Group 1: Industry Overview - The Guangdong real estate sector, once thriving with numerous private enterprises, has seen a significant decline, with only a few surviving companies remaining [1] - The recent turmoil in the Greater Bay Area has severely impacted the vitality of the real estate market, leading to a drastic reduction in the number of active Guangdong-based real estate firms [1][2] - The industry is undergoing a major reshuffle, with only local players likely to survive in the future [1] Group 2: Company Case Studies - Huazhong City, a former real estate giant, has faced severe financial difficulties, culminating in a court-ordered liquidation, with its market value plummeting by 95% from its peak [3][4] - The Shenzhen state-owned enterprise, Special Zone Construction Development, has incurred significant losses due to its investment in Huazhong City, facing a debt claim of $14.07 billion [5] - Huazhong City's business model, which relied on low-cost land acquisition and subsequent development, has become unsustainable, leading to a total debt of 609 billion yuan, with 182 billion yuan due imminently [5][6] Group 3: Market Trends and Future Outlook - The real estate industry is experiencing a brutal market clearing process, with many companies entering bankruptcy proceedings, including well-known names like Evergrande and Country Garden [6] - The shift in market dynamics necessitates that surviving companies adopt sound financial practices and strong product capabilities to thrive in the new landscape [6][7] - Emerging local companies, such as金沙, are gaining traction by focusing on quality and operational excellence, positioning themselves as leaders in their respective markets [7][15]

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) 押後 2025 年 8 月 15 日舉行之股東特別大會 茲提述華南城控股有限公司(清盤中) (「本公司」) 於 (i) 2025年7月22日發出的公告， 內容有關持續關連交易提供物業管理服務（「該通函」）; 及 (ii) 2025年7月22日發出的 股東特別大會（「股東特別大會」）通告，內容有關召開股東特別大會以考慮該通函 所載決議案。除文義另有所指外，本文公告所用詞彙與該通函所界定者具有相同涵義。 押後股東特別大會 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。 代表 華南城控股有限公司 (清盤中) 周偉成 潘路洋 共同及各別清盤人 ( 作為代理人毋需承擔任何個人責任 ) 香港，2025 年 8 ...

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]

Group 1 - The company Huazhong City (01668) announced changes in its authorized representatives [1] - Mr. Zheng Songxing and Mr. Chen Qingchou will no longer serve as authorized representatives [1] - Mr. Zhou Weicheng and Mr. Pan Luyang have been appointed as new authorized representatives, effective from August 13, 2025 [1]

Core Points - The company announced changes in its authorized representatives, with Zheng Songxing and Chen Qingchou stepping down, while Zhou Weicheng and Pan Luyang have been appointed as new authorized representatives effective from August 13, 2025 [1] Summary by Category - **Company Changes** - Zheng Songxing and Chen Qingchou will no longer serve as authorized representatives of the company [1] - Zhou Weicheng and Pan Luyang have been appointed as new authorized representatives [1] - The changes will take effect on August 13, 2025 [1]

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].

Core Viewpoint - South China City (01668.HK) has been ordered into liquidation by the High Court due to failure to reach a debt restructuring agreement, primarily concerning a USD 306 million debt maturing in April 2024 [1][2]. Financial Performance - For the fiscal year 2024, South China City reported a significant net loss of HKD 8.986 billion, marking its first major loss since going public [2]. - The company has defaulted on HKD 15.742 billion in borrowings, with cash and cash equivalents at only HKD 41.14 million, insufficient to cover its debts [2]. - Total assets as of the end of 2024 were HKD 87.551 billion, while total liabilities stood at approximately HKD 60.944 billion, indicating a precarious financial position [5]. Debt and Liabilities - The company’s interest-bearing debt amounted to HKD 30.22 billion, with HKD 18.241 billion due in the short term [2]. - Current liabilities exceeded current assets by HKD 2.848 billion, highlighting liquidity issues [2]. Audit Concerns - Ernst & Young expressed an inability to provide an opinion on the financial statements, citing significant doubts about the company's ability to continue as a going concern [4]. Shareholder Dynamics - In 2022, Shenzhen Special Zone Construction Development Group became the largest shareholder after investing HKD 1.9095 billion for a 29.28% stake [6]. - The strategic investor has provided multiple rounds of financial support to South China City, including a debt extension agreement in July 2022 [6]. Market Position - As of the latest report, South China City's stock price was HKD 0.107 per share, with a market capitalization of approximately HKD 1.22 billion, significantly lower than the initial investment by its major shareholder [7].