Core Viewpoint - The stock of Fuan Energy (002911.SZ) surged by 10.02% to reach 14.05 CNY per share, with a market capitalization of 18.2 billion CNY, driven by positive developments in the SOFC and green methanol sectors [2][3]. Group 1: SOFC Business - Fuan Energy's SOFC business is gaining attention following a significant $5 billion collaboration between Brookfield Asset Management and Bloom Energy, which is expected to enhance SOFC market expectations [3][4]. - Despite the growing interest, Fuan Energy's SOFC revenue contribution is minimal, accounting for less than 0.1% of total revenue in the first half of 2025, with reported revenue of 11.5 million CNY [4][5]. - The company is currently in the prototype testing phase for its 50kW SOFC system and is actively working on a 300kW demonstration project [4]. Group 2: Green Methanol Business - Fuan Energy's joint venture, VENEX, has signed a strategic cooperation agreement with Veolia and Shanghai Port Group to develop a comprehensive green methanol supply and distribution network [7]. - The company has achieved a production capacity of 50,000 tons per year for green methanol through a partnership with Hong Kong China Gas, with 6,000 tons delivered from January to May 2025 [7]. - A strategic cooperation agreement with Hong Kong China Gas involves a total planned investment of 10 billion CNY to establish green methanol production bases across various regions, targeting a total capacity of 1 million tons per year [7].

Core Viewpoint - South China City Holdings Limited is accelerating the divestment of its domestic assets amid its liquidation process, having sold two real estate projects in Harbin for a total of 217 million yuan [1][3]. Asset Sale Details - The buyer, Harbin Guangmai Real Estate Agency Co., Ltd., acquired 100% equity of two project companies holding the "1668 Industrial Park C22 Plot" and "Boutique D District Project" [3]. - The sale price includes 72 million yuan for Asset A and 145 million yuan for Asset B, with the latter involving a three-phase payment structure [4][6]. - The total area for Asset A is 13,000 square meters with a total construction area of 8,700 square meters, while Asset B has a planned area of 118,000 square meters and a total construction area of 151,700 square meters [6]. Financial Implications - The transaction is expected to result in a loss exceeding 660 million yuan, as the book value of the two projects is approximately 879 million yuan [8]. - The proceeds from the sale will primarily be used to repay financing costs and advances related to project development, with remaining funds allocated for general operational purposes [11]. Market Context - The transaction highlights the challenges faced by distressed real estate companies in liquidating assets under financial strain, reflecting a broader trend in the industrial real estate market [8][12]. - The sale structure, including equity transfer and differentiated payment arrangements, aims to minimize transaction complexity and tax burdens while clarifying responsibilities to reduce potential disputes [12]. - The deal indicates a shift in the Harbin market, where large developers are divesting non-core assets while local firms seek opportunities in existing projects [12].

Core Viewpoint - The company, Huazhong City (01668), has entered into two equity transfer agreements to sell 100% stakes in two project companies in Harbin, China, for a total consideration of RMB 2.17 billion, which will be used to repay financing costs and for general operational purposes [1][2]. Group 1 - The seller, Harbin Huazhong City Co., Ltd., a wholly-owned subsidiary of the company, has signed Agreement A to transfer 100% of Project Company A (Heilongjiang Wanbang Jiyie Real Estate Development Co., Ltd.) for RMB 72 million [1]. - The seller has also signed Agreement B to transfer 100% of Project Company B (Heilongjiang Dingrong Real Estate Development Co., Ltd.) for RMB 145 million [1]. - Asset A, part of the 1668 Industrial Park Project, has a planned land area of 13,000 square meters and a total construction area of 8,700 square meters [1]. - Asset B, known as the Boutique D District Project, has a planned land area of 118,000 square meters and a total construction area of 151,700 square meters [1]. Group 2 - The liquidation team believes that the asset transfer aligns with the seller's business of developing commercial and industrial properties in Harbin, China [2]. - The sale of these properties is expected to provide critical cash flow for the company's domestic subsidiaries to continue operations [2]. - The terms of the equity transfer agreements are considered fair and reasonable, in line with general commercial terms, and are in the company's best interest [2].

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9月30日 狀態: 新提交 本月底法定/註冊股本總額： HKD 0 第 1 頁 共 10 頁 v 1.1.1 FF301 致：香港交易及結算所有限公司 公司名稱: 華南城控股有限公司(清盤中) 呈交日期: 2025年10月3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) | 01668 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 0 HKD | | 0 | HKD | | 0 | | 增加 / 減少 (-) | | | | 0 | | | HKD | | | | 本月底結存 | | | | 0 HKD | | 0 | HKD | | 0 | ...

Core Viewpoint - The company announced the sale of 100% equity stakes in two real estate development subsidiaries for a total consideration of RMB 2.17 billion, aimed at repaying financing costs and supporting general operational needs [1] Group 1: Transaction Details - The company’s subsidiary, Harbin Huannan City, plans to sell its stakes in Heilongjiang Wanbang Jiyie Real Estate Development for RMB 72 million and Heilongjiang Dingrong Real Estate Development for RMB 145 million [1] - Heilongjiang Wanbang Jiyie holds land parcels known as the 1668 Industrial Park Project C22, with a planned area of 13,000 square meters and a total construction area of 8,700 square meters [1] - Heilongjiang Dingrong Real Estate Development owns assets in the Boutique D District Project, with a planned area of 118,000 square meters and a total construction area of 151,700 square meters [1] Group 2: Use of Proceeds - The proceeds from the sale will be used to repay financing costs incurred by the seller for the development of these assets [1] - Remaining funds will be allocated for general operational purposes of the company’s domestic subsidiaries [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。 China South City Holdings Limited （In Liquidation） 華南城控股有限公司 （清盤中） （在香港註冊成立之有限公司） （股份代號：1668） 須予披露交易 股權轉讓協議 股權轉讓協議 於2025年8月11日，賣方與買方訂立股權轉讓協議A。賣方及買方據此同意，賣方將向買方出讓 項目公司A之100%股權（項目公司A將持有資產A），購買對價為人民幣72,000,000元。 於2025年9月19日，賣方與買方訂立股權轉讓協議B。賣方及買方據此同意，賣方將向買方出讓 項目公司B之100%股權（項目公司B將持有資產B），購買對價為人民幣145,000,000元。 由於上述出讓事項（單獨或累積計算）的一項適用百分比比例超過5%但低於25%，出讓事項構 成了本公司須予披露之交易，根據上市規則第14章須遵守有關匯報及公告之規定，惟豁免遵守 股東批准規定。 股權轉讓協議A 股權 ...

Company Overview - Haocreative Technology (301668.SZ) has initiated its subscription on September 11, with an issue price of 21 CNY per share and a maximum subscription limit of 0.65 thousand shares, resulting in a price-to-earnings ratio of 21.02 times [1] - The company specializes in smart distribution equipment and digital solutions for distribution networks, focusing on the research, production, and sales of products such as smart ring main units, smart pole-mounted switches, and box-type substations [1][2] Industry Insights - According to the "China Power Industry Annual Development Report 2024," the total investment in China's power grid for 2023 reached 527.7 billion CNY, marking a year-on-year increase of 5.4%, with 292 billion CNY allocated to distribution networks, accounting for 55.33% of the total [1] - The National Energy Administration projects that the investment in power grid engineering will reach 608.3 billion CNY in 2024, reflecting a year-on-year growth of 15.3% [1] - The global smart grid market was valued at 43.1 billion USD in 2021 and is expected to grow to 103.4 billion USD by 2026, with a compound annual growth rate (CAGR) of 19.1%, indicating a significant opportunity in the distribution segment [3] Financial Performance - The company reported revenues of approximately 560 million CNY, 672 million CNY, and 867 million CNY for the fiscal years 2022, 2023, and 2024, respectively [5] - Net profits for the same periods were approximately 68.76 million CNY, 87.41 million CNY, and 111 million CNY [5] - As of December 31, 2024, total assets are projected to be 711.96 million CNY, with equity attributable to shareholders at 436.02 million CNY and a debt-to-asset ratio of 37.15% [6]

Core Viewpoint - The company, South China City (01668), has received a letter from the Stock Exchange dated September 1, 2025, outlining the guidelines for the resumption of trading of its shares [1] Summary by Relevant Sections - **Resumption Guidelines**: The company must fulfill several conditions to resume trading, including publishing all outstanding financial results and addressing any audit revisions [1] - **Liquidation Status**: The company is required to withdraw or lift any liquidation orders against it and relieve any liquidators from their duties [1] - **Compliance with Listing Rules**: The company must demonstrate compliance with Listing Rule 13.24 and re-establish adherence to Listing Rule 3.10A [1] - **Disclosure of Information**: The company is obligated to disclose all significant information to allow shareholders and other investors to assess its condition [1]

Core Points - The company received a letter from the Stock Exchange regarding the guidelines for the resumption of trading of its shares, dated September 1, 2025 [1] - The company’s shares have been suspended from trading since August 11, 2025, at 10:55 AM and will remain suspended until further notice [1] Summary by Categories Resumption Guidelines - The company must publish all outstanding financial results and any audit revisions as per listing rules [1] - The company is required to withdraw or lift any liquidation orders against it and remove any liquidators [1] - The company must demonstrate compliance with Listing Rule 13.24 [1] - The company needs to re-establish compliance with Listing Rule 3.10A [1] - The company is obligated to disclose all material information for shareholders and investors to assess its condition [1]

Core Viewpoint - The company, South China City (01668), has received a letter from the Stock Exchange regarding the guidelines for the resumption of trading of its shares, which outlines several requirements that must be met for the resumption to occur [1] Summary by Relevant Sections - **Resumption Guidelines**: The company must publish all outstanding financial results in accordance with listing rules and address any audit revisions [1] - **Liquidation Status**: The company is required to withdraw or lift any liquidation orders against it and relieve any liquidators from their duties [1] - **Compliance with Listing Rules**: The company must demonstrate compliance with Listing Rule 13.24 and re-establish adherence to Listing Rule 3.10A [1] - **Disclosure of Information**: The company is obligated to disclose all significant information to allow shareholders and other investors to assess its condition [1]