as the largest case in the industry [4]. - Sunac China and Country Garden have also successfully implemented their debt restructuring plans, with Sunac reducing its overall debt pressure by nearly 60 billion yuan [4]. Group 3: Policy Support - The "white list" financing mechanism has been crucial in supporting the debt restructuring efforts, allowing for a shift from relying on company credit to focusing on project assets [6][7]. - As of January 2026, the loan extension period for qualifying "white list" projects has been increased from 2.5 years to 5 years, providing companies with more financial flexibility [7]. - This policy change is expected to enhance the operational stability of quality private real estate companies, allowing them to diversify their business and mitigate risks [7].

Group 1: Debt Restructuring Progress - In January 2026, several real estate companies, including Vanke, Road King, and Fantasia, reported significant progress in debt restructuring, continuing the trend from 2025 [1][3] - A total of 21 distressed real estate companies completed debt restructuring or received approval for reorganization in 2025, with a total debt relief scale of approximately 1.2 trillion yuan [1][6] - The restructuring efforts are seen as a necessary step to alleviate liquidity crises, with a focus on restoring companies' operational capabilities [6] Group 2: Policy Support and Financing Mechanisms - The "white list" system for real estate financing was optimized in January 2026, extending the loan extension period for eligible projects from a maximum of 2.5 years to 5 years, providing companies with more financial flexibility [1][8] - The "white list" mechanism has been crucial in supporting distressed companies, with over 7 trillion yuan in loan approvals by September 2025, facilitating the construction and delivery of nearly 20 million housing units [7][8] - Analysts suggest that the extended loan terms will benefit financially healthier private real estate companies, allowing them to stabilize operations and diversify their business [9] Group 3: Case Studies of Successful Restructuring - Jin Ke Co., Ltd. completed a judicial reorganization in December 2025, involving a debt scale of 147 billion yuan and covering over 8,400 creditors, marking it as the largest judicial reorganization case in the real estate sector [5] - Sunac China is expected to reduce its overall debt pressure by nearly 60 billion yuan through its restructuring efforts, while Country Garden aims to reduce its offshore debt by approximately 11.7 billion USD, equivalent to about 84 billion yuan [5] Group 4: Market Confidence and Recovery - The debt restructuring process is viewed as a "blood transfusion" to address temporary liquidity issues, while the long-term solution lies in restoring companies' operational capabilities and ensuring project deliveries [6] - The synergy between debt restructuring and project delivery is expected to rebuild market confidence, creating a positive cycle of trust restoration, sales recovery, and capital replenishment [6]

Group 1: Debt Restructuring Progress - In January 2026, several real estate companies, including Vanke, Road King, and Fantasia, reported significant progress in debt restructuring, continuing the trend from 2025 [1][3] - In 2025, 21 distressed real estate companies completed debt restructuring, with a total debt relief of approximately 1.2 trillion yuan [1][6] - The restructuring efforts are seen as a transition from addressing immediate liquidity crises to a more comprehensive resolution of debt risks in the real estate sector [5] Group 2: Policy Support and Financing Mechanisms - The "white list" financing system for real estate projects was optimized in January 2026, extending the loan extension period from 2.5 years to 5 years, providing companies with more financial flexibility [1][8] - The "white list" system has facilitated over 7 trillion yuan in loan approvals by September 2025, supporting nearly 20 million housing units [7] - The recent policy changes are expected to benefit financially healthier private real estate companies, allowing them to stabilize operations and diversify their business [9] Group 3: Specific Company Developments - Vanke announced a bond buyback plan on January 21, 2026, offering to repay 40% of the principal of certain bonds while extending the remaining 60% for one year, which was well-received by bondholders [3][4] - Fantasia's restructuring has entered a critical judicial phase, with the Hong Kong High Court approving a meeting for creditors to discuss the restructuring plan [4] - Jin Ke Co. completed a judicial restructuring in December 2025, involving a debt scale of 147 billion yuan, marking it as the largest case in the real estate sector [5]

Market Overview - The Hong Kong stock index showed mixed performance with the Hang Seng Index rising by 0.09% to 26,773.97 points, while the Hang Seng Tech Index fell by 1.31% to 5,721.82 points [1] - Major tech stocks experienced varied movements, with Alibaba down by 1.25%, Tencent up by 0.92%, and JD.com up by 1.39% [1] - Gold stocks led the rise in the metals sector, with companies like Lingbao Gold and Shandong Gold reaching new highs, while China Nonferrous Mining surged over 11% [1] - Oil stocks strengthened, with CNOOC rising by over 4% [1] - Commercial aerospace stocks generally declined, with Asia Pacific Satellite down over 8% [1] Corporate News - Road King Infrastructure (01098.HK) plans to sell several property rights in the Road King New World commercial project in Ningbo for 100.3 million yuan [2] - Asia Cement (00743.HK) expects a net profit of approximately 85.6 million yuan for 2025 [3] - Zijin Mining (02899.HK) announced the completion of the second phase of the Julong Copper Mine, which will become the largest copper mine in China [4] - Minmetals Capital (01141.HK) anticipates a net profit of 130 million to 170 million HKD for 2025, representing a year-on-year increase of 155.9% to 234.6% [4] - Everbright Securities (06178.HK) projects a revenue of 10.863 billion yuan for 2025, a year-on-year growth of 13.18%, with a net profit of 3.729 billion yuan, up 21.92% [4] - China Merchants Bank (03968.HK) reported a revenue of 337.532 billion yuan for 2025, with a slight increase of 0.01%, and a net profit of 150.181 billion yuan, up by 1.21% [4] - Shanghai Fudan (01385.HK) expects a revenue of approximately 3.93 billion to 4.03 billion yuan for 2025, with a net profit decrease of about 66.82% to 50.58% [4] - China Life Insurance (02628.HK) plans to invest 4 billion yuan to establish a partnership focused on AI-driven technological innovation and industrial upgrades in the Yangtze River Delta [5] - Xinda International Holdings (00111.HK) issued a profit warning, expecting a net profit of approximately 74 million to 82 million HKD [6] - Huadian International Power (01071.HK) reported a cumulative power generation of 262 million MWh for 2025, a decrease of about 6.99% year-on-year [7] - CNOOC Services (02883.HK) released a strategic guideline for 2026, expecting capital expenditure of approximately 8.44 billion yuan [8] - Sinopec (00386.HK) forecasts an oil production of 39.7 million tons for 2025, a slight increase of 0.2%, and a natural gas production of 41.253 billion cubic meters, up 4.02% [8] Institutional Insights - Galaxy Securities noted that the short-term interest rate cut expectations by the Federal Reserve have decreased, leading to a forecast of narrow fluctuations in the Hong Kong stock market [9] - The technology sector remains a long-term investment focus, benefiting from price increases in the supply chain, domestic substitution, and accelerated AI applications [9] - Consumption sectors are expected to continue benefiting from policy support, with attention needed on policy implementation and improvements in consumption data [9] - Dongxing Securities highlighted that the number of satellite launches in China is expected to accelerate by 2026, creating market opportunities in satellite manufacturing and rocket launches [10] - Guangfa Securities indicated that space photovoltaics are likely to benefit from the global commercial aerospace boom, with existing low-orbit satellite plans potentially creating nearly 10 GW of demand for space photovoltaics [10]

Company News - China Merchants Bank (03968.HK) reported a revenue of 337.53 billion yuan for 2025, with a year-on-year growth of 0.01%; net profit reached 150.18 billion yuan, an increase of 1.21% year-on-year [6] - Everbright Securities (06178.HK) achieved a revenue of 10.863 billion yuan in 2025, reflecting a year-on-year growth of 13.18%; net profit was 3.729 billion yuan, up 21.92% year-on-year [7] - Shanghai Fudan (01385.HK) expects a revenue of approximately 3.93 billion to 4.03 billion yuan for 2025, representing a year-on-year increase of 9.46% to 12.25%; net profit is projected to be between 190 million to 283 million yuan, a decrease of about 66.82% to 50.58% year-on-year [7] - China Power International Development (01071.HK) reported a total power generation of 26.2 billion megawatt-hours for 2025, a year-on-year decline of approximately 6.99% [7] - China Life Insurance (02628.HK) plans to invest 4 billion yuan to establish a partnership focused on "technology innovation and industrial upgrading" in the Yangtze River Delta region; it also intends to contribute 8.492 billion yuan to establish a partnership with its subsidiary, focusing on investments in the elderly care industry [7] - Road King Infrastructure (01098.HK) intends to sell several property rights in the Road King New World commercial project in Ningbo for 100.3 million yuan [7] - China Metallurgical Group (01618.HK) forecasts a net profit of 1.3 billion to 1.6 billion yuan for 2025, a decrease of 76.28% to 80.73% year-on-year [8] Industry Trends - The toy, commercial aerospace, photovoltaic, and intelligent driving sectors are showing strong performance, while insurance and banking sectors continue to exhibit weakness [5]

鉴于集团目前的财务状况及预期流动资金需求、中国房地产市场的整体前景，以及目标资产相关的具体 特徵和情况(包括其地理位置、招揽租户面临的挑战及其对集团的战略价值)，董事认为，在考虑估值报 告后，出售事项乃集团以合理代价变现目标资产的良机。出售事项将有助集团优化其资产运用效率，并 满足集团目前偿还贷款及缴税的流动资金需求。 目标资产按"现状"出售，包括位于中国浙江省宁波市江北区的路劲新天地（301277）商业项目中的目标 资产A、目标资产B及目标资产C，即根据该协议将予出售的物业权益，包含位于中国浙江省宁波市江 北区的路劲新天地商业项目中的商业物业及停车位。 路劲(01098)公布，于2026年1月23日，该公司间接全资附属宁波甬鸿置业有限公司拟向浙江曦伦商业运 营管理有限公司出售目标资产，总代价为人民币1.003亿元。 ...

鉴于集团目前的财务状况及预期流动资金需求、中国房地产市场的整体前景，以及目标资产相关的具体 特徵和情况(包括其地理位置、招揽租户面临的挑战及其对集团的战略价值)，董事认为，在考虑估值报 告后，出售事项乃集团以合理代价变现目标资产的良机。出售事项将有助集团优化其资产运用效率，并 满足集团目前偿还贷款及缴税的流动资金需求。 格隆汇1月23日丨路劲(01098.HK)宣布，于2026年1月23日，卖方(公司间接全资附属公司)与买方订立该 协议，据此，卖方已同意出售而买方已同意购买目标资产，总代价为人民币1.003亿元。 目标资产按「现状」出售，包括位于中国浙江省宁波市江北区的路劲新天地商业项目中的下列物业权 益：(1)位于生宝路11号、17号、19号；人民路315号、319号、321号；贝家巷2号、6号、8号、10号、 16号、18号；及北鄞慈镇路28号1-1、2-1、3-1、4-1、5-1、6-1，总土地面积为2,829.40平方米，作商业 用途的物业所附带的土地使用权，连同座落于地上建筑物总建筑面积为28,559.50平方米；(2)位于生宝 路27号1-2，总土地面积为3.68平方米，作商业用途的物业所附带的土 ...

目标资产按"现状"出售，包括位于中国浙江省宁波市江北区的路劲新天地商业项目中的目标资产 A、目 标资产 B 及目标资产 C，即根据该协议将予出售的物业权益，包含位于中国浙江省宁波市江北区的路 劲新天地商业项目中的商业物业及停车位。 智通财经APP讯，路劲(01098)公布，于2026年1月23日，该公司间接全资附属宁波甬鸿置业有限公司拟 向浙江曦伦商业运营管理有限公司出售目标资产，总代价为人民币 1.003 亿元。 鉴于集团目前的财务状况及预期流动资金需求、中国房地产市场的整体前景，以及目标资产相关的具体 特徵和情况(包括其地理位置、招揽租户面临的挑战及其对集团的战略价值)，董事认为，在考虑估值报 告后，出售事项乃集团以合理代价变现目标资产的良机。出售事项将有助集团优化其资产运用效率，并 满足集团目前偿还贷款及缴税的流动资金需求。 ...