香港交易及結算所有限公司和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，並表明不會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的 任何損失承擔任何責任。 CHINA RENAISSANCE HOLDINGS LIMITED 華興資本控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1911） 本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資者，根據對本集團 截至二零二五年十二月三十一日止年度的未經審核綜合管理賬目的初步評估，本集團 預期於截至二零二五年十二月三十一日止年度錄得本公司擁有人應佔利潤約人民幣1.014 億元，而於二零二四年同期錄得本公司擁有人應佔虧損約人民幣1.79億元。本集團於截 至二零二五年十二月三十一日止年度實現扭虧為盈並錄得顯著盈利主要由於(i)本集團投 資管理業務分部經營利潤大幅增加，持續為本集團的財務表現提供大力支持，(ii)華興 證券有限公司截至二零二五年十二月三十一日止年度的虧損大幅降低，及(iii)本集團業 務發展勢頭良好，呈現上升趨勢，並在降低經營成本方面取得顯著成果，經營開支顯著 降低。 正面盈利預 ...

香港交易及結算所有限公司和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分內容而產生或因依賴該等內容而 引致的任何損失承擔任何責任。 華興資本控股有限公司 許彥清 董事會主席兼執行董事 香港，二零二六年三月十八日 於本公告日期，董事會包括主席兼執行董事許彥清女士；執行董事王力行先生及杜永波先生；非執行 董事林寧先生；及獨立非執行董事陳嘉麗女士、肇越先生、梁暉先生及FU Frank Kan先生。 CHINA RENAISSANCE HOLDINGS LIMITED 華興資本控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1911） 董事會會議通告 華興資本控股有限公司（「本公司」）董事會（「董事會」）僅此宣佈，本公司將於二零二六 年三月三十日（星期一）舉行董事會會議，藉以（其中包括）考慮及批准本公司及其附屬 公司截至二零二五年十二月三十一日止年度之全年業績及其發佈，並考慮建議派付末 期股息（如有）。 承董事會命 ...

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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華興資本控股有限公司 (「本公司」) （於開曼群島註冊成立的有限公司） 呈交日期: 2026年3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) | 01911 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | 0.000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | | 0 | | USD | | 0 | | 本月底結存 | | | 2,000,000,000 | USD | 0.000025 | USD | | 50,0 ...

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: 2026年1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: 華興資本控股有限公司 (「本公司」) （於開曼群島註冊成立的有限公司） FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 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) | 01911 | 說明 | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 573,347,776 | | 0 | | 573,347,776 | | 增加 / 減少 (-) | | | 0 | | | | | | 本月底結存 | | | 573,347,776 | | 0 | | 573,347,776 | 足夠公眾持股量的確認(註4) 呈交日期: 2026 ...

来源: 财融圈 2025年8月8日，据财新消息，近期华兴资本创始人包凡"出来了"。当时，华兴资本官方就包凡回归事宜回应称，包凡不再参与集团日常管理与营运，其个 人生活动态属于私人事务范畴，公司不再予以回应。 此次包凡在年会上的公开亮相，是其回归后的重要公开活动。 近日，华兴资本举行公司年会，创始人包凡出席活动并以"老大讲话"环节登台发言。 公开资料显示，包凡，男，中国香港居民，汉族，1970年10月18日出生，毕业于上海复旦大学，经济学硕士，华兴资本集团创始人。 根据年会流程安排，活动于当晚18:00开始，包凡的讲话被安排在19:18-19:28进行，时长10分钟。董事长许彦清通过远程连线方式在19:08-19:18发表讲 话。现任CEO王力行未安排单独讲话环节，其在年会中主要负责抽奖环节。 | | | | | 2026年华兴资本年会 | | | --- | --- | --- | --- | --- | --- | | | | | | 活动流程 | | | 篇章 | 时间 | 时长 | 环节 | 内容 | 备注 | | | 18:00-19:00 | 60. | 签到入场 | 序厅签到及拍照打卡互动/鸡尾酒 ...

Group 1 - The core theme of the article revolves around the organizational evolution within Huaxing Capital, highlighted during its 2026 annual meeting, indicating a potential shift in leadership dynamics and strategic direction [4][6]. - The event featured key presentations, including a remote speech by Chairman Xu Yanqing and a central address by Bao Fan, marking his return to a prominent role, while CEO Wang Lihang's absence from public speaking suggests a change in his influence [5][6]. - Huaxing Capital's stock has been on a downward trend, with a cumulative decline of 5.70% over the past five days and 11.78% over the past twenty days, closing at 3.97 HKD, down 3.4% on the day of the meeting [6]. Group 2 - The fourth Davos Global FOF Summit was successfully held on January 21, 2026, where the Global FOF Association released the list of the world's best investment institutions for 2025 [8][10]. - The event included an awards ceremony recognizing top investment institutions, emphasizing the importance of global investment strategies and collaborations [12][13].

Core Viewpoint - Huaxing Capital, known for major mergers and acquisitions, is entering the distressed asset disposal market by acquiring a personal consumer loan bad debt package worth 7.429 billion yuan for 308 million yuan, marking a significant shift in its business strategy [1][2][3][5]. Group 1: Acquisition Details - The acquisition involves two bad debt packages from Qifu Technology, with a total principal amount of 7.429 billion yuan, purchased at an average discount rate of approximately 4.15% [5]. - The first package has an outstanding principal of 6.677 billion yuan with an average overdue period of 854 days, while the second package has an outstanding principal of 752 million yuan with an average overdue period of 439 days [7]. - Payment for the acquisition will be made in two installments: 74% within 25 business days after signing the transfer agreement, and the remaining 26% within 15 business days after the first payment [7]. Group 2: Market Context - The personal consumer loan bad debt market has seen a significant decline in prices, with the average discount rate dropping to 3.8% in Q1 2025, indicating a challenging environment for asset recovery [8]. - The market has witnessed extreme cases where consumer finance companies listed bad debt packages at significantly low starting prices, reflecting the tough conditions in the sector [8]. Group 3: Strategic Shift - Huaxing Capital is transitioning from a traditional investment bank to a technology-driven financial services firm, responding to declining revenues and seeking new growth avenues [10][11]. - The company reported a revenue drop from 1.58 billion yuan in 2022 to 780 million yuan in 2024, with a cumulative loss exceeding 1 billion yuan over three years [10]. - The entry into the distressed asset market is seen as a strategic move to establish capabilities in asset management and capitalize on potential returns as the market recovers [11]. Group 4: Industry Dynamics - The distressed asset disposal market is becoming increasingly competitive, with major players, including internet giants, actively participating and employing various operational models [13][14]. - The current market conditions, characterized by a high volume of non-performing loans, provide a substantial opportunity for new entrants like Huaxing Capital [13]. - The collaboration between strong financial backers and specialized asset management companies is enhancing asset recovery efficiency, addressing challenges faced by larger institutions [14].

Core Viewpoint - Huaxing Capital, known for major mergers and acquisitions, has entered the distressed asset disposal market by acquiring a personal consumer loan bad debt package worth 7.429 billion yuan for only 308 million yuan, marking a significant shift in its business strategy [1][3][9]. Group 1: Acquisition Details - The two bad debt packages acquired from Qifu Technology have a total principal amount of 74.29 billion yuan, with an average discount rate of approximately 4.15% [3][6]. - The first package has an unpaid principal of 6.677 billion yuan with an average overdue period of 854 days, while the second package has an unpaid principal of 752 million yuan and an average overdue period of 439 days, with a higher proportion of debts overdue for one to two years [5][6]. Group 2: Market Context - The personal consumer loan bad debt market has seen a significant decline in prices, with the average discount rate for such assets dropping to 3.8% in Q1 2025, indicating a challenging environment for asset recovery [6][7]. - The market for distressed assets is becoming increasingly competitive, with major players like JD.com and Alibaba already establishing platforms for asset disposal, indicating a shift in the landscape [12][13]. Group 3: Strategic Shift - Huaxing Capital's move into the distressed asset sector is part of a broader transformation strategy aimed at addressing declining revenues from traditional investment banking activities, which fell from 1.58 billion yuan in 2022 to 780 million yuan in 2024 [8][9]. - The company aims to leverage this new venture not only for financial returns but also to build capabilities in asset management, positioning itself for future growth in a recovering market [9][10]. Group 4: Challenges Ahead - Transitioning from a service-based model to holding assets involves significant risks, including the need for substantial capital and the long recovery periods typical of distressed asset management, which can take 4-6 years to break even [10][12]. - The success of Huaxing Capital in this new domain will depend on its ability to quickly develop the necessary expertise and operational frameworks to effectively manage and recover these assets [13].

Core Insights - Huaxing Capital, known for major mergers, is entering the distressed asset disposal market by acquiring a personal consumer loan bad debt package worth 7.429 billion yuan for 308 million yuan, reflecting a discount rate of approximately 4.15% [1][3][5] Company Overview - Huaxing Capital has transitioned from a traditional investment bank to a player in the distressed asset market, marking a significant shift in its business model [2][8] - The company has faced declining revenues, with total income dropping from 1.58 billion yuan in 2022 to 780 million yuan in 2024, resulting in cumulative losses exceeding 1 billion yuan [7] Market Context - The personal loan bad debt market has seen a significant decline in asset prices, with average discount rates dropping to historical lows of 3.8% in early 2025, indicating a challenging environment for asset recovery [6][10] - The market for distressed assets is becoming increasingly competitive, with major players like JD.com and Alibaba also entering the space, utilizing their platforms for asset disposal [10][11] Strategic Implications - Huaxing Capital's entry into the distressed asset sector is seen as a strategic move to diversify its revenue streams amid declining traditional business performance [7][12] - The acquisition is expected to provide potential high returns as the market recovers, with the company expressing confidence in the eventual recovery of a significant portion of the debts [8][12] Operational Challenges - The transition to holding distressed assets involves significant risks, including the need for substantial capital and the long recovery periods typically associated with such investments [8][12] - The company must overcome challenges related to asset recovery efficiency and the high costs associated with distressed asset management [12]

Core Viewpoint - Huaxing Capital, known for major mergers, is entering the distressed asset disposal market by acquiring a personal consumer loan bad debt package worth 7.429 billion yuan for 308 million yuan, marking a significant shift in its business strategy [1][5]. Company Summary - Huaxing Capital has been recognized for orchestrating significant mergers in the past, such as Didi and Kuaidi, and Meituan and Dianping, earning the title "King of Mergers" [4]. - The company has faced challenges in its traditional business, with total revenue declining from 1.58 billion yuan in 2022 to 780 million yuan in 2024, resulting in cumulative losses exceeding 1 billion yuan [4]. - In 2024, under new leadership, Huaxing Capital announced a strategic transformation towards "tech finance," aiming to reshape its governance and business model [5]. Industry Summary - The distressed asset market is seeing increased participation from various large industrial players, with a common model involving strong investment firms providing capital while local asset management companies handle operations [1][8]. - The average discount rate for personal consumer loan bad debts has dropped to a historical low of 3.8% in Q1 2025, indicating a challenging market environment [3]. - The total non-performing loan balance of commercial banks reached 3.5 trillion yuan by Q3 2025, suggesting a substantial market for asset disposal [7]. - The entry of new players into the distressed asset sector is expected to enhance competition and efficiency, although challenges such as long recovery periods and high disposal costs remain significant [8].