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 就 因 本 公 告 全 部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 本公告或其任何副本皆不得在美國或在發放或分派本公告可能違法的任何其 他 司 法 權 區 境 內 直 接 或 間 接 發 放 或 分 派。 本公告並不構成在美國或任何其他倘無根據當地證券法律登記或符合資格即 屬 違 法 的 司 法 權 區，要 約 提 呈 出 售 任 何 證 券 或 邀 請 作 出 購 買 任 何 證 券 的 要 約。 倘 無 登 記 或 獲 適 用 豁 免 登 記 規 定，證 券 不 得 在 美 國 提 呈 發 售 或 出 售。於 美 國 公 開 發 售 任 何 證 券 將 須 以 招 股 章 程 的 方 式 進 行，而 招 股 章 程 須 載 有 關 於 提 呈 發 售 的 公 司、管 理 層 以 及 財 務 報 表 的 詳 盡 資 料。本 公 司 無 意 在 美 國 公 開 發 售 證 券。 KAISA GROUP HOLDIN ...

人民财讯9月12日电，佳兆业集团9月12日在港交所公告，公司与瑞景宣布，重组生效日期预计于2025年 9月15日或前后落实，须待重组条件获达成或豁免后方可作实。 ...

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 就 因 本 公 告 全 部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 本公告或其任何副本皆不得在美國或在發放或分派本公告可能違法的任何其 他 司 法 權 區 境 內 直 接 或 間 接 發 放 或 分 派。 本公告並不構成在美國或任何其他倘無根據當地證券法律登記或符合資格即 屬 違 法 的 司 法 權 區，要 約 提 呈 出 售 任 何 證 券 或 邀 請 作 出 購 買 任 何 證 券 的 要 約。 倘 無 登 記 或 獲 適 用 豁 免 登 記 規 定，證 券 不 得 在 美 國 提 呈 發 售 或 出 售。於 美 國 公 開 發 售 任 何 證 券 將 須 以 招 股 章 程 的 方 式 進 行，而 招 股 章 程 須 載 有 關 於 提 呈 發 售 的 公 司、管 理 層 以 及 財 務 報 表 的 詳 盡 資 料。本 公 司 無 意 在 美 國 公 開 發 售 證 券。 KAISA GROUP HOLDIN ...

Financial Performance - China Metallurgical Group reported a significant impairment loss exceeding 10% of its net assets as of the end of the previous year [1] - As of June 30, 2025, Kaisa Group's cash and bank deposits amounted to approximately 2.17 billion yuan, a decrease of 9.2% compared to the end of 2024 [1] - The total borrowings of China Metallurgical Group are approximately 133.739 billion yuan, with about 119.252 billion yuan due for repayment within one year [1] Impairment Testing - The company conducted an impairment test on its assets for the first half of 2025, resulting in a total impairment provision of 3.606 billion yuan [1] - This provision includes credit impairment losses on receivables and contract assets of 2.885 billion yuan, inventory impairment provisions of 673 million yuan, and other non-current asset impairment provisions of 48 million yuan [1] - The impairment will reduce the company's total profit for the first half of 2025 by 3.606 billion yuan, which has been approved by the board of directors and complies with accounting standards and regulatory requirements [1] Debt Situation - As of the latest update, China Metallurgical Group has two outstanding bonds with a total bond stock scale of 3.345 billion yuan [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 佳兆業集團控股有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01638 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.1 | HKD | | 5,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.1 | HKD | | 5,000,000,000 | 本月底 ...

Group 1 - The "宜居岳阳·畅购好房" initiative aims to stimulate housing demand in Yueyang by offering a 2% subsidy on home purchases, with a cap of 20,000 yuan per unit, from September 1 to November 15 [1] - Families with three or more children can receive additional rewards based on the contract price, ranging from 100,000 to 200,000 yuan, if they pay the deed tax within seven working days [1] - This policy is expected to accelerate project liquidation and improve cash flow for local real estate companies, potentially serving as a model for other cities [1] Group 2 - Kaisa Group's overseas debt restructuring plan is set to take effect by the end of September, aiming to reduce debt by approximately 8.6 billion USD and extend the average debt maturity by five years [2] - The new notes will have an interest rate between 5% and 6.25%, lower than previous debt rates, which may help Kaisa regain financing channels and stabilize operations [2] - Successful restructuring could positively impact the real estate sector by alleviating risks and restoring confidence [2] Group 3 - Nanjing has announced the auction of five plots of land, including three residential and one mixed-use site, with a total starting price of 2.599 billion yuan [3] - The total area of the land is approximately 13.58 hectares, located in popular districts, which is expected to enhance low-density housing supply in the market [3] Group 4 - Jianfa Real Estate has issued 1 billion yuan in medium-term notes with a maturity of 3+3 years and an interest rate of 2.78%, effective from September 1 [4] - The funds raised will provide the company with a competitive edge, allowing for business expansion and improved product quality and service levels [4] Group 5 - Longfor Group announced the results of its bond repurchase, totaling 450 million yuan, with a distribution ratio of 25.86% [5] - The repurchase reduces the company's debt principal balance, demonstrating its commitment to addressing debt issues and enhancing investor confidence [5]

Core Viewpoint - Multiple real estate companies are making significant progress in debt restructuring, indicating a shift towards improved capital structures and risk mitigation within the industry [1][2]. Group 1: Company-Specific Developments - Kaisa Group announced key advancements in its offshore debt restructuring plan, with an expected effective date by the end of September, aiming to reduce debt by approximately $8.6 billion and extend the average debt maturity by five years [1]. - Yuzhou Group successfully completed its offshore debt restructuring, resolving about $6.68 billion in debt risk and reducing debt by approximately $3.5 billion, with over 99% support from offshore creditors [1]. - Country Garden has made breakthroughs in its debt restructuring, with over 77% of holders of its public notes participating in the restructuring agreement, aiming to reduce debt by about $11.7 billion [2]. Group 2: Industry Trends and Insights - As of August 2025, 20 real estate companies have completed debt restructuring or reorganization, involving a total scale exceeding 1.2 trillion yuan [2]. - The trend is shifting from merely extending debt maturities to more comprehensive measures such as debt reduction and debt-to-equity swaps, indicating a significant adjustment in the debt scale of real estate companies [2]. - Experts suggest that while debt restructuring provides a "time window" for companies, achieving sustainable operational recovery requires stabilizing cash flow, ensuring delivery, and restoring market confidence [3].

Core Viewpoint - Multiple real estate companies are making significant progress in debt restructuring, indicating a key step in self-rescue and overall risk mitigation in the industry [1][2]. Group 1: Company-Specific Developments - Kaisa Group announced a critical advancement in its offshore debt restructuring plan, with an expected effective date by the end of September, aiming to reduce debt by approximately $8.6 billion and extend the average debt maturity by five years [1]. - Yuzhou Group's offshore debt restructuring plan has successfully resolved about $6.68 billion in debt risks, with over 99% of offshore creditors voting in favor of the plan, resulting in a debt reduction of approximately $3.5 billion [1]. - Country Garden has made breakthroughs in its debt restructuring, with over 77% of holders of its existing public notes participating in the restructuring agreement, aiming for a total debt reduction of about $11.7 billion [2]. Group 2: Industry Trends - As of August 2025, 20 real estate companies have completed debt restructuring or reorganization, involving a total scale exceeding 1.2 trillion yuan [2]. - The trend is shifting from merely extending debt maturities to more comprehensive measures such as debt reduction and debt-to-equity swaps, indicating a significant adjustment in the debt scale of real estate companies [2]. - Experts believe that while debt restructuring provides a "time window" for companies, achieving sustainable operational recovery requires stabilizing cash flow, ensuring delivery, and restoring market confidence [3].

Market Performance - The Hang Seng Index closed at 25,617, up 2.15% for the day and up 27.70% year-to-date [1] - The Hang Seng Tech Index rose 2.20% to 5,798, with a year-to-date increase of 29.79% [1] - The Shanghai Composite Index increased by 0.46% to 3,875, with a year-to-date rise of 15.63% [1] Currency and Commodity Overview - The Renminbi Index stood at 96.570, showing a 0.90% increase over the last month but a 3.33% decline over six months [2] - Brent crude oil price was $68.170 per barrel, down 0.86% over the last month and down 2.68% over six months [2] - Gold prices increased by 3.26% over the last month, reaching $3,473.27 per ounce, and rose 20.07% over six months [2] Company News - Alibaba's stock surged by 18.50% to HKD 137.10 after several major banks raised their target prices following the company's earnings report [5][21] - The pharmaceutical sector saw significant gains, with CSPC Pharmaceutical rising 9.14% and WuXi Biologics increasing by 8.37% [5][21] - Hengrui Medicine's HRS9531 injection received acceptance for market approval from the National Medical Products Administration, targeting long-term weight management for adults with obesity-related conditions [12] Economic Indicators - China's August Manufacturing PMI rose to 50.5, surpassing market expectations of 49.5, indicating a recovery in manufacturing activity driven by increased new orders [13][14] - Hong Kong's retail sales value for July increased by 1.8% year-on-year, falling short of the expected 2.5% growth [10][11] IPO and Market Trends - Recent IPOs have shown strong performance, with Jiaxin International Resources listing at a price of HKD 33.82, reflecting a first-day gain of 177.84% [28] - The upcoming IPO of Daxing Technology is set for September 9, 2025, with a proposed offer price of HKD 49.5 [28] Sector Performance - The biotechnology sector led gains with a 3.58% increase, while the automotive sector saw a decline of 2.00% [24] - The pharmaceutical sector also performed well, contributing to the overall positive market sentiment [24]

Core Viewpoint - Kaisa Group (01638) is actively working with its financial and legal advisors to meet the conditions for restructuring, marking significant progress in the implementation of its restructuring plan [1] Group 1 - Multiple conditions for the restructuring have been met, including the establishment of the effective dates for both Kaisa's plan and the Ruijing plan, representing a major milestone in the restructuring process [1] - The company has issued 2.1 billion shares to cover the working expenses of the creditor group in preparation for the restructuring, scheduled for September 1, 2025 [1] - The expected effective date for the restructuring is by the end of September 2025, contingent upon the fulfillment or waiver of the conditions for the plan to take effect [1]