Primary Market - In the past two weeks (from December 15 to December 26), a total of 12 offshore bonds were issued by Chinese entities, including 6 offshore RMB bonds and 6 USD bonds, with issuance scales of 43.058 billion RMB and 296 million USD respectively [2] - The largest single issuance of RMB bonds was 1.05 billion RMB by Nan'an Development Investment Group Co., Ltd., while the highest coupon rate for RMB bonds was 6.9% issued by Zibo High-tech State-owned Capital Investment Co., Ltd. [2] - In the USD bond market, the largest single issuance was 100 million USD by Industrial Bank Co., Ltd. Hong Kong Branch, with the highest coupon rate of 4.35% issued by Ganzhou Urban Investment Holding Group Co., Ltd. [2] Secondary Market Overview - As of December 26, the Markit iBoxx Chinese USD bond composite index rose by 0.06% to 251.26, while the investment-grade USD bond index increased by 0.08% to 244.35. The high-yield USD bond index fell by 0.14% to 241.3 [3] - The real estate USD bond index increased by 0.12% to 178.37, while the city investment USD bond index decreased by 0.01% to 153.9, and the financial USD bond index fell by 0.06% to 290.9 [3] Benchmark Spread - As of December 26, the yield spread between 10-year U.S. and Chinese government bonds narrowed to 229.47 basis points, a decrease of 2.13 basis points from the previous week [4] Rating Changes - On December 24, Fitch downgraded Vanke's long-term issuer rating to "RD" due to ongoing concerns regarding its debt management [6] - On December 23, Fitch downgraded Wanda Commercial Management and Wanda Hong Kong's long-term foreign currency issuer ratings to "C" [6] - On December 19, China Chengxin International withdrew the "BBBg-" long-term credit rating of Renshou Xingxin Industrial Investment Co., Ltd. for commercial reasons [6] - On December 18, United Ratings withdrew the "BBB-" international long-term issuer credit rating of Sichuan Hengji Industrial Group Co., Ltd. for commercial reasons [6] - On December 17, Dagong International withdrew the "BBB" rating of Fuzhou Industrial Investment Group Co., Ltd. for commercial reasons [6] Default and Extension - On December 26, Tianan Life Insurance Co., Ltd. announced that it would be unable to repay the principal and interest of the "15 Tianan Life" bond, which is due on December 29, 2025, with a total issuance of 2 billion RMB and a 10-year term [7] Domestic News - The People's Bank of China issued the "Rules for the RMB Cross-Border Payment System," allowing operating institutions to open clearing accounts at the PBOC for CIPS business settlement funds [9] - As of the end of November, foreign institutions held 3.61 trillion RMB in the interbank bond market, accounting for approximately 2.1% of the total custody amount [10] - On December 19, the first offshore RMB sci-tech bond credit derivative transaction was completed between SPDB and Huatai Securities, marking a significant step in supporting the development of technology innovation and the internationalization of the RMB [11] Overseas News - Japan's government approved a budget proposal for the fiscal year 2026, with a total budget of 122.3 trillion yen, which includes a record high for debt repayment and interest, raising concerns among market participants [12] Offshore Debt Alerts - On December 23, Sunac China announced the completion of its comprehensive offshore debt restructuring, relieving approximately 9.6 billion USD of existing debt [13] - On December 25, Aoyuan Group announced that the bondholder meeting approved the adjustment of the principal and interest payment arrangement for "H20 Aoyuan 1" [14] - On December 24, Jinlun Tiandi Holdings announced that its major creditors agreed to extend the deadline for offshore debt restructuring from December 31, 2025, to June 30, 2026 [15] - On December 24, Sunshine City Group announced that it had overdue unpaid debt principal totaling 65.916 billion RMB, with 2.244 billion USD in offshore bonds and 16.463 billion RMB in domestic public market bonds unpaid [16]

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: 2025年11月30日 狀態: 新提交 公司名稱: 華僑城(亞洲)控股有限公司 呈交日期: 2025年12月1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) | 03366 | 說明 | | | | | | | | | | | 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 | HKD | | 0.1 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | 本月底法定/註冊股本總額： HKD 20 ...

Core Insights - As of November 10, a total of 108 stocks reached their 52-week highs, with notable performers including Taijin Holdings (08321), OKURA HOLDINGS (01655), and Hejia Holdings (00704) achieving high rates of 125.00%, 84.90%, and 53.57% respectively [1] Summary by Category 52-Week Highs - Taijin Holdings (08321) closed at 0.620 with a peak price of 0.900, marking a 125.00% increase - OKURA HOLDINGS (01655) reached a closing price of 0.280 and a high of 0.355, reflecting an 84.90% rise - Hejia Holdings (00704) had a closing price of 0.345 and a peak of 0.430, showing a 53.57% increase - Other notable stocks include Sanhe Chemical (00301) with a 41.67% increase and Aide New Energy (02623) with a 36.25% rise [1] 52-Week Lows - Wangshan Wangshui-B (02630) recorded a closing price of 52.850 and a low of 51.000, resulting in a -21.84% decrease - Eight Horses Tea (06980) had a closing price of 52.850 and a low of 51.100, reflecting a -10.98% decline - New Enjoy Times (08519) reached a low of 0.270, marking a -10.00% drop - Other significant declines include Jiujiang Bank (06190) at -8.99% and Kun Group (00924) at -6.98% [3][4]

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: 2025年10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: 華僑城(亞洲)控股有限公司 呈交日期: 2025年11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) | 03366 | 說明 | | | | | | | | | | | 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 | HKD | | 0.1 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | 本月底法定 ...

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: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 本月底法定/註冊股本總額： HKD 200,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 公司名稱: 華僑城(亞洲)控股有限公司 呈交日期: 2025年10月2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) | 03366 | 說明 | | | | | | | | | | 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 | HKD | | 0.1 HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,0 ...

Financial Performance - For the first half of 2025, the company reported operating revenue of approximately RMB 261 million, a decrease of about 56.4% year-on-year, primarily due to the absence of revenue from the Shanghai project sold last October[9]. - The company's loss attributable to equity holders was approximately RMB 191 million, a reduction in loss of about RMB 30 million compared to the same period last year, mainly due to significant losses in investment and fund operations[9]. - The group reported a revenue of approximately RMB 261 million for the six months ended June 30, 2025, a decline of about 56.4% from RMB 598 million in the same period of 2024[14]. - The gross profit for the same period was RMB 46,495,000, down 58.3% from RMB 111,422,000 year-over-year[41]. - The operating loss for the six months ended June 30, 2025, was RMB 25,803,000, compared to an operating profit of RMB 275,520,000 in the previous year[41]. - The net loss attributable to equity holders of the company was RMB 191,347,000 for the period, compared to a loss of RMB 221,217,000 in the prior year[41]. - The company reported a total comprehensive loss of RMB 130,467,000 for the six months ended June 30, 2025, compared to a loss of RMB 263,193,000 in the same period of 2024[44]. - The company reported a total loss of RMB 224,908,000 for the six months ended June 30, 2025, compared to a loss of RMB 207,140,000 for the same period in 2024, indicating an increase in losses of approximately 8.5%[64]. Sales and Revenue - The total sales area for the reporting period was 46,100 square meters, with total sales revenue of RMB 535 million, representing a year-on-year increase of 29.5%[10]. - The equity sales revenue was approximately RMB 251 million, showing a year-on-year increase of about 76.8%[10]. - The Hefei OCT International Town project achieved a contract sales revenue growth of approximately 235% year-on-year, despite challenging market conditions[11]. - The revenue from property sales was RMB 234,845 thousand, down 56.8% from RMB 516,567 thousand in the previous year[57]. - The company’s revenue from mainland China for the six months ended June 30, 2025, was RMB 258,590,000, down 56.7% from RMB 596,012,000 in the same period of 2024[66]. Assets and Liabilities - As of June 30, 2025, the total assets of the group were approximately RMB 11.528 billion, a decrease of about 0.6% compared to RMB 11.597 billion as of December 31, 2024[14]. - The group’s total equity was approximately RMB 1.066 billion as of June 30, 2025, down from RMB 1.197 billion as of December 31, 2024[21]. - The company’s total liabilities as of June 30, 2025, were RMB 10,461,774,000, an increase from RMB 10,400,221,000 as of December 31, 2024[64]. - The total assets of the reporting segments amounted to RMB 11,451,926 thousand, slightly down from RMB 11,572,007 thousand as of December 31, 2024[62]. - The total liabilities of the reporting segments decreased to RMB 4,575,894 thousand from RMB 4,791,267 thousand at the end of the previous year[62]. Cash Flow and Financing - The company reported a net cash inflow from operating activities of RMB 250,455 thousand for the six months ended June 30, 2025, compared to a net outflow of RMB 682,079 thousand for the same period in 2024[51]. - The net cash generated from financing activities was a negative RMB 231,649 thousand, an improvement from a negative RMB 325,869 thousand in the prior year[56]. - The company recorded a net increase in cash and cash equivalents of RMB 60,302 thousand, contrasting with a net decrease of RMB 997,592 thousand in the same period last year[56]. - The financing costs for the period were RMB 181,237,000, down from RMB 240,181,000 in the previous year[41]. - Interest expenses for the six months ended June 30, 2025, were RMB 130,454,000, a decrease from RMB 172,688,000 in the prior year[91]. Management and Strategy - The company emphasizes "lean management and quality improvement" strategies to enhance operational cash flow and mitigate major risks[9]. - The company continues to implement flexible sales policies to enhance sales performance and adjust construction schedules based on market demand[11]. - In the second half of 2025, the company will focus on "de-stocking, asset management, and risk prevention" to optimize cash flow and support long-term transformation[27]. - The company plans to leverage policy opportunities for land acquisition and adjustment to accelerate the disposal of existing real estate projects[27]. Employee and Governance - The company employed 119 full-time employees as of June 30, 2025, with competitive salary levels reviewed annually[29]. - The company has adhered to the corporate governance code and standards throughout the reporting period[36]. - The board of directors confirmed compliance with the securities trading code during the reporting period[37]. - The company has appointed a new auditor, Hong Kong Shinewing Certified Public Accountants Limited, effective after the annual general meeting on June 27, 2025[30]. Investments and Acquisitions - There were no significant investments, acquisitions, or disposals during the reporting period, nor any approved major investment plans as of the report date[31]. - The company did not acquire any investment properties, plants, or equipment during the six months ended June 30, 2025, compared to a purchase cost of RMB 66,000 in the same period of 2024[75]. Market Outlook - The central bank's recent 10 basis point reduction in LPR and optimization of purchase restrictions are expected to support the real estate market's weak recovery[9]. - The company anticipates a GDP growth rate of over 5% for China in 2025, supported by coordinated fiscal and monetary policies[26].

Core Viewpoint - The appointment of Wu Bingqi as the new leader of Overseas Chinese Town Group is seen as a crucial move to address the company's ongoing losses and operational challenges, which have persisted since 2022 [2] Group 1: Leadership Change - Wu Bingqi has been appointed as the Deputy Secretary of the Party Committee and nominated as the General Manager of Overseas Chinese Town Group, following a career in major state-owned enterprises [2][4] - His previous experience includes significant roles at China Resources Land and China State Construction, where he demonstrated strong business capabilities [5][6] Group 2: Company Performance - Overseas Chinese Town Group has faced declining revenues since 2022, with three consecutive years of losses, and the losses are expected to increase in the first half of this year [2][9] - The company reported a revenue drop from approximately 767.67 billion to 544.07 billion yuan from 2022 to 2024, with year-on-year declines of 25.17%, 27.39%, and 2.4% respectively [11] - In 2022, the company recorded a net loss of 10.9 billion yuan, marking its first loss since going public, with further losses projected for 2023 and 2024 [11][12] Group 3: Business Model and Challenges - The company has historically operated under a "cultural tourism + real estate" model, achieving significant revenue growth from 35.5 billion to 81.8 billion yuan between 2016 and 2020 [10] - However, the real estate sector's downturn and the impact of the pandemic have severely affected its sales and profitability, leading to a decline in operational performance [11][12] - The company's real estate segment saw a revenue drop of over 70% in the first half of this year, with a gross margin further declining to 5.49% [12]

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: 2025年8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: 華僑城(亞洲)控股有限公司 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 03366 | 說明 | | | | | | | | | | 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 | | | | 748,366,000 | | 0 | | 748,366,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 748,366,000 | | 0 | | 748,366,000 | 第 2 頁 共 10 頁 v 1.1.1 呈交日期: 2025年9月1日 I. 法定/註冊股 ...

Core Viewpoint - The company reported a significant decline in revenue and incurred a loss for the interim period ending June 30, 2025, indicating ongoing financial challenges [1] Financial Performance - The company achieved revenue of 261 million, representing a year-on-year decrease of 56.44% [1] - The loss attributable to equity holders amounted to approximately 191 million, which is a reduction in loss of about 30 million compared to the same period last year, reflecting improved performance in investment and fund operations [1] - Basic loss per share was reported at 0.256 [1] Operational Insights - The reduction in loss is primarily attributed to a significant decrease in losses from investment and fund operations, as well as a reduction in the balance and interest expenses of overseas bank borrowings [1]

Core Viewpoint - The company reported a significant decline in revenue and increased losses for the first half of 2025, primarily due to the absence of previous year's project income and challenges in fund management [1][2] Group 1: Financial Performance - For the six months ending June 30, 2025, the company achieved revenue of approximately RMB 261 million, a year-on-year decrease of about 56.4% [1] - The comprehensive development business generated revenue of approximately RMB 259 million, down approximately 56.5% from RMB 595 million in the same period of 2024 [1] - The company reported a loss attributable to equity holders of approximately RMB 191.35 million, compared to a loss of approximately RMB 221.22 million in the same period of 2024 [1] Group 2: Fund Management and Investment - In the first half of 2025, the company accelerated the exit of actively managed funds, achieving cash recovery of RMB 44 million through various exit strategies [2] - The company fully exited its investment in the Yibao project in the first half of 2025, realizing an investment return rate of approximately 26% [2] - As of the first half of 2025, the company managed a total of 8 funds, including 2 actively managed funds, with a total fund size of RMB 4.172 billion and an active management fund size of RMB 1.3 billion [2]