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，概不就因本公佈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。 China South City Holdings Limited (In Liquidation) 華南城控股有限公司 (清盤中) ( 於香港註冊成立的有限公司 ) (股份代號: 1668) 復牌指引 (i) 根據上市規則的規定刊發所有尚未公佈的財務業績，並提出任何審計修訂意見； (ii) 撤銷或解除針對本公司作出的清盤令，並解除任何清盤人的職務； (iii) 證明本公司遵守上市規則第 13.24 條的規定； (iv) 重新遵守上市規則第 3.10A條的規定；及 (v) 向市場公佈所有重要信息，以供本公司股東及其他投資者評估本公司之狀況。 根據上市規則第 6.01A(1)條，聯交所可將已連續 18 個月暫停買賣的任何證券除牌。就 本公司而言，該 18 個月的期限將於 2027 年 2 月 10 日屆滿。倘本公司未能就導致其暫 停買賣的事項作出補救、滿足復牌指引及全面遵守上市規則以使聯交所信納，並於 2 ...

Group 1 - The core point of the article is the collapse of Huazhong City, which has declared bankruptcy with a debt of HKD 60.9 billion and only HKD 41.14 million in cash remaining, despite previous financial support from state-owned enterprises totaling nearly HKD 7 billion [2][3][6] - The company was ordered into liquidation by the Hong Kong High Court on August 11, following a petition from Citigroup for a debt of approximately HKD 23.9 billion, which is part of a USD 306 million bond due in April 2024 with a 9% interest rate [3][5] - Huazhong City reported a record loss of HKD 89.86 billion for the fiscal year 2024, with cash and cash equivalents at only HKD 41.14 million against a defaulted loan of HKD 157.42 billion, indicating a severe cash flow crisis [5][6] Group 2 - The financial structure of Huazhong City is alarming, with total liabilities around HKD 609.44 billion and interest-bearing debt at HKD 302.2 billion, including a current portion of HKD 182.41 billion, leading to a significant liquidity issue [5][6] - Despite receiving nearly HKD 7 billion in financial support from Shenzhen state-owned enterprises, including equity purchases and loans, these efforts failed to prevent the company's collapse [6][19] - The company's business model, heavily reliant on real estate, has become obsolete in the face of a shift towards lighter asset models, with rental income declining and maintenance costs rising, leading to a cash flow deficit [8][19] Group 3 - The liquidation of Huazhong City reveals critical truths about the real estate sector, emphasizing that the ability to generate cash flow is more important than the amount of financial support received [19][20] - The judicial liquidation process serves as a final warning, with the court only accepting full repayment plans or sufficient asset collateral, dismissing other debt resolution strategies as mere delays [20][21] - The event signifies the end of the era of reckless growth in the real estate sector, indicating that even state-backed enterprises are not immune to failure without inherent cash-generating capabilities [22]

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: 華南城控股有限公司(清盤中) 呈交日期: 2025年9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 | 本月底法定/註冊股本總額： HKD 0 第 1 頁 共 10 頁 v 1.1.1 FF301 F ...

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，概不就因本公佈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。 本公告由華南城控股有限公司（清盤中）（「本公司」）根據香港聯合交易所有限公 司（「聯交所」）證券上市規則（「上市規則」）第13.49(6)條及第13.48(1)條以及證 券及期貨條例（香港法例第571章）第XIVA部內幕消息條文（定義見上市規則）而作 出。 茲提述本公司於 2025 年 8 月 11 日發出的公告，內容有關本公司的清盤事宜、委任本 公司的共同及各別清盤人（「清盤人」）以及本公司股份於聯交所暫停買賣。 可能延遲刊發於截至 2025 年 6 月 30 止六個月期間中期業績及 2025 年中期報 告 根據上市規則第13.49(6)條，本公司須於截至 2025 年 6 月 30 日止六個月期間結束後兩 個月內（即 2025 年 8 月 31 日或之前）就會計年度首六個月的業績刊發初步公告 （「2025年中期業績」）。 由於清盤人正評估本公司截至 2025 年 6 月 30 日止六個月之事務，故本 ...

China South City Holdings Limited (In Liquidation) 華南城控股有限公司 (清盤中) ( 於香港註冊成立的有限公司 ) (股份代號: 1668) 自願性公告 本公告由華南城控股有限公司（清盤中）（「本公司」）以自願性質發布。 茲提述本公司於 2025 年 8 月 11 日發出的公告，內容有關本公司的清盤事宜、委任本 公司的共同及各別清盤人（「清盤人」）以及本公司股份於香港聯合交易所有限公司 （「聯交所」）暫停買賣。 集團境內的業務狀況 清盤人謹此通知各持份者，自獲委任以來，清盤人及其代表已與本公司在中華人民共 和國註冊成立的直接及間接子公司（「境內子公司」）的核心管理團隊進行商討，並 明白境內子公司的業務正維持正常營運。清盤人將繼續與境內子公司的核心管理團隊 緊密合作，以盡量減少對境內業務的干擾。 清盤人將繼續探討全面的債務重組方案 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，概不就因本公佈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。 茲提述本公司於 202 ...

Core Viewpoint - The company Aoji Co., Ltd. is experiencing a decline in net profit for the first half of 2025, attributed to tariff conflicts and rising logistics costs, leading to a profit warning with expected net profits between RMB 1 billion and 1.3 billion, a decrease of 50%-62% compared to the previous year [1][2]. Group 1: Financial Performance - In 2024, Aoji's revenue reached RMB 10.71 billion, with the U.S. market contributing RMB 7.55 billion, accounting for approximately 70% of total revenue [2]. - The logistics solutions business generated RMB 2.44 billion in revenue in 2024, reflecting a year-on-year growth of 47.7% [2]. - The anticipated net profit for the first half of 2025 is expected to be between RMB 1 billion and 1.3 billion, indicating a significant decline compared to the previous year's figures [1]. Group 2: Business Challenges - The company faces challenges due to tariff policy adjustments and increased logistics costs, which have significantly raised overall costs [1]. - The rapid expansion of the logistics solutions business has not yet translated into improved financial profitability, as the costs associated with newly leased warehouses have increased due to asset amortization [3]. - The strategic incubation projects are still in the early stages, leading to high initial costs that dilute overall profits [4]. Group 3: Strategic Initiatives - Aoji plans to implement several measures to adapt to the current market conditions, including adjusting end-user prices, exploring emerging markets, and enhancing its global supply chain [2]. - The company is expanding its global warehousing network and establishing more smart warehousing centers to improve logistics capabilities, with an additional warehouse area of 3.18 million square feet added in 2024 [2].

Core Viewpoint - The recent court-ordered liquidation of South China City Holdings Limited marks another significant event in the ongoing debt crisis affecting major developers in Hong Kong, following the case of Evergrande. Despite attempts at restructuring and support from a state-owned enterprise, the company was unable to avert liquidation due to insufficient creditor support and a lack of viable debt restructuring proposals [2][3][6]. Group 1: Company Background and Financial Status - South China City primarily engaged in the development and operation of large-scale logistics and trade centers, expanding rapidly across several cities in China after its successful IPO in 2009 [3]. - At its peak, the company's market capitalization reached 30 billion HKD, but by the time of its suspension, it had plummeted to just 1.22 billion HKD, representing a decline of over 90% [2]. - As of the end of 2024, South China City reported total interest-bearing debt of 30.22 billion HKD, with cash and bank deposits amounting to only 717.7 million HKD, indicating severe liquidity issues [4]. Group 2: Debt Crisis and Attempts at Restructuring - The debt crisis for South China City began in 2022, leading to the introduction of a state-owned major shareholder, Shenzhen Special Zone Construction Development Group, which attempted to provide financial support [6][7]. - Despite multiple capital injections and restructuring efforts, including a 60 billion HKD loan agreement with major banks, the company still faced a default announcement in February 2024 [7][8]. - The company failed to reach an agreement with bondholders regarding a restructuring plan, culminating in a court-ordered liquidation on August 11, 2024 [3][9]. Group 3: Implications for Stakeholders - The involvement of the state-owned enterprise, while initially seen as a lifeline, ultimately led to legal repercussions for the major shareholder, which faced a lawsuit for breach of obligations under a "standstill agreement" [9]. - The financial losses incurred by the major shareholder were significant, with reported losses of 1.09 billion HKD and a substantial impairment provision of 3.78 billion HKD, reflecting the broader impact of South China City's liquidation on its stakeholders [9].

Core Viewpoint - South China City Holdings Limited has officially entered liquidation, with significant debt pressures impacting its future operations and the fate of its subsidiary, Nanning South China City [1] Group 1: Company Situation - South China City Holdings has been issued a liquidation order by the High Court of the Hong Kong Special Administrative Region on August 11, 2025 [1] - The company appointed Fushigao Consulting Limited as joint liquidators [1] - The stock of South China City was suspended from trading at 10:55 AM on August 11, 2025, and will remain suspended until further notice [1] Group 2: Financial Impact - Prior to the suspension, South China City's stock price was reported at HKD 0.107, representing a 95% decline from its peak market value of over HKD 30 billion in 2023 [1] - The current market capitalization has shrunk to HKD 1.224 billion [1] Group 3: Future Outlook - The future operational prospects of Nanning South China City are increasingly uncertain due to the overall debt crisis faced by South China City Holdings [1] - The fate of the Nanning project is closely tied to the financial health of the parent company, indicating potential challenges ahead [1]

Group 1: Commercial Real Estate Trends - The commercial real estate sector is experiencing a divergence, with leading companies like China Resources Land reporting a rental income of 18.56 billion yuan, a 12.2% increase, while weaker firms like China Evergrande face liquidation [2] - The average rental rate for retail properties under CapitaLand China Trust has decreased by 2.7%, yet occupancy remains high at 96.9%, indicating a scarcity of quality properties [2] - The industry is entering a new phase of competition focused on asset quality and operational capabilities, highlighting a "Matthew Effect" where the strong continue to thrive [2] Group 2: Outlet Market Developments - There is a surge in outlet development, with projects like the 3 billion yuan Panda-themed outlet in Chengdu and a 4 billion yuan "Outlet + Amusement Park" complex in Dongguan [3] - Vipshop's outlet same-store sales have seen double-digit growth, and the company is initiating a 3.48 billion yuan REIT fundraising, reflecting strong market confidence in this sector [3] - The trend indicates a rising concentration in the industry, with large-scale, themed, and experiential projects becoming the norm, putting pressure on smaller, homogeneous traditional outlets [3] Group 3: Retail Sector Transformation - Traditional retail is undergoing significant changes, with companies like Bubugao reporting a net profit of over 200 million yuan, largely due to adopting the "Fat Donglai model" which involves closing inefficient stores and revamping potential ones [4] - The first "Fat Donglai self-reform" store by Metro in Beijing has opened, confirming the replicability of this model [4] - In contrast, brands lacking differentiation and user experience, such as GU and Tsutaya Bookstore, are facing closures, indicating a shift towards user experience-centric retail [4] Group 4: Duty-Free Market Growth - The opening of the first city duty-free stores in Shenzhen and Guangzhou marks a significant development in the duty-free economy, following the implementation of new policies [5] - South Korea's announcement of visa-free entry for Chinese group tourists is expected to boost duty-free shopping, with Lotte Duty-Free strengthening partnerships with Chinese travel agencies [5] - City duty-free stores are anticipated to become a new engine for high-end consumption, creating new shopping experiences through a combination of "duty-free + consumption + experience" [5] Group 5: Consumer Spending Trends - In July, the total retail sales of consumer goods grew by 3.7%, with online retail sales increasing by 9.2% from January to July, accounting for 24.9% of total retail sales [6][7] - Companies like 361 Degrees reported a 45% growth in e-commerce business, while Moutai's net profit increased by 8.89%, indicating resilience in high-end brands [6][7] - The restaurant sector saw only a 1.1% increase in revenue, suggesting consumers are becoming more cautious with service-related spending [6][7]

Core Viewpoint - South China City has been ordered into liquidation by the Hong Kong High Court, marking a significant downturn for a once-influential player in the commercial real estate and logistics sector, with its stock trading suspended indefinitely [1][3]. Group 1: Company Financials and Debt Issues - As of December 31, 2024, South China City reported total assets of HKD 87.55 billion and total liabilities of HKD 60.94 billion, with HKD 15.74 billion of interest-bearing debt principal or interest overdue, triggering cross-default clauses [5]. - The company defaulted on USD bonds in February 2024, with a total debt owed of approximately USD 306 million related to USD 289 million of 9.0% senior notes due in April 2024 [4][5]. - The company has faced significant challenges in debt restructuring, failing to present a complete overseas debt restructuring plan despite appointing financial and legal advisors [4][5]. Group 2: Shareholder and Asset Management - In December 2021, South China City entered into a share subscription agreement with Shenzhen Special Zone Construction Development Group, which became its largest shareholder after investing approximately HKD 1.9 billion [6][7]. - Despite initial optimism regarding the support from the major shareholder, the company continued to struggle with declining revenues and high short-term debt [7][9]. - By early 2024, the major shareholder ceased additional liquidity support, prompting South China City to prioritize asset disposals [9]. Group 3: Market Performance and Sales - The company's contracted sales for the fiscal year 2023/2024 were HKD 7.8 billion, a 48% year-on-year decline, further dropping to HKD 2.1 billion in the first half of the 2024/2025 fiscal year [9].