Core Insights - Despite industry challenges, four real estate companies are expected to exceed 200 billion yuan in sales by 2025, with the top 10 maintaining a threshold of 100 billion yuan [1][2] - The companies achieving over 200 billion yuan in sales include Poly Developments (253 billion yuan), Greentown China (251.9 billion yuan), China Overseas Property (251.2 billion yuan), and China Resources Land (233.6 billion yuan) [1][2] Group 1: Sales Performance - In December 2025, nearly 70% of 105 typical real estate companies reported a month-on-month increase in total sales, with almost 50% experiencing a month-on-month growth rate exceeding 20% [3] - Notable performers include Yuexiu Property, China State Construction, and Renheng Real Estate, with some companies achieving month-on-month sales growth exceeding 100% [3] - China Resources Land and China State Construction reported year-on-year sales growth rates exceeding 15% [3] Group 2: Market Trends and Future Outlook - The real estate sector is expected to continue its adjustment phase in 2026, with debt restructuring accelerating and the completion of housing delivery tasks [1][9] - The market is anticipated to seek a new supply-demand balance, with structural recovery possible while overall prices are expected to remain stable [9] - The importance of community amenities and services is expected to increase, with a focus on green, smart, healthy, and safe products gaining premium pricing [9] Group 3: Company Resilience and Strategy - 53 companies have maintained their position in the top 100 for five consecutive years, with firms like Binjiang Group and Longfor Group demonstrating stable operations while maintaining investment levels [8] - Some struggling private companies, such as Country Garden and Sunac, remain in the top rankings due to prior land reserves that support sales and debt restructuring efforts [8] - Regional private companies are focusing on local high-capacity cities through precise strategies and partnerships to mitigate financial pressures [8]

Core Viewpoint - Country Garden Services (碧桂园服务) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will spend HKD 4.941 million to repurchase 816,000 shares [1]

Group 1 - The company, Country Garden Services (06098.HK), announced a share buyback on January 2, 2026, costing HKD 4.941 million to repurchase 816,000 shares [1] - The buyback price ranged from HKD 6.02 to HKD 6.08 per share [1]

Core Insights - Wall Street's interest in domestic GPU companies is highlighted by the successful IPO of Birun Technology, which saw its stock price surge by 82.14% on its debut, reaching a market capitalization of over 80 billion HKD [1] - The company, founded in September 2019 by Zhang Wen, has attracted significant venture capital investment, totaling over 30 billion CNY across its funding rounds, marking a milestone in China's chip industry [1][2] - Birun Technology's journey reflects the challenges and opportunities within the domestic GPU sector, as it aims to compete with industry giants like NVIDIA [2][24] Company Overview - Birun Technology was established in 2019 and has since positioned itself as a key player in the GPU market, with a focus on developing high-performance chips [1][2] - The company has successfully completed multiple funding rounds, with significant contributions from notable investors such as Qiming Venture Partners and IDG Capital, which have helped it grow rapidly [3][4][11] - The firm aims to leverage its IPO proceeds to attract top talent and potentially pursue mergers and acquisitions to strengthen its market position [24] Funding and Valuation - Birun Technology's early funding rounds included a Pre-A round in December 2019, raising 15 million USD, and a Pre-A+ round in February 2020, raising 10 million USD, with valuations increasing from 110 million USD to 150 million USD [3][4] - By mid-2020, the company had raised approximately 2.9 billion CNY across four funding rounds, with a pre-IPO valuation soaring to 6.06 billion CNY [8][16] - The total amount raised by Birun Technology reached 9.32 billion CNY before its IPO, significantly outpacing its competitors in the domestic GPU space [16][24] Market Position and Challenges - Despite its rapid growth, Birun Technology's revenue figures for 2022 and 2023 were 499,000 CNY and 62.03 million CNY, respectively, indicating a slower growth trajectory compared to peers like Moore Threads and Muxi Technology [14][16] - The company faces substantial competition from NVIDIA, which reported a global revenue of 130.5 billion USD for the fiscal year 2025, dwarfing the combined revenue of Birun Technology and its competitors [24] - The ongoing challenge for domestic GPU manufacturers is to bridge the significant valuation and performance gaps with established industry leaders [24]

Core Insights - The article discusses the changes in the Hong Kong Stock Connect holdings, highlighting the companies with the largest increases and decreases in shareholding percentages. Group 1: Increased Holdings - Andeli Juice (02218) saw the largest increase in shareholding percentage, rising by 2.35% to a total of 23.75% [1] - Mengniu Dairy (02319) experienced a slight increase of 0.07%, bringing its total to 17.52% [1] - The Yingfu Fund (02800) had a minimal increase of 0.02%, resulting in a holding of 1.78% [1] - Other notable increases include Lion Group (02562) with a 3.79% rise to 49.05% and Zhejiang Shibao (01057) with a 3.55% increase to 58.76% over the last five trading days [2] Group 2: Decreased Holdings - Country Garden (02007) had the largest decrease in shareholding percentage, dropping by 0.51% to 15.33% [1] - Geely Automobile (00175) saw a decrease of 0.16%, resulting in a holding of 11.37% [1] - Huaxia Hengsheng Technology (03088) experienced a minor decrease of 0.02%, bringing its total to 20.19% [1] - In the last five trading days, notable decreases included Jiahe Biology-B (06998) with a 1.74% drop to 0.61% and Chalco International (02068) with a 1.50% decrease to 19.44% [2] Group 3: 20-Day Holding Changes - Over the past 20 days, Lion Group (02562) had the most significant increase, rising by 23.92% to 49.05% [2] - Jihong Co., Ltd. (02603) increased by 22.62% to 54.86% [2] - Red Star Macalline (01528) saw an increase of 8.47%, reaching 52.20% [2] - Conversely, the largest decrease was seen in the Wan Guo Gold Group (02979), which dropped by 11.34% to 0.00% [3]

Core Viewpoint - The real estate industry in 2025 is undergoing a significant transformation, focusing on debt risk clearance with a total debt resolution scale of 1.2 trillion yuan, involving over 20 billion yuan in total liabilities [1][2]. Group 1: Debt Restructuring - 21 distressed real estate companies have completed or received approval for debt restructuring, with a total debt resolution scale of 1.2 trillion yuan, involving total liabilities exceeding 2 trillion yuan [1]. - The average debt reduction rate has surpassed 50%, with many companies achieving over 50% reduction in overseas debt restructuring, and some like Longguang reaching a 70% reduction [1][2]. - Major companies like Sunac China have achieved a 100% debt clearance through a full debt-to-equity swap, reducing repayment pressure by nearly 60 billion yuan [2]. Group 2: Debt Reduction Strategies - CIFI Holdings has executed simultaneous debt restructuring for both domestic and overseas debts, with a 67% reduction in overseas debt and over 50% in domestic debt, reducing total interest-bearing liabilities from 84.2 billion yuan to around 50 billion yuan [2]. - Country Garden has achieved a 66% reduction in overseas debt and nearly 50% in domestic debt, alleviating financial pressure through debt structure optimization [3]. - Jin Ke Co. has set a record for the largest industry restructuring at 147 billion yuan, effectively addressing the debts of 8,400 creditors [3]. Group 3: Diverse Debt Resolution Approaches - The 1.2 trillion yuan debt resolution has been facilitated by the precise application of diverse tools, including market-based negotiations and judicial restructuring [4]. - Sunac's full debt-to-equity swap received 98.5% creditor support, while Jin Ke's restructuring involved a comprehensive settlement of cash, stock, and trust benefits [4]. - CIFI utilized cash buybacks for efficient debt resolution, allowing it to avoid paying domestic debt principal and interest for the next two years [4]. Group 4: Recovery and Sustainable Operations - Companies that have completed debt restructuring are accelerating their recovery of operational capabilities, with Jin Ke delivering 14,300 residential and commercial projects in 2025 [5]. - The light-asset transformation has shown significant results, with Ruian Real Estate's core profit increasing by 144% year-on-year, and new light-asset projects expected to exceed 30 billion yuan in value [5]. - The sales sector is also showing structural highlights, with high-end residential projects in Shanghai performing exceptionally well [6]. Group 5: Shift Towards Quality Development - The 1.2 trillion yuan debt resolution marks a profound change in the industry's development model, moving away from high-leverage expansion [7]. - CIFI's interest-bearing liabilities are expected to return to 2017 levels, while Ruian Real Estate focuses on stable cash flow without increasing leverage [7]. - The industry is transitioning from scale expansion to quality development, with future competitiveness hinging on asset operation precision and exploration of new avenues [7].

Core Insights - Country Garden Holdings has prioritized "guaranteeing housing delivery" as a fundamental aspect of its survival and development strategy, achieving the delivery of nearly 170,000 homes in 2025 and a cumulative total of approximately 1.85 million homes since 2022, maintaining its leading position in third-party rankings [1] - The company has made significant progress in debt restructuring, with no defaults reported on domestic public market bonds and a formalized offshore debt restructuring plan involving approximately $17.7 billion, which has alleviated substantial debt burdens and is seen as a critical step towards renewal [1] - The controlling shareholder family has committed to supporting the company through challenges, emphasizing the importance of "guaranteeing housing delivery" as a top priority and actively coordinating efforts to manage debt and ensure housing delivery [1] Future Strategy - The company plans to transition its operational focus from the critical phase of "guaranteeing housing delivery" to the ongoing optimization of its debt structure and the restoration of normal business operations, leveraging the achievements of its debt restructuring as a new starting point [2] - Under the new strategic framework of "one body and two wings," the company aims to explore new development models in real estate, with the "one body" focusing on real estate as the mainstay and the "two wings" encompassing technology construction and property management services [2] - The company intends to integrate into national development strategies by exploring the fusion of green technology, smart construction, and new industries such as AI and renewable energy within its core real estate business [2]

Core Insights - The report highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies as of December 31, 2025 [1] Group 1: Increased Holdings - Andeli Juice (02218) saw the largest increase in ownership percentage, rising by 2.35% to a total holding of 23.75% [2] - Mengniu Dairy (02319) experienced a slight increase of 0.07%, bringing its holding to 17.52% [2] - The Yingfu Fund (02800) had a minimal increase of 0.02%, resulting in a holding of 1.78% [2] - Other notable increases include Lion Group (02562) with a 3.79% rise to 49.05% and Zhejiang Shibao (01057) with a 3.55% increase to 58.76% [3] Group 2: Decreased Holdings - Country Garden (02007) faced the largest decrease, with a drop of 0.51% to a holding of 15.33% [2] - Geely Automobile (00175) saw a reduction of 0.16%, resulting in a holding of 11.37% [2] - Huaxia Hengsheng Technology (03088) experienced a minor decrease of 0.02%, leading to a holding of 20.19% [2] - Other significant decreases include Jiahe Biotechnology-B (06998) with a 1.74% drop to 0.61% and Chalco International (02068) with a 1.50% decrease to 19.44% [3] Group 3: Five-Day Changes - Over the last five trading days, Lion Group (02562) had the highest increase in ownership percentage, up by 3.79% [3] - Zhejiang Shibao (01057) and Sanhua Intelligent Control (02050) also saw significant increases of 3.55% and 3.46%, respectively [3] - Conversely, Jiahe Biotechnology-B (06998) had the largest decrease of 1.74% over the same period [3] Group 4: Twenty-Day Changes - In the last twenty days, Lion Group (02562) experienced a substantial increase of 23.92% in ownership [4] - Jihong Co., Ltd. (02603) followed with a 22.62% increase, reaching a holding of 54.86% [4] - Red Star Macalline (01528) also saw an increase of 8.47%, bringing its holding to 52.20% [4]

格隆汇12月31日丨碧桂园(2007.HK)在港公告，根据高等法院于2025年12月30日作出的命令，呈请的聆 讯进一步押后至2026年2月16日。鉴于重组生效日期落实及建议重组实施，本公司将与呈请记录在案的 各方协调，并着手申请撤销呈请。 ...

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。 COUNTRY GARDEN HOLDINGS COMPANY LIMITED 碧桂園控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2007） 與本公司處理無法表示意見所採取的 行動有關的定期最新資料 本公告乃由碧桂園控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香 港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法例第571章證 券及期貨條例第XIVA部之內幕消息條文（定義見上市規則）而作出。 茲提述本公司於2025年4月28日刊發的截至2024年12月31日止財政年度的年度報告 （「年報」），其中本公司的獨立核數師中匯安達會計師事務所有限公司（「核數師」）由 於與編製本集團截至2024年12月31日止年度的綜合財務報表（「2024年綜合財務報 表」）的持續經營基礎的適當性評估有關的範圍限制，並無對2024年綜合財務報表發 表意見（「無法表示意見」）。除 ...