Market Overview - The Hang Seng Index (HSI) closed at 25,176 points, down 93 points or 0.4% after reaching a high of 25,466 points earlier in the day[1] - The total market turnover was HKD 312.78 billion, the highest level since July 31[1] - Northbound trading totaled HKD 181.83 billion, while southbound funds saw a net inflow of HKD 1.39 billion, a significant drop of 96% from last Friday's net inflow of HKD 35.88 billion[1] A-Shares Performance - The Shanghai Composite Index rose 31 points or 0.9% to close at 3,728 points, with a peak of 3,745 points, marking a nearly ten-year high[2] - The Shenzhen Component Index increased by 200 points or 1.7%, closing at 11,835 points, with a turnover of CNY 1.63 trillion[2] - The ChiNext Index gained 71 points or 2.8%, closing at 2,606 points, with a turnover of CNY 829.6 billion[2] Corporate Earnings Highlights - Wu Jinzi, the founder of WuXi AppTec (02268.HK), reported a revenue of CNY 2.701 billion for the six months ending June, a year-on-year increase of 62.2%[3] - The net profit for WuXi AppTec was CNY 746 million, up 52.7%, with earnings per share of CNY 0.62[3] - Genscript Biotech (01672.HK) announced a placement of 52.4 million shares at HKD 16.45, a discount of approximately 9.9% from the closing price[4] - Hansoh Pharmaceutical (03692.HK) reported a revenue of CNY 7.434 billion, a year-on-year increase of 14.3%, with a net profit of CNY 3.134 billion, up 15%[4] - Li Auto (09863.HK) achieved a revenue of CNY 24.25 billion, a year-on-year increase of 174.1%, turning a profit of CNY 33.03 million compared to a loss of CNY 2.212 billion in the previous year[5]

格隆汇8月18日｜路劲(1098.HK)发盈利警告，预期截至6月底止中期应占亏损19亿-21亿港元，去年同期 则亏损10.27亿港元。集团表示，亏损主要由于受房地产市场持续低迷，行业经营环境严峻所影响，导 致内地及香港房地产项目利润率下滑和物业与相关资产减值拨备增加。此外，因去年同期出售全部内地 公路业务权益而确认出售税後净收益14.9亿港元，从而抵消去年同期部分营运亏损。若剔除该出售净收 益，去年上半年与期内净亏损相若。 ...

Core Viewpoint - The company, Road King Infrastructure (01098.HK), anticipates a significant loss for the six months ending June 30, 2025, primarily due to the ongoing downturn in the real estate market and challenging industry conditions [1] Financial Performance - The group expects a loss of approximately HKD 1.5 billion to HKD 1.7 billion for the period, while the loss attributable to shareholders is projected to be around HKD 1.9 billion to HKD 2.1 billion [1] - In comparison, for the six months ending June 30, 2024, the group reported a loss of HKD 394 million, with a loss attributable to shareholders of HKD 1.027 billion [1] Market Conditions - The anticipated losses are attributed to declining profit margins from real estate projects in mainland China and Hong Kong, alongside increased impairment provisions for properties and related assets [1] - The significant increase in losses compared to the previous year is partly due to the sale of the entire stake in the mainland China highway business, which generated a post-tax net gain of HKD 1.49 billion (approximately HKD 1.118 billion attributable to shareholders) in the first half of 2024, offsetting some operational losses from the previous year [1] - Excluding the net gain from the sale, the net loss for the first half of 2024 would be similar to the anticipated loss for the current period [1] Upcoming Events - The company plans to hold a board meeting on August 26 to approve the interim results [1]

路劲(01098)发布公告，预期截至2025年6月30日止六个月，集团取得期内亏损约为港币15亿元至港币17 亿元，而公司拥有人应占亏损则约为港币19亿元至港币21亿元(2024年上半年:集团亏损为港币3.94亿 元，而公司拥有人应占亏损为港币10.27亿元)。 公司于期内取得此亏损，主要由于受房地产市场持续低迷及行业经营环境严峻所影响，导致中国内地及 中国香港的房地产项目利润率下滑和物业与相关资产减值拨备增加。期内亏损较去年同期增加主要因集 团于2024年上半年出售全部中国内地公路业务权益而确认出售税后净收益港币14.90亿元(公司拥有人应 占约为港币11.18亿元)，从而抵销去年同期部分营运亏损。若剔除该出售净收益，2024年上半年与期内 净亏损相若。 ...

公司于期内取得此亏损，主要由于受房地产市场持续低迷及行业经营环境严峻所影响，导致中国内地及 中国香港的房地产项目利润率下滑和物业与相关资产减值拨备增加。期内亏损较去年同期增加主要因集 团于2024年上半年出售全部中国内地公路业务权益而确认出售税后净收益港币14.90亿元(公司拥有人应 占约为港币11.18亿元)，从而抵销去年同期部分营运亏损。若剔除该出售净收益，2024年上半年与期内 净亏损相若。 智通财经APP讯，路劲(01098)发布公告，预期截至2025年6月30日止六个月，集团取得期内亏损约为港 币15亿元至港币17亿元，而公司拥有人应占亏损则约为港币19亿元至港币21亿元(2024年上半年:集团亏 损为港币3.94亿元，而公司拥有人应占亏损为港币10.27亿元)。 ...

（於百慕達註冊成立之有限公司） （股份代號：1098） 盈利警告 本公佈乃由 Road King Infrastructure Limited（ 路勁基建有限公司*）（「本公司」，連同 其附屬公司，統稱「集團」）根據香港聯合交易所有限公司證券上市規則（「上市規 則」）第 13.09(2)(a)條及香港法例第 571 章之證券及期貨條例第 XIVA 部之內幕消息條 文（定義見上市規則）而發出。 本公司董事會（「董事會」）謹此知會本公司股東及有意投資者，根據管理層目前所得 的資料，預期截至二零二五年六月三十日止六個月 （「期內」），集團錄得期內虧損約 為港幣 15 億元至港幣 17 億元，而本公司擁有人應佔虧損則約為港幣 19 億元至港幣 21 億元（截至二零二四年六月三十日止六個月: 集團虧損為港幣 3.94 億元 ，而本公司擁有 人應佔虧損為港幣 10.27 億元）。本公司於期內錄得此虧損，主要由於受房地產市場持 續低迷及行業經營環境嚴峻所影響，導致中國內地及香港的房地產項目利潤率下滑和物 業與相關資產減值撥備增加。期內虧損較去年同期增加主要因集團於二零二四年上半年 出售全部中國內地公路業務權益而確認出售稅後 ...

本文源自：金融界AI电报 8月15日穆迪将路劲基建有限公司(Road King Infrastructure Limited简称"路劲"01098.HK)的公司家族评级 (CFR)从"Caa2"下调至"Ca"。 ...

Core Viewpoint - The company, Road King Infrastructure Limited, has announced a suspension of payments on all offshore bank debts, notes, and perpetual securities, indicating a significant financial distress situation [2][3]. Group 1: Debt Situation - As of the announcement, the total offshore debt of the company is approximately $1.51 billion, with unpaid interest totaling around $22.62 million [2]. - The company holds perpetual bonds amounting to about $890.5 million and deferred distributions of approximately $56.46 million [2]. - The default is not an unexpected event, as the company's offshore bonds had already matured on July 12, 2025, and it has a 30-day grace period following the default [2]. Group 2: Debt Restructuring - The recent default marks a new default after the company's debt extension, where it had previously announced the successful tender of five dollar bonds totaling approximately $49.6 million [3]. - The company has initiated a comprehensive restructuring process, emphasizing fair treatment of creditors and adherence to international and Hong Kong debt handling standards [3]. - The restructuring plan prioritizes using proceeds from the sale of specified assets to cover restructuring costs rather than for forced redemption of notes or perpetual securities [3].

Core Viewpoint - The announcement of a suspension of offshore debt payments by Kwan Hung Infrastructure marks a significant default for the company, reflecting the ongoing challenges in the real estate market and the company's inability to adapt its business model to the changing environment [1][2][6]. Group 1: Company Overview - Kwan Hung Infrastructure, established 31 years ago, has been a prominent player in the Hong Kong real estate market, previously known as the "King of Highways" due to its extensive highway investments [2][10]. - The company has faced a decline in sales and cash flow, with reported sales figures dropping from 42.02 billion HKD in 2022 to 12.46 billion HKD in 2024, representing a decrease of 19.9%, 34.2%, and 55% respectively [11]. Group 2: Debt Situation - The total offshore debt of Kwan Hung is approximately 1.51 billion USD, with unpaid interest of about 22.62 million USD and additional perpetual securities amounting to 890.5 million USD [2][11]. - The company has been unable to meet its debt obligations, leading to a formal declaration of default on August 14, after failing to secure necessary agreements from bondholders for a proposed debt restructuring plan [6][12]. Group 3: Market Conditions - The real estate market has been under significant pressure, with over 70 companies experiencing debt defaults, indicating a broader industry crisis [2][7]. - Kwan Hung attributes its default to weak sales, financing difficulties, and obstacles in asset disposal, particularly the sale of its Indonesian toll road assets, which were expected to be a key source of funds for debt repayment [7][8]. Group 4: Future Actions - Following the default, Kwan Hung plans to initiate a comprehensive debt restructuring process, which will involve forming a creditor group, conducting due diligence, and evaluating potential solutions, including asset sales [13][14]. - The company aims to maintain operational stability and continue efforts to sell its Indonesian toll road assets, which are valued at over 5 billion USD and could cover its offshore debt [8][13].

一向稳健的香港地产商，也走到了最危险的时候。 港资房企路劲基建于今年2月份宣布延期支付3亿美元永续债的利息，近日再次对一笔2029年7月到期的美元票据与债权人交涉，申请以实 物付息代替现金付息，遭到持有25%的否决权股份的PJT Partners和Latham & Watkins代理的债权人团体反对。至最后期限，路劲未按期支 付该笔利息。 8月14日，路劲发布公告表示："本集团已决定暂停支付本集团所有离岸银行债务、票据及永续证券的所有到期应付本金及利息。"这意味 着，路劲正式加入违约房企行列。 8月14日股市开盘后，路劲股价应声下跌超10%。 图片来源：雪球 根据路劲地产公告，上述美元票据的本轮付息时间应在2025年7月12日，根据该票据的条款和条件规定有30天的利息支付宽限期，也即路 劲应在8月12日前支付该笔利息。 路劲于6月20日开始进行有关票据付息用实物替代现金的同意征求流程。根据路劲的公告，除了上述美元票据之外，还另有4笔美元票据也 同步进行条款修订和豁免的投票流程。 以上五笔美元票据分别为：2029年7月到期，利率5.2%的美元票据；2028年3月到期，利率6.7%的美元票据；2028年9月到期， ...