公司已向联交所申请，自2025年9月12日上午9时起恢复公司股份于联交所的买卖。 接洽函进一步载明，清盘人拟于2025年11月前后邀请经挑选的有意方就潜在交易提交最终建议书，并将 与该等有意方磋商最终交易文件的条款，以就潜在交易达成具约束力的交易文件。 根据收购守则实务指引第24条，即使接管人或清盘人的委任可能导致控制权发生变动，要约期亦不会仅 因接管人或清盘人获委任而开始，除非该接管人或清盘人表明：(i)其正积极物色控股权的潜在买方;或 (ii)其已就控股权与潜在买方进行商讨。就收购守则而言，并基于接洽函所载清盘人目前正就潜在交易 积极物色潜在买方的事实，要约期于本公告日期(即2025年9月11日)开始。 恒大物业(06666)发布公告，公司于2025年9月10日收到中国恒大集团(清盘中)(中国恒大)及CEG Holdings(BVI)Limited(清盘中)(CEG Holdings)的共同及个别清盘人发出的接洽函(于本公告日期，中国恒 大及CEG Holdings为公司控股股东，直接或间接持有公司已发行股本的51.016%)。该接洽函载明，清盘 人一直寻求机会出售(其中包括)中国恒大及CEG Holdi ...

根据收购守则实务指引第24条，即使接管人或清盘人的委任可能导致控制权发生变动，要约期亦不会仅 因接管人或清盘人获委任而开始，除非该接管人或清盘人表明：(i)其正积极物色控股权的潜在买方;或 (ii)其已就控股权与潜在买方进行商讨。就收购守则而言，并基于接洽函所载清盘人目前正就潜在交易 积极物色潜在买方的事实，要约期于本公告日期(即2025年9 月11日)开始。 公司已向联交所申请，自2025年9月12日上午9时起恢复公司股份于联交所的买卖。 智通财经APP讯，恒大物业(06666)发布公告，公司于2025年9月10日收到中国恒大集团(清盘中)(中国恒 大)及CEG Holdings (BVI) Limited(清盘中)(CEG Holdings)的共同及个别清盘人发出的接洽函(于本公告日 期，中国恒大及CEG Holdings为公司控股股东，直接或间接持有公司已发行股本的51.016%)。该接洽函 载明，清盘人一直寻求机会出售(其中包括)中国恒大及CEG Holdings所持有的公司股份。 如接洽函所述，就潜在交易而言，清盘人已与相关有意方订立保密协议，且于2025年9月9日，清盘人已 从其中部分的有意方收到 ...

责任编辑：李昂 | | 缔造有远贝的面业传奇 | | 中国恒大集团 | | --- | --- | --- | --- | | 首次执行 | | | | | 案号:(2025) 粤01执3928号 | | | | | | | | 被执行人:中国恒大集团,广州市鑫源投资有限公司，恒大地产集团有限公司,朱高飞,深圳盛佳泽贸易有限公司 | | 法院:广东省广州市中级人民法院 | | | | | 2025-08-18 ● 被执行人 | | | 被执行人:中国恒大集团 执行标的:789.632.190.00元 | | | | | 被执行人:深圳盛佳泽贸易有限公司 - 执行标的:785,822,910.00元 | | | | | 疑似申请执行人:广州市金碧恒盈物业服务有限公司 | | | | | 被执行人:恒大地产集团有限公司 执行标的:785,822,910.00元 | | | | | 疑似申请执行人:广州市金碧恒盈物业服务有限公司 | | | | | 被执行人:黄李鑫宇 执行标的:785,822,910.00元 | | | | | 疑似申请执行人:广州市金碧恒盈物业服务有限公司 | | | | | 被执行人:广州市鑫 ...

Group 1 - The pace of delisting in the Hong Kong stock market has accelerated, with 40 companies delisted by September 5, 2025, compared to 32 in the same period last year [1][2] - In the A-share market, 23 companies have been delisted by the end of August 2025, with 9 occurring since July [1][2] - The delisting trends in both markets reflect a comprehensive optimization of the corporate ecosystem, driven by regulatory changes aimed at enhancing market governance [1][2][11] Group 2 - The "fast-track delisting mechanism" in Hong Kong has led to a significant number of "zombie stocks" being removed from the market, particularly in the real estate and non-bank financial sectors [2][3] - Companies like China Evergrande and others in the real estate sector were delisted due to prolonged suspension of trading, highlighting the impact of the new delisting regulations [2][3] - The concentration of delisted companies is attributed to the ongoing macroeconomic pressures and the effectiveness of the 2018 delisting regulations [3][4] Group 3 - There has been a notable increase in privatization cases in the Hong Kong market, with 19 companies privatized in 2025, marking a significant rise compared to previous years [6][8] - The privatization of Beijing Construction, which was acquired at a 250% premium over its last trading price, exemplifies the trend of companies seeking greater strategic flexibility post-privatization [7][8] - The motivations for privatization include addressing valuation gaps and enhancing strategic freedom for long-term business restructuring [8][9] Group 4 - The trend of privatization is also driven by the need for companies to escape the constraints of public market expectations, allowing for more effective long-term strategic planning [9][10] - The acquisition of Yuefeng Environmental by a subsidiary of Hanlan Environment for approximately 11.099 billion HKD illustrates the ongoing consolidation in the environmental sector [10] - The overall delisting and privatization trends indicate a shift towards a more elite and efficient market structure in Hong Kong [10][11]

Core Points - The article discusses the financial downfall of Wang Wenyin, the major shareholder of Jiuding New Materials, and the collapse of Evergrande, highlighting the severe consequences of their financial mismanagement and risky investments [1][19]. Group 1: Wang Wenyin and Jiuding New Materials - Wang Wenyin's shares in Jiuding New Materials were ordered to be auctioned due to court actions, marking the 32nd time he has been listed as an executed person, with total debts amounting to 22 billion [1]. - Wang's business, Zhengwei Group, once claimed to have mineral resources valued at 10 trillion, but these claims have been questioned and later removed from the company's website [4][6]. - The company faced multiple legal issues, including a debt of 1.03 billion owed to China Construction Eighth Engineering Division, leading to restrictions on Wang's spending [11]. Group 2: Evergrande's Collapse - Evergrande, once valued at 400 billion, officially delisted from the Hong Kong Stock Exchange, with its stock price plummeting to 0.163 HKD, resulting in a 99.5% loss in market value [1]. - The company reported total liabilities of 2.39 trillion against assets of 1.74 trillion, creating a shortfall of 640 billion [15]. - Evergrande was found to have inflated its revenue by 2.139 billion in 2019 and 3.501 billion in 2020, leading to significant financial discrepancies [15][16]. Group 3: Relationship Between Wang Wenyin and Evergrande - Wang Wenyin invested 130 billion in Evergrande, with an additional 50 billion in 2017, but these investments turned sour as Evergrande's financial troubles escalated [7][9]. - The close business relationship between Wang and Xu Jiayin (Evergrande's founder) deteriorated as both faced financial crises, with Wang's investments in Evergrande contributing to his financial downfall [19]. - Wang attempted to convert his debts into Evergrande stock, hoping for a recovery, but the company's market value collapsed, rendering these investments nearly worthless [11].

Core Viewpoint - The real estate market is undergoing significant changes, with predictions indicating a prolonged adjustment period for housing prices, which have already seen substantial declines in some areas [8][11]. Group 1: Expert Predictions - Vanke founder Wang Shi emphasizes that the adjustment in the real estate market will take several years, and current price declines are not indicative of a quick recovery [8]. - He suggests that ordinary individuals should refrain from rushing to buy properties and should instead adopt a wait-and-see approach [8]. - Wang Shi predicts a severe polarization among real estate companies, where those with high debt and poor product quality may face bankruptcy or mergers, while financially stable companies focusing on quality will thrive [11]. Group 2: Market Trends - The explosive demand for housing has largely been exhausted, with urbanization rates stabilizing at over 65% as of 2023, indicating a shift in market dynamics [16]. - Housing prices in major cities have escalated significantly over the past two decades, making them less accessible even after recent declines [16]. - The demographic shift, including a decrease in newborns and an aging population, is expected to further alter housing demand [16]. Group 3: Investment Strategies - Wang Shi advises monitoring price differentiation trends, noting that major cities and new first-tier cities like Wuhan and Chengdu will likely maintain stronger price support compared to third- and fourth-tier cities facing population outflows [18]. - There may be opportunities in the market for improved housing, as older properties become less desirable due to maintenance issues, leading to a preference for low-density, well-managed communities [18]. - The overall sentiment aligns with previous views that purchasing in core urban areas is advisable for self-use, while speculative investments should be approached with caution [20].

编辑 | 小Z 恒大集团前总裁夏海钧，因财务造假事件曝光后，近来几乎销声匿迹。外界对他的去向充满疑问，直到最近才传来消息：他和家人频繁出现在美国加州尔湾 的一处豪华别墅。曾经的恒大"二把手"，似乎早已为自己铺好退路，在国外安享生活。 让人惊讶的是，夏海钧的邻居竟然是另一位出逃富豪——陈炫霖。两人身份背景完全不同，却因为类似的"逃亡路线"在异国他乡成为了邻居。这种巧合背 后，折射的正是同一种贪婪逻辑。 回看夏海钧的过往，他在恒大风头正盛时，被誉为"打工皇帝"。他的年薪一度高达2.7亿元，十余年间累计收入超过18亿元，财富和地位达到顶峰。可随着 恒大资金链断裂，他的身影迅速消失，仿佛人间蒸发。直到今年，他才在美国再次被曝光。 同样住在加州的陈炫霖，则被称为"最会跑路的80后"。他早年留学英国，学的是会计，回国后敏锐地把握股市机会，在2007年赚到第一桶金。随后，他创办 多家投资公司，2017年通过股权操作掌握广微控股，迅速跻身"年轻企业家"的行列。一时间，他是资本市场的风云人物，被视为"新兴实业代表"。 然而繁华只是幻影。2024年，他因涉嫌非法吸收公众存款被媒体曝光，涉案金额超过300亿元，其中上百亿资金无法兑 ...

Core Viewpoint - The article discusses the financial struggles of Suning Group, which has been significantly impacted by its investment in Evergrande Group, leading to a debt crisis and loss of control for its chairman Zhang Jindong [2][3][4]. Group 1: Investment and Financial Impact - Over 20 well-known companies have faced bankruptcy restructuring, debt defaults, or operational difficulties due to Evergrande Group, with the total amount involved exceeding 100 billion yuan [2]. - In 2017, Suning Group invested 20 billion yuan in Evergrande, acquiring approximately 4.7% equity, which was seen as a strategic move to integrate real estate and retail [2]. - By July 2021, Suning was in a debt crisis exceeding 140 billion yuan, prompting Zhang Jindong to seek the return of the 20 billion yuan investment, which ultimately proved unsuccessful [3]. Group 2: Strategic Missteps and Consequences - Suning's diversification strategy from 2012 to 2020 involved investments totaling 78 billion yuan, but most projects failed to create synergies, leading to a lack of successful business segments [3]. - Zhang Jindong's decision to transfer 16.96% of Suning's shares for 8.83 billion yuan and step down as CEO resulted in a significant loss of control over the company [3]. - The article reflects on Zhang Jindong's initial optimism in partnering with Evergrande, contrasting it with the current struggles of Suning, suggesting that his expectations were overly ambitious [4].

Core Viewpoint - The article discusses two prominent figures from China, Xia Haijun and Chen Xuanlin, who have fled to California after engaging in illegal activities, highlighting their past successes and subsequent downfalls due to financial misconduct and illegal fundraising [1][3]. Group 1: Background of Xia Haijun - Xia Haijun was once a celebrated executive at Evergrande, credited with turning the company around after a failed IPO in 2008, leading to a market capitalization of HKD 705 billion on the day of listing [6][8]. - Under his leadership, Evergrande was found to have inflated its revenue by CNY 350.16 billion and profits by CNY 51.29 billion in 2020, indicating severe financial mismanagement [8][10]. - After selling off shares worth nearly CNY 1.2 billion during Evergrande's financial crisis, Xia fled, with his assets now frozen by Hong Kong courts [10][14]. Group 2: Background of Chen Xuanlin - Chen Xuanlin, born into a business family, initially found success in the stock market and later expanded into various sectors, including high-end manufacturing and infrastructure projects, amassing significant wealth [16][20]. - He was involved in illegal fundraising, accumulating over CNY 30 billion in illicit funds, with more than CNY 13 billion still owed to investors at the time of his downfall [22][20]. - After his illegal activities were exposed, Chen fled to the U.S. via illegal means, now residing in an expensive seaside villa in California [24][22]. Group 3: The Community of Fugitives - The article notes that California has become a refuge for wealthy fugitives like Xia and Chen, who can hide their identities and evade legal repercussions due to the local demographics and legal system [29][35]. - Both individuals are part of a network of fugitives who have escaped from China, living lavishly while facing potential legal consequences back home [35][40]. - The increasing efforts by Chinese authorities to pursue and recover assets from fugitives are highlighted, indicating that their evasion may not last indefinitely [40][42].

Group 1 - The core announcement is that Shengjing Bank will be subject to a voluntary conditional cash offer for all issued H-shares at HKD 1.32 per share and for all issued domestic shares at RMB 1.20 per share, with CICC acting on behalf of the offeror [1][2] - If the offer is fully accepted, the total cash consideration payable by the offeror will be approximately HKD 2,967,305,220 for H-shares and RMB 3,928,628,007.60 for domestic shares [2] - Shengjing Bank is the largest headquarters bank in Northeast China, originally established as Shenyang Commercial Bank, and was renamed in February 2007 [2][3] Group 2 - Shengjing Bank went public in Hong Kong in December 2014 and reached an asset scale of over RMB 1 trillion in 2019, totaling RMB 10,214.81 billion [3] - Evergrande became the largest shareholder of Shengjing Bank in 2016 by acquiring 1 billion shares and increased its stake to 3.2 billion shares by the end of 2020, holding 36.4% of the bank's issued ordinary shares [3] - Since the second half of 2021, Evergrande has been selling its stake in Shengjing Bank, including a significant transfer of 19.93% of its shares to a state-owned company for approximately HKD 99.93 billion [4][5] Group 3 - In September 2023, Shengjing Bank entered into an asset sale agreement with Liaoning Asset Management Company, agreeing to sell assets for approximately RMB 176 billion, with payment structured through the issuance of special notes [5]