Core Viewpoint - Vanke Enterprise Co., Ltd. is seeking to adjust the repayment terms of its medium-term notes "22 Vanke MTN004" and "22 Vanke MTN005" due to financial challenges, proposing extensions and changes to the repayment schedule [1][2]. Group 1: Bond Details - The total scale of the two bonds is 5.7 billion yuan, with "22 Vanke MTN004" having a balance of 2 billion yuan and "22 Vanke MTN005" a balance of 3.7 billion yuan, both with a coupon rate of 3.00% [1][2]. - The original maturity dates for "22 Vanke MTN004" and "22 Vanke MTN005" are December 15, 2025, and December 28, 2025, respectively [1][2]. Group 2: Proposed Adjustments - The proposed adjustments include extending the principal repayment date for "22 Vanke MTN004" to December 15, 2026, and for "22 Vanke MTN005" to December 28, 2026, while maintaining the coupon rate at 3.00% [2][4]. - The unpaid interest for "22 Vanke MTN004" of 60 million yuan is due by January 28, 2026, and for "22 Vanke MTN005" of 111 million yuan by February 10, 2026 [2][4]. Group 3: Credit Enhancement Measures - Vanke will provide project company receivables as collateral for credit enhancement, involving several subsidiaries [2][3]. - The proposals include extending the grace period for principal and interest payments from 30 trading days to 90 trading days, with specific deadlines for each bond [3][4]. Group 4: Meeting and Voting - The bondholders' meetings for "22 Vanke MTN004" and "22 Vanke MTN005" are scheduled for January 21, 2026, with a voting deadline of January 26, 2026 [5].

Market Overview - The Hong Kong stock market experienced a pullback, with the Hang Seng Index closing down 0.28% at 26,923.62 points, and a total trading volume of 290.45 billion HKD [1] - The Hang Seng Tech Index fell by 1.35%, closing at 5,828.35 points, indicating a challenging environment for tech stocks [1] Blue-Chip Stocks Performance - Ctrip Group-S (09961) led the decline among blue-chip stocks, dropping 19.23% to 460 HKD, influenced by an antitrust investigation by the market regulator [2] - BYD Electronics (00285) rose by 3.26%, contributing 1.41 points to the Hang Seng Index, while China Life (02628) fell by 2.87%, detracting 11.17 points from the index [2] Sector Highlights - The technology sector showed mixed results, with Alibaba's stock declining by 2.6% following the launch of its Q&A app, while Baidu gained 0.76% [3] - TSMC announced a significant increase in capital expenditure, projected to reach 56 billion USD in 2026, a 37% increase from 2025, which is expected to benefit the semiconductor industry [4] - The real estate sector saw strong performance, with Vanke Enterprises (02202) rising by 6.85% amid upcoming debt meetings [4] Nickel and Lithium Battery Stocks - Nickel stocks performed well, with LME nickel prices rising by 6.73% to 18,785 USD/ton, driven by potential production quota adjustments in Indonesia [5][6] - Lithium battery stocks also saw gains, with Ganfeng Lithium (01772) increasing by 7.66% as the industry anticipates price increases due to new export tax policies [6] Notable Stock Movements - Dongyao Pharmaceutical-B (01875) surged by 67.6% after a voluntary takeover offer was announced, significantly above its previous closing price [7] - Zhizhu (02513) climbed 11.57% following the announcement of a new AI model in collaboration with Huawei [8] - Jinju Group (02009) issued a profit warning, predicting a net loss of 900 to 1,200 million CNY for 2025, leading to a 6.9% drop in its stock price [9]

海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則 第 13.10B 條 作出。兹 載 列 該 公 告如下， 僅供 參 閱。 萬科企業股份有限公司 董事會 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。 中國，深圳，2026年1月15日 CHINA VANKE CO., LTD.* 萬科企業股份有限公司 （於中華人民共和國註冊成立的股份有限公司 ） （股份代號：2202） 於本 公 告日期，本 公司 董 事會 成 員包 括：非 執 行 董 事黃 力 平 先 生、胡 國 斌 先 生 及雷 江 松 先 生；執 行 董 事 王 蘊 女 士；以 及 獨 立非 執 行 董 事 廖 子 彬 先 生、林 明 彥 先 生、沈向洋 博士及 張 懿 宸 先 生。 * 僅供識別 债券简称：21 万科 02 债券代码：149358 关于召开万科企业股份有限公司 2021 年面向合格投资者公 开发行住房租赁专项公司债券（第一期）（品种二）2026 年第一次债券持有人 ...

Core Viewpoint - Four bonds issued by Vanke, namely "22 Vanke 04", "22 Vanke 02", "22 Vanke 06", and "21 Vanke 04", experienced a price increase of over 20% during trading, leading to a temporary suspension of trading by the Shenzhen Stock Exchange [1] Summary by Relevant Sections - **Bond Trading Suspension** - The Shenzhen Stock Exchange announced a temporary suspension of trading for the aforementioned bonds due to their significant price increase [1] - The suspension took effect at 13:35:47 and trading resumed at 14:05:48 [1]

Group 1 - The core viewpoint of the article highlights a significant increase in the bond prices of Vanke, with various bonds experiencing substantial gains [1] Group 2 - "22 Vanke 04" bond rose over 55% [1] - "22 Vanke 02" bond increased by more than 51% [1] - "22 Vanke 06" bond saw a rise of over 50% [1] - "21 Vanke 04" bond surged by more than 39% [1] - "23 Vanke 01" bond experienced an increase of over 20% [1]

Core Viewpoint - The bond market saw significant movements, particularly in Vanke bonds, with most experiencing substantial increases while some local bonds and special government bonds showed mixed performance [1] Group 1: Vanke Bonds - "22 Vanke 02", "22 Vanke 04", and "22 Vanke 06" rose over 50% [1] - "21 Vanke 04" increased nearly 40% [1] - "23 Vanke 01" saw an increase of over 20% [1] - However, "21 Vanke 06" dropped over 40% [1] Group 2: Local Bonds - "22 Hunan Bond 22" increased by over 9% [1] - "21 Shenzhen Bond 57" rose by over 5% [1] - Conversely, "24 Xiamen 45" fell by over 5% [1] - "24 Tibet Bond 20" and "19 Hunan Bond 04" both decreased by over 3% [1] Group 3: Special Government Bonds - "24 Special Government Bond 01" decreased by 0.02% [1] - "24 Special Government Bond 02" increased by 0.11% [1] - "24 Special Government Bond 03" rose by 0.09% [1] - "24 Special Government Bond 04" fell by 0.02% [1] - "Special Government Bond 2401" decreased by 0.201% [1] - "Special Government Bond 2402" fell by 0.21% [1] - "Special Government Bond 2403" increased by 0.37% [1] - "Special Government Bond 2404" decreased by 0.03% [1]

Group 1 - Vanke proposed to extend the grace period for the 22 Vanke MTN004 bond to 90 trading days, indicating a strategy to buy time for negotiations with creditors [1] - The company may seek to extend the voting period for the bond, as reported by insiders, suggesting a potential for further negotiation space if creditors agree [1] - The stock price of Vanke A (000002.SZ) rose over 4%, and Vanke Enterprises (02202.HK) increased by more than 5.95%, reflecting positive market sentiment [3] Group 2 - Several Vanke bonds experienced significant price increases, with "22 Vanke 04" rising over 50% and "22 Vanke 02" and "21 Vanke 04" increasing by over 30% [3] - The bond "22 Vanke 06" saw a modest increase of over 5%, while "21 Vanke 06" dropped by more than 30%, indicating mixed performance among Vanke's debt instruments [3]

Group 1 - Vanke's stock price experienced a significant increase, with Vanke A (000002.SZ) rising over 4% and Vanke Enterprises (02202.HK) increasing by more than 5.95% [1] - Vanke's bonds also saw substantial gains, with several bonds rising over 20%, and specific bonds like "22 Vanke 04" increasing by over 50% [1] - The company proposed to extend the grace period for "22 Vanke MTN004" to 90 trading days, indicating a strategy to negotiate with creditors for more time [2]

Group 1 - Vanke Enterprises (万科企业) experienced a short-term surge, with shares rising over 6% [1][2] - As of the latest report, Vanke A shares increased by more than 4%, with a trading volume exceeding 1.2 billion yuan [2] - The current share price is 3.580, reflecting a 6.55% increase, and the market capitalization stands at 160.8 billion yuan [3] Group 2 - Vanke's bonds also saw significant gains, with "22万科04", "23万科01", "22万科02", and "22万科06" all rising over 20%, leading to temporary trading halts [3][4] - Specific bond price changes include "22万科04" increasing by 29.71% to 30.446, and "23万科01" rising by 26.74% to 32.890 [4]

Group 1 - Vanke A experienced a short-term surge, rising over 5% at one point and closing with a gain of over 4%, with a trading volume exceeding 1.2 billion yuan [1] - Vanke Enterprises in the Hong Kong stock market also saw a short-term increase, with shares rising over 6% [2] - Vanke bonds experienced significant increases, with "22 Vanke 04", "23 Vanke 01", "22 Vanke 02", and "22 Vanke 06" all rising over 20%, leading to a temporary trading halt [4] Group 2 - Specific bond performance included "22 Vanke 04" up 29.71% to 30.446, "23 Vanke 01" up 26.74% to 32.890, "21 Vanke 04" up 23.20% to 32.000, "22 Vanke 02" up 22.41% to 28.800, and "22 Vanke 06" up 20.17% to 28.000 [5]