以下文章来源于东四十条资本 ，作者陈美 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 锚定"资产管理"平台，蔡文胜出手了 先来看看，蔡文胜此次收购的标的——中国金融租赁（02312.HK）。6月12日停牌前，这是一只仙 股，股价最低只有0.147港元，然而上午10时52分停牌时，冲到0.335港元/股。 6月25日复牌后，受蔡文胜收购影响，中国金融租赁复牌开报2.5港元，但盘中股价高开低走，当日收 盘时报收1.12港元，涨超230%。 身价超200亿元的蔡文胜，将开启新一轮资本扩张。 作者丨陈美 来源丨东四十条资本 2025年6月25日，香港上市公司中国金融租赁（02312.HK）公布了一项重大股权收购案，美图公司 （01357.HK）创始人兼主要股东蔡文胜，拟以0.38港元/股价格，约4600万港元收购中国金融租赁约 35%的股权。 这是蔡文胜在资本市场上的又一次重要布局，此前蔡文胜联合吴欣鸿创立的美图公司 （01357.HK），市值一度飙升近千亿港元，且成功投出过多家上市公司。 当然，这位大佬 ...

Group 1 - Xianruida Medical - B (06669) surged over 18% after receiving registration approval from the National Medical Products Administration for its Armoni-HP® balloon dilation catheter [1] - Meili Tianyuan Medical Health (02373) rose nearly 3% as it announced plans to further acquire a 20% stake in Guangzhou Nairier [1] - Kingdee International (00268) increased over 3% due to adjustments in service fees expected to drive subscription ARR growth by 3% to 5% next year [1] - Sasa International (00178) fell over 5%, with its stock price dropping nearly 20% since its earnings report, as all mainland stores are set to close by the end of June [1] - Jingji Financial International (01468) dropped over 7% after issuing a profit warning, expecting a net loss of no more than HKD 125 million [1] - Kuaishou - W (01024) rose over 3%, with its AI subsidiary achieving an annualized revenue run rate exceeding USD 100 million [1] - Hengyue Holdings (01723) fell over 6% after a profit warning, anticipating a 90% decrease in annual profit attributable to shareholders [1] Group 2 - Military stocks rose against the market trend, with China Shipbuilding Defense (00317) up 7.27%, Aerospace Holdings (00031) up 2.44%, and AVIC (02357) up 1.68% [2] - Victory Securities (08540) soared over 61% as it actively expands into the virtual asset business [2] - Luoyang Molybdenum (03993) increased over 4% amid expectations that a new round of cobalt export bans from the Democratic Republic of Congo may exceed market expectations [2] - China Financial Leasing (02312) surged 229% yesterday and rose another 43% today after a premium acquisition of approximately 35% equity by Meitu's founder [2] - Guotai Junan International (01788) rose over 11% with a trading range of 104%, becoming the first Chinese broker to offer comprehensive virtual asset services [2] - Ganfeng Lithium (01772) increased over 3% as its new battery research institute and Pack integration project is set to begin trial production [2] Group 3 - Innovent Biologics (01801) fell over 4% after announcing a placement of 55 million shares at HKD 78.36 each, a discount of about 4.9% from the closing price on June 25, aiming to raise approximately HKD 4.265 billion [3] - Zhouliufu (06168) opened 11.25% higher on its debut, ranking fifth among jewelry brands in China by store count [3] - Rongchang Biologics (09995) opened nearly 15% lower after licensing its Taitasip to US Vor Bio for an upfront payment of USD 45 million [3] - Western Cement (02233) opened over 5% higher as it plans to sell its Xinjiang company and assets to release operational cash flow for expansion projects [3] - Yingtong Holdings (06883) opened 10.42% lower on its debut, being the largest non-branded perfume group in China [3] Group 4 - BP (BP.US) rose nearly 2% as Shell entered preliminary talks to acquire the company [4] - General Mills (GIS.US) saw its stock price drop over 5.1%, reaching a five-year low [4] - Brain Regen Technologies (RGC.US) fell over 5%, with a market cap shrinking to USD 10.7 billion [4] - Blackberry (BB.US) increased over 12% [4] - Google (GOOGL.US) rose over 2% after launching its first device robot model, Gemini Robotics On-Device [4] - Nvidia (NVDA.US) increased over 4% ahead of its online shareholder meeting, with Loop Capital noting that the AI trend driving Nvidia's stock price remains strong [4] - Chip stocks generally rose, with Supermicro (SMCI.US) up over 8%, Nvidia (NVDA.US) up over 4%, and AMD (AMD.US) up over 3% [4] - Novo Nordisk (NVO.US) fell over 4% as Spain's health ministry investigates whether it violated advertising laws for prescription drugs [4] Group 5 - Therapeutics (NKTR.US) surged nearly 30% after positive results from clinical trials for its eczema treatment [5] - Tesla (TSLA.US) dropped over 5.3% as new car registrations in the EU fell 40.5% year-on-year in May, marking the fifth consecutive month of significant decline [5] Group 6 - US cryptocurrency stocks collectively surged, with Sharplink Gaming (SBET.US) up nearly 6%, Coinbase (COIN.US) up over 3%, and Robinhood (HOOD.US) up over 0.9% [6] - Circle (CRCL.US), a stablecoin giant, continued its downward trend, falling over 10% [6] - Tiger Brokers (TIGR.US) surged nearly 22% as traditional financial institutions explore virtual assets, igniting market enthusiasm [6]

消息面上，6月24日，中国金融租赁（02312.HK）发布公告称，原股东林树松及首都创投向独立第三方 Longling Capital Ltd（要约人）合计转让34.96%权益，涉及1.21亿股，总代价约为4608万港元。 根据收购规则，要约人须按例提出强制性有条件现金要约，每股现金0.38港元，较停牌前的收盘价0.335 港元溢价13.43%，涉资约8574万港元。 值得注意的是，美图公司创办人兼单一最大股东蔡文胜为要约人的主席。对于此次收购的目的，公告显 示，要约人拟维持股份于联交所上市，以及有意于集团建立资产管理平台，以投资于香港之科技孵化公 司，并加大对人工智能及Web3产业以及数字资产金融产品之投资力度，力争打造集团为世界级的投资 控股集团。 官网显示，中国金融租赁于2022年10月在联交所上市，其主要业务为投资上市或非上市证券，包括认股 权证、货币市场工具、商品、期权及期货合约以及其他集体投资计划。 蔡文胜何许人也？ 公告资料显示，蔡文胜于2004年成立北京二六五科技有限公司，一家提供网络导航服务的公司。该公司 于2007年被谷歌收购。自此，他成为中国互联网创业界一名举足轻重的人物。后来他还曾投资 ...

超600%！复牌暴涨！ 有港股复牌暴涨超600%。 A股市场今天（6月25日）上午整体窄幅震荡，大金融赛道整体走强，国防军工板块也表现强势，领涨 市场。 今天A股市场又有一家上市公司进入退市整理期，为恒立退（000622），截至中午收盘，该股跌幅接近 90%。 港股市场方面，中国金融租赁盘中一度大涨超过600%，引起市场关注。 A股市场大金融赛道走强 A股市场上午整体窄幅震荡。截至中午收盘，上证指数上涨0.28%，深证成指上涨0.64%，创业板指上涨 1.34%。 | 内地股票 △ | | | | --- | --- | --- | | 行情 | 资金净流入 | 涨跌分布 | | 上证指数 | 深证成指 | 北证50 | | 3430.16 | 10282.96 +9.60 +0.28% +65.33 +0.64% -0.60 -0.04% | 1417.42 | | 科创20 | 创业板指 | 万得全A | | 980.37 | 2091.82 +1.66 +0.17% +27.68 +1.34% +25.01 +0.48% | 5235.46 | | 沪深300 | 中证500 | 中证A500 | | ...

智通财经6月25日电，截至发稿，中国金融租赁(02312.HK)涨646.27%。消息方面，原股东林树松及首都 创投完成向美图创始人蔡文胜转让1.21亿股。因此，蔡文胜须按例提出强制性全面要约，每股现金0.38 元，较停牌前收报溢价13.43%，涉资约8,574万元。 中国金融租赁高开超600% 获美图创始人溢价入股 ...

港股中国金融租赁复牌高开超640%，公司获蔡文胜溢价约13.43%提全购要约。 ...

格隆汇6月24日丨中国金融租赁(02312.HK)公告，于2025年6月13日，卖方A林树松先生及要约人 Longling Capital Ltd订立买卖协议，据此，卖方A已有条件同意出售及要约人已有条件同意购买销售股 份A（即卖方A于紧接完成前持有的所有股份，数量为9571万股股份，相当于本联合公告日期已发行股 份总数约27.59%），总现金代价为36,368,447.58港元（相等于每股销售股份A为0.38港元）。 董事会获要约人进一步告知，于2025年6月18日，卖方B Like Capital Limited及要约人订立买卖协议B， 据此，卖方B已有条件同意出售及要约人已有条件同意购买销售股份B（即卖方B于紧接完成前持有的所 有股份，数量为2556万股股份，相当于本联合公告日期已发行股份总数约7.37%），总现金代价为 9,711,498.12港元。 于买卖协议项下的先决条件获全面达成后，完成已于2025年6月24日作实，而要约人据此拥有公司约 34.96%权益。因此，要约人须根据收购守则规则26.1就所有已发行股份作出强制性有条件现金要约。 每股要约股份现金0.38港元，较6月12日（即最后交易日） ...

Market Performance - The Hong Kong stock market experienced a 25.5% increase in average daily turnover in 2024 compared to 2023, with funds raised through initial public offerings rising by 89%[8]. - China's economy grew by 5% in 2024, driven by stronger-than-expected growth in the fourth quarter, helping to meet the government's annual target[9]. - The Hang Seng Index (HSI) broke the 14,800 level in January 2024 due to a sustained sell-off and liquidity crunch, but later rallied over 3,000 points in the second quarter due to government economic stimulation policies[16]. - The Hang Seng Index (HSI) rose 17.7% to close at 20,059 points for the year 2024, while the Hang Seng Tech Index increased by 18.7% to 4,468 points[19][21]. - The Hong Kong market turnover reached a record high of HK$620 billion on October 8, 2024, with average daily turnover for September and October showing year-on-year growth of 87% and 224% respectively[19][21]. - The tech-heavy composition of the HSI staged a significant rally of about 6,000 points within a one-month period from September to October 2024[19][21]. Investment Strategy and Performance - The Group maintains a sound financial position with liquid investments in its portfolio, ready to capture potential investment opportunities[13]. - The Group's investment strategy focuses on prudent selection of potential investment opportunities while leveraging favorable market conditions to maximize returns[4]. - The Group's performance is closely tied to the investment performance, necessitating experienced investment managers to navigate market conditions effectively[4]. - The Group recorded net fair value gains on listed investments of approximately HK$885,000 for the year ended December 31, 2024[19][21]. - The carrying value of the Group's listed investments was approximately HK$74,940,000 as of December 31, 2024, up from HK$58,951,000 in 2023[24][26]. - The Group reported sales proceeds from disposals of trading listed securities of approximately HK$188,049,000 for the year ended December 31, 2024, compared to HK$99,688,000 in 2023[25][26]. - Realized gains on financial assets at FVTPL for the year ended December 31, 2024, were approximately HK$2,136,000, while unrealized losses were HK$1,251,000[25][26]. - The loss for the year was approximately HK$2,035,000, a decrease from HK$7,967,000 in 2023, primarily due to operating expenses and listed investment gains[25][26]. - The Group aims to identify suitable investment opportunities to optimize its portfolio and implement risk management policies to achieve satisfactory returns for shareholders[20][22]. Geopolitical and Regulatory Environment - Geopolitical tensions and regulatory challenges continued to pose headwinds for the market, impacting investor confidence throughout the year[16]. - Ongoing geopolitical risks and the Sino-US relationship will continue to impact various sectors, including technology, affecting market sentiment[20][22]. - The People's Bank of China implemented various monetary measures, including lowering mortgage rates and cutting the reserve requirement ratio, to stabilize the stock market[9]. Corporate Governance and Compliance - The Group recognized the importance of compliance with regulatory requirements and allocated resources to ensure ongoing compliance[110]. - The Group is committed to maintaining good corporate governance standards to enhance shareholder value[130][135]. - The Board consists of six Directors, including two executive Directors and four independent non-executive Directors, ensuring a balanced composition for strong independence[145][146]. - The office of the chairman of the Board is currently vacant, with responsibilities assumed by the Board, ensuring a clear division of responsibilities[148][149]. - The Company has adopted a dividend policy to allow shareholders to participate in profits while retaining adequate reserves for future growth[122]. - The Company ensures independent views are available to the Board through established mechanisms, reviewed annually[154]. Financial Position and Capital Management - The Group maintained cash and cash equivalents of approximately HK$3,374,000 as of 31 December 2024, up from HK$1,179,000 in 2023[85]. - The Group's net assets increased to approximately HK$77,639,000 as of 31 December 2024, compared to HK$60,170,000 in 2023[86]. - The debt-to-equity ratio for the Group as of 31 December 2024 was 0.5%, up from 0.2% in 2023[89]. - The Rights Issue raised gross proceeds of approximately HK$20.8 million and net proceeds of approximately HK$19.5 million, with a net price of approximately HK$0.11 per rights share[94]. - Approximately 85.13% of the net proceeds (HK$16.6 million) were allocated for investment in listed securities, while approximately 14.87% (HK$2.9 million) were used for general working capital[95]. Employee and Board Diversity - The employee gender ratio of the Group as of December 31, 2024, is 50:50, reflecting the company's commitment to gender diversity[192]. - The Company has adopted a board diversity policy to ensure a diverse board composition, including gender diversity[190]. - The Company emphasizes diversity across all levels, considering factors such as gender, age, cultural background, and professional experience in hiring[192]. - The Nomination Committee believes that the retiring directors will continue to contribute to the Board with their skills and experience[194]. Company Performance and Future Outlook - The outlook for the Hong Kong market remains optimistic, supported by ongoing stimulus measures from the mainland government[13]. - The Group will continuously review and adjust its business strategies to respond to changing market conditions and foster sustainability[139][142].

Financial Performance - The total revenue for the year ended December 31, 2024, was HKD 1,150,000, compared to HKD 758,000 for the previous year, representing a growth of 51.7%[3] - The net loss attributable to the owners of the company for the year was HKD 2,035,000, a significant improvement from a loss of HKD 7,967,000 in the previous year, indicating a reduction in losses by 74.5%[3][4] - The basic loss per share improved to HKD 0.62 from HKD 4.40, reflecting a substantial decrease in per-share losses[4] - Interest income from bank deposits decreased to 51,000 HKD in 2024 from 239,000 HKD in 2023, a decline of 78.7%[13] - Dividend income increased significantly to 932,000 HKD in 2024, up 97.1% from 473,000 HKD in 2023[13] - The total amount from securities transactions was approximately 188,049,000 HKD in 2024, compared to 99,688,000 HKD in 2023, representing an increase of 88.8%[13] - The group's loss for the year was approximately HKD 2,035,000, a decrease from HKD 7,967,000 in 2023, primarily due to operating expenses and returns from listed investments[30] Assets and Equity - Total assets increased to HKD 78,340,000 from HKD 60,576,000, marking a growth of 29.3%[6] - The net current assets rose to HKD 77,675,000, up from HKD 60,110,000, which is an increase of 29.1%[6] - The company's equity attributable to owners increased to HKD 77,639,000 from HKD 60,170,000, representing a growth of 28.9%[6] - The cash and cash equivalents increased significantly to HKD 3,374,000 from HKD 1,179,000, showing a growth of 186.5%[6] - The financial assets measured at fair value through profit or loss rose to HKD 74,940,000 from HKD 58,951,000, an increase of 27.0%[6] - The net asset value per share increased to approximately 0.234 HKD in 2024 from 0.332 HKD in 2023[23] Tax and Accounting - The company has not recognized any income tax expense for the year, maintaining a consistent tax position as in the previous year[3] - The company is evaluating the impact of new accounting standards that will be effective in future periods, with no significant impact expected on the financial statements[11] Investments and Market Conditions - The investment committee noted that despite increased revenue from certain projects, the gross profit margin for the construction segment continued to be under pressure due to intensified market competition and rising labor costs[35] - The investment committee believes that the economic environment in the Greater China region remains uncertain, but the company is well-positioned to secure government contracts in the foreseeable future[35] - The group holds a diversified portfolio of green bonds, which are considered an effective method for portfolio diversification and offer competitive returns compared to local fixed deposits[36][38] - The government green bond 2505 has a maturity date of May 19, 2025, with a coupon rate based on the higher of a floating rate or a fixed rate of 2.50%[36] - The government green bond 2610 has a maturity date of October 12, 2026, with a coupon rate based on the higher of a floating rate or a fixed rate of 4.75%[38] Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has complied with its provisions for the year ending December 31, 2024[71] - The audit committee, consisting of four independent non-executive directors, was established on October 7, 2002, to oversee financial reporting and compliance[72] - The audit committee has reviewed the audited financial statements for the year ending December 31, 2024[74] - The financial figures presented in the preliminary announcement have been agreed upon by the external auditor, indicating that they reflect the draft consolidated financial statements for the year[75] Employee Expenses and Rights Issue - The total employee benefits expense for the year ended December 31, 2024, was approximately HKD 409,000, down from HKD 722,000 in 2023[62] - The total amount raised from the rights issue was approximately HKD 20.8 million, with a net amount of approximately HKD 19.5 million after expenses[59] - Approximately 85.13% of the net proceeds from the rights issue, or HKD 16.6 million, was used for investment in listed securities[59] Market Performance - The Hang Seng Index rose by 17.7% in 2024, closing at 20,059 points, while the Hang Seng Tech Index increased by 18.7% to 4,468 points[26]

Financial Performance - Revenue for the six months ended June 30, 2024, was HK$360,353,000, compared to HK$360,000,000 for the same period in 2023, reflecting a slight increase [2]. - The net loss for the period attributable to owners of the Company was HK$8,679,000, compared to a loss of HK$3,618,000 in the previous year, indicating a significant increase in losses [3]. - Basic and diluted loss per share increased to 2.67 HK cents from 2.01 HK cents year-over-year [3]. - The Group reported a loss before income tax of approximately HK$8,679,000 for the six months ended June 30, 2024, compared to a loss of HK$3,618,000 in 2023 [26]. - Basic loss per share for the period was approximately HK$0.0268, based on a weighted average number of shares of 324,543,979 [26]. Assets and Equity - Total assets less current liabilities as of June 30, 2024, were HK$71,201,000, up from HK$60,170,000 at the end of 2023 [6]. - Net current assets increased to HK$70,634,000 from HK$60,110,000, showing improved liquidity [6]. - The Company reported a total equity of HK$70,995,000 as of June 30, 2024, compared to HK$60,170,000 at the end of 2023 [6]. - The fair value of listed equity securities held for trading increased to HK$68,338,000 as of June 30, 2024, from HK$58,951,000 as of December 31, 2023 [31]. - As of June 30, 2024, the net asset value is approximately HK$70,995,000, an increase from HK$60,170,000 as of December 31, 2023, resulting in a net asset value per share of approximately HK cents 20.47, down from HK cents 33.36 [39]. Cash Flow - For the six months ended June 30, 2024, the net decrease in cash from operating activities was HK$18,392,000, compared to a decrease of HK$4,750,000 for the same period in 2023, indicating a significant decline in operational cash flow [9]. - The net increase in cash from financing activities was HK$19,788,000 for the first half of 2024, contrasting with a slight decrease of HK$131,000 in the previous year, suggesting improved financing conditions [9]. - Cash and cash equivalents at the end of the period increased to HK$2,560,000 from HK$1,179,000 at the beginning of the period, reflecting a net increase of HK$1,381,000 [9]. - The cash and cash equivalents at the end of June 30, 2023, were HK$18,041,000, showing a decrease compared to the current period, which indicates a shift in liquidity management [9]. Financial Management - The finance costs decreased slightly to HK$7,000 from HK$9,000, reflecting better cost management [2]. - The Company has not reported any income tax expense for the period [2]. - No provision for Hong Kong profits tax has been made as there is no estimated assessable profit for the six months ended June 30, 2024 [24]. - The Group had unused tax losses of approximately HK$374,935,000 available for offset against future profits as of June 30, 2024 [24]. Share Capital and Rights Issue - The Company issued shares during the rights issue, increasing share capital to HK$13,876,000 from HK$6,938,000 [8]. - The company issued a total of 173,448,741 rights shares at HK$0.12 each, raising gross proceeds of approximately HK$20,813,000 and net proceeds of approximately HK$19,503,000, with a net price of approximately HK$0.11 per rights share [36]. - Approximately 93.33% of the net proceeds from the rights issue, amounting to HK$18.2 million, will be used for investments in listed and unlisted securities [100]. Market Conditions - The Hang Seng Index (HSI) experienced a significant rally in April 2024, surging over 3,000 points within a month, reaching a high of 19,706 on May 20 [50]. - The HSI closed at 17,718, reflecting a gain of 671 points or 3.9%, while the Hang Seng Tech Index fell by 209 points or 5.6% [51]. - The performance of the HSI lagged behind other major indices, with the S&P 500 and Nikkei 225 gaining 14.5% and 18.3%, respectively [51]. - The market turnover for the first half of 2024 remained relatively light due to negative sentiment and concerns over the Chinese economic growth [48]. - The lack of effective policies to revive the economy contributed to a challenging market environment, with the HSI dropping to a low of 14,794 in late January 2024 [48]. Future Outlook - The Group will monitor the mainland economy closely, as consumer spending and confidence are crucial for performance recovery [52]. - Continuous share buybacks from selective blue chips are expected to support the Hong Kong stock market despite low valuations [52]. - The upcoming U.S. presidential elections in November may impact the economic landscape and current anti-China policies [52]. Corporate Governance - The Company has adopted the Corporate Governance Code and was in compliance with its provisions during the six months ended June 30, 2024 [116]. - The Audit Committee, comprising three independent non-executive Directors, reviewed the unaudited condensed interim financial statements for the six months ended June 30, 2024 [116]. - The Company confirmed adherence to the standards set out in the Securities Trading Code during the six months ended June 30, 2024 [115].