Core Viewpoint - The company has appointed new authorized representatives, effective from August 13, 2025, following the resignation of previous representatives [1] Group 1 - The company announced the resignation of Zheng Songxing and Chen Qingchou as authorized representatives [1] - The new authorized representatives are Zhou Weicheng and Pan Luyang [1] - The changes are in accordance with the Hong Kong Stock Exchange Listing Rules, specifically Article 3.05 [1]

华南城(01668)发布公告，根据香港联合交易所有限公司证券上市规则第3.05条，郑松兴先生及陈庆畴先 生不再担任公司授权代表，而周伟成先生及潘路洋先生已获委任为公司授权代表，自2025年8月13日起 生效。 ...

格隆汇8月13日丨华南城(01668.HK)公布，根据香港联合交易所有限公司证券上市规则第3.05条，郑松 兴先生及陈庆畴先生不再担任公司授权代表，而周伟成先生及潘路洋先生已获委任为公司授权代表，自 2025年8月13日起生效。 ...

註冊辦事處地址 及授權代表之變更 共同及各別清盤人 ( 作為代理人毋需承擔任何個人責任 ) 華南城控股有限公司(清盤中) (「本公司」)謹此宣佈，本公司的註冊辦事處地 址於2025年8月11日起更改為香港鰂魚涌英皇道 979 號太古坊濠豐大廈 35 樓。 根據香港聯合交易所有限公司證券上市規則第3.05條，鄭松興先生及陳慶疇先 生不再擔任本公司授權代表，而周偉成先生及潘路洋先生已獲委任為本公司授 權代表，自2025年8月13日起生效。 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 司 債 權 人 及 ／ 或 其 他 相 關 者 如 有 查 詢 ， 請 聯 絡 清 盤 人 ， 電 郵 地 址 為 ProjectCompassFTI@fticonsulting.com. 本公司股東、投資者及潛在投資者在買賣本公司證券時務請審慎行事。 China South City Holdings Limited (In Liquidation) 華南城控股有 ...

Group 1: Zhengxinglong Real Estate - Zhengxinglong Real Estate announced the suspension of bonds "21 Lvjing 01" and "21 Lvjing 02" due to significant uncertainties, effective from August 13 [1] - The company reported a substantial net loss of 3.81 billion yuan in 2024, compared to a loss of 718 million yuan in 2023, marking a year-on-year decline of 430.30% [2][3] - The company has two outstanding bonds with a total scale of 976 million yuan [2] Group 2: Sunac Real Estate - Sunac Real Estate reported an additional overdue loan principal of 1.089 billion yuan, with a total overdue principal of 107.103 billion yuan as of June 30, 2025, and nine new instances of dishonesty [2] - The company experienced a net loss of 16.694 billion yuan in 2024, following a loss of 35.398 billion yuan in 2023 [3] - Sunac has 19 outstanding bonds with a total scale of 10.757 billion yuan [4] Group 3: Lanhua Coal - Lanhua Coal's subsidiary, Yamei Danning, is involved in a significant arbitration case, with claims for extending the cooperation period until May 12, 2030, and compensation for economic losses [4] - The company reported an increase in borrowings of 6.745 billion yuan, with 5.245 billion yuan from bank loans and 1.5 billion yuan from non-financial corporate debt financing tools, representing 36.58% of the net assets as of the end of 2024 [4] - Lanhua Coal has two outstanding bonds with a total scale of 1 billion yuan [4][6] Group 4: Shengyan Industrial - Shengyan Industrial's important subsidiary has been newly listed as a dishonest executor, involving an amount of 174,750 yuan, and is subject to high consumption restrictions [5] - The company reported a net loss of 1.12 billion yuan in 2024, compared to a loss of 1.945 billion yuan in 2023 [5][6] - Shengyan has two outstanding bonds with a total scale of 1.138 billion yuan [6] Group 5: South China City - South China City announced the suspension of its shares following a court-ordered liquidation on August 11, 2025, initiated by creditor Citigroup International [7] - The company recorded its first significant loss since listing, with a net loss of 8.986 billion HKD in 2024, and 15.742 billion HKD in overdue borrowings [8] - South China City has five outstanding offshore bonds with a total balance of 1.3203 billion USD, of which 1.093 billion USD has defaulted [9] Group 6: Chuan Cai Securities - Chuan Cai Securities received a warning from the Sichuan Securities Regulatory Bureau due to multiple compliance issues in its bond trading business [10] - The company reported a revenue of 296 million yuan in 2024, a decline of 16.18% year-on-year, with a net profit of 15.0427 million yuan, down 38.64% [10]

Group 1 - China Construction Bank will implement interest subsidies for eligible personal consumption loan customers starting from September 1, 2025, in response to the fiscal subsidy policy [1] - 99% of equity funds have reported positive returns over the past year, with an average return of 34.06% among 6,256 funds, and 54 funds have doubled their net value [2] - Over 50 listed companies in A-shares have proposed interim dividend plans, with estimated cash dividends exceeding 82 billion yuan [2] Group 2 - AI companies are increasingly choosing to list in Hong Kong, with about 50 out of 213 IPO applications being AI-related, and the Hang Seng AI index has risen by 30.69% this year [2] - The lithium battery separator industry has reached five consensus points among major manufacturers, including price stability and capacity management, in response to national policies [3] - Instant retail has seen explosive growth, with mobile flash purchase transaction volumes increasing over 300% since June [3] Group 3 - A new type of solar cell developed by an international team has achieved a record photovoltaic conversion efficiency under indoor lighting conditions [4] - A breakthrough method for producing high-quality graphite films has been reported, with grain sizes approximately 10,000 times larger than traditional artificial graphite [6] - AI has been used to identify previously unknown antibacterial compounds from extremophiles, potentially paving the way for new antibiotics [6] Group 4 - Circle plans to issue 10 million shares, with the company providing 2 million shares and shareholders selling 8 million shares [6] - LeShuShi Limited has submitted an IPO application to the Hong Kong Stock Exchange, with joint sponsors including CICC, CITIC Securities, and GF Securities [6] - China Evergrande's listing status will be canceled on August 25, 2025, due to failure to meet the exchange's resumption requirements [7] Group 5 - Huazhong City has been placed under liquidation by the Hong Kong High Court, with debts exceeding 60 billion HKD, and its stock has been suspended indefinitely [8] - Golden Dragon Fish has announced delays in multiple core fundraising projects until December 2027, marking the sixth delay announcement since 2023 [8] - Hengxin Oriental is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure regulations [9] Group 6 - Kweichow Moutai reported a revenue of 91.094 billion yuan and a net profit of 45.403 billion yuan for the first half of 2025, with growth rates declining to single digits [9] - Aowei New Materials announced that Jinfeng Investment Holdings has reduced its stake to 5% by selling 1.5844 million shares [9]

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [11]. Core Insights - The report highlights that the real estate sector is experiencing a positive market trend, with the Shanghai Composite Index and Shenzhen Composite Index rising by 0.34% and 1.42% respectively on August 11, 2025. The Shenwan Real Estate Index increased by 1.24% [3]. - Specific developments include the planning adjustments in Shenzhen's Guangming District, which involve four residential land plots with varying land areas and floor area ratios [5]. - Guangzhou's state-owned enterprise, Zhujiang Real Estate, has initiated a price guarantee action for seven projects, promising to compensate buyers for price differences until the end of the year [6]. Market Performance - The top five performing stocks in the real estate sector include Shen Property A, Wantong Development, Tianbao Construction, Fuxing Shares, and Jintou City Development, with respective increases of 10.01%, 9.96%, 6.65%, 6.41%, and 6.01%. Conversely, the largest declines were seen in Rongfeng Holdings, Yatong Shares, Huali Family, Guangming Real Estate, and Shangshi Development, with decreases of -4.81%, -2.92%, -1.70%, -1.11%, and -1.04% [4]. Company Announcements - Huazhong City Holdings announced a suspension of trading due to a court-ordered liquidation [9]. - Zhuhai Huafa Industrial Co., Ltd. adjusted the coupon rate of its corporate bonds from 3.90% to 2.30%, with a total issuance of 2 billion yuan and a maturity of five years [9]. Industry News - The Shenzhen Intermediate People's Court announced the auction of the Shenzhen Huangting Plaza, with an estimated value of 4.361 billion yuan and a starting price of approximately 3.053 billion yuan [8].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 8月11日晚间，华南城（01668.HK）在港交所发布公告称，该公司于8月11日被高等法院下令清盘。 此次清盘由花旗国际在2025年1月27日提出，事关一笔于2024年4月到期的美元债，欠款共约3.06亿美元 （约合23.9亿港元）。 此后数月的债务重组谈判，未能扭转局面。在今年5月19日的法庭聆讯上，清盘聆讯被押后至8月11日， 但华南城最终未能与债权人达成协议，从而被勒令清盘。 2002年在香港注册成立的华南城，是一家综合物流及商品交易中心开发商及运营商，其首个项目正是于 2004年投入运营的深圳华南城，曾是最大的跨境电商产业聚集区。以此为根基，华南城"南拓北进"，并 于2009年登陆资本市场，业务遍及深圳、南宁、西安、郑州、重庆等城市。 而从最新的财务数据来看，华南城的现金流已几近枯竭。 公司2024年财报数据显示，华南城录得了上市以来的首次大额亏损。归属母公司净利润亏损89.86亿港 元，期内有157.42亿港元的借款已违约，但是华南城截至期末现金及现金等价物仅约4114万港元，完全 无法覆盖其债务。 特区建发当年配发投入的19 ...

Core Viewpoint - Huazhong City is entering liquidation, with its stock price halting at 0.107 HKD and a market value of only 1.2 billion HKD, a significant drop from its peak market value of over 30 billion HKD [1][2]. Group 1: Company Financial Status - As of the end of 2024, Huazhong City has total liabilities amounting to 60.9 billion HKD, with a reported net loss of nearly 9 billion HKD attributed to the parent company last year [2]. - The company's financial troubles were exacerbated by a failure to repay a debt of 306 million USD in April last year, leading to a liquidation petition filed by creditors [2][4]. - Despite attempts to restructure its debt, Huazhong City was unable to reach an agreement with creditors, resulting in a court-ordered liquidation [2][4]. Group 2: Company History and Operations - Established in May 2002 and listed on the Hong Kong Stock Exchange in 2009, Huazhong City was once a prominent developer and operator of comprehensive commercial logistics and commodity trading centers across multiple cities in China [3]. - By September 2021, Huazhong City had developed projects in eight cities, with a total planned construction area of 81.05 million square meters [3]. - The company faced operational challenges starting around 2021, including declining revenue and profit margins, alongside a significant amount of short-term debt maturing in 2022 [3][4]. Group 3: External Support and Market Context - In May 2022, a major shareholder, Shenzhen State-owned Assets Management, acquired a 29.28% stake in Huazhong City, providing financial support [3][4]. - Despite receiving support from state-owned enterprises, Huazhong City continued to struggle with liquidity issues and debt repayment pressures, indicating that external backing does not guarantee recovery for troubled firms [5]. - The broader context of liquidity crises among real estate companies highlights the challenges faced by Huazhong City, even after becoming one of the first firms to receive state support [5].

Core Viewpoint - Huazhong City is entering liquidation, with its stock price at 0.107 HKD and a market capitalization of only 1.2 billion HKD, a significant drop from its peak market value of over 30 billion HKD [1][3]. Group 1: Company Status - The Hong Kong High Court issued a liquidation order for Huazhong City on August 11, 2025, leading to the suspension of its stock trading [3]. - As of the end of 2024, the company's total liabilities reached 60.9 billion HKD, with a net profit loss of nearly 9 billion HKD attributed to the parent company last year [4][5]. Group 2: Debt Issues - The immediate trigger for Huazhong City's liquidation was the failure to repay a debt of 306 million USD due in April last year, leading to a petition for liquidation by creditors [5]. - Despite attempts at debt restructuring, the company was unable to reach an agreement with creditors, resulting in the court-ordered liquidation [5]. Group 3: Historical Context - Established in May 2002 and listed on the Hong Kong Stock Exchange in 2009, Huazhong City was once a prominent player in the commercial logistics and trading center development sector [7]. - The company faced operational challenges around 2021, including declining revenue and increased short-term debt, which became due in 2022 [7]. Group 4: Attempts at Recovery - In May 2022, a significant investment of 1.9095 billion HKD was made by a state-owned enterprise, which became the largest shareholder, but this did not prevent the company's decline [8]. - By December 2023, Huazhong City reported severe cash flow issues and debt defaults, indicating a deteriorating financial situation despite previous support from state-owned enterprises [8][9].