Logan Group Company Limited 龍光集團有限公司 （於開曼群島註冊成立之有限公司） 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。 海外監管公告 本海外監管公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規 則」）第13.10B條刊發。 請參閱隨附龍光集團有限公司的公告（「該公告」），該公告已於新加坡證券交易所有 限公司網站刊載。 於聯交所網站刊載該公告僅為向香港投資者同步發佈資訊及遵守上市規則第13.10B 條，並無其他目的。 承董事會命 龍光集團有限公司 主席 紀海鵬 香港，二零二五年十一月二十五日 於本公告日期，本公司執行董事為紀海鵬先生、賴卓斌先生、黃湘玲女士、陳勇先 生及周吉先生；及本公司獨立非執行董事為張化橋先生、廖家瑩女士、蔡穗聲先生 及劉勇平博士。 – 1 – Logan Group Company Limited 龍光集團有限公司 Proposed Amendments of US$350, ...

港股内房股集体拉升上涨，其中，碧桂园涨近4%，融创中国涨3.6%，华润置地、中国海外宏洋集团涨 3%，新城发展、越秀地产、万科企业、龙湖集团、金辉控股、中国金茂、龙光集团涨幅均超1%以上。 消息上，广州积极推动收购存量商品房用作保障性住房，多地持续出台放松政策。宏观方面，住建部11 月21日在安徽省芜湖市召开全国城市更新工作推进会，会议指出，要因地制宜、探索创新，着力在规 划、资金、运营、治理4 个方面下功夫，同时系统推进好房子、好小区、好社区、好城区"四好"建设， 确保取得实实在在的成效。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 02007 | 碧桂元 | 0.530 | 3.92% | | 01918 | 融创中国 | 1.450 | 3.57% | | 01109 | 华润置地 | 30.680 | 3.02% | | 00081 | 中国海外宏洋集 | 2.450 | 2.94% | | 00688 | 中国海外发展 | 14.050 | 2.86% | | 01030 | 新城发展 | 2.270 | 2.25% | | 00123 ...

Core Insights - The real estate industry is accelerating its debt resolution process, with over 1 trillion yuan of debt being addressed this year, indicating a critical phase in risk clearance [1][2] - Debt restructuring is not merely a self-rescue for companies but a necessary step for restoring industry confidence [1][2] Debt Restructuring Complexity - Since the first real estate company default in 2020, the industry has faced unprecedented pressure on its credit system, with 44 companies defaulting in 2022 [2][3] - As of the end of October, 21 companies have completed debt restructuring, reducing the total debt burden by approximately 1.2 trillion yuan [2][3] - The complexity of debt restructuring is heightened by the diverse legal frameworks and the large scale of offshore debts [3] Balancing Stakeholder Interests - Companies are conducting pressure tests with intermediaries to create fair repayment plans that meet various creditor demands [4] - The negotiation process is complicated by the differing interests of creditors, including banks, hedge funds, and private banks [4] Types of Restructuring Options - Most restructuring plans include short-term cash buybacks, medium-term debt-to-equity swaps, and long-term bond exchanges [5] - Different creditor types have varying preferences, with banks favoring principal protection and non-standard debt holders seeking quicker exits [5][6] Industry Development Model Restructuring - Successful debt restructuring is leading to significant improvements in companies' balance sheets, indicating that the toughest times for the industry are passing [7] - Companies are encouraged to enhance their cash flow capabilities and focus on core cities for development, shifting towards lighter asset models [7][8] - The completion of debt restructuring is seen as a starting point for risk mitigation, allowing companies to regain operational capabilities and improve service quality [9]

Group 1 - Hong Kong real estate stocks experienced a general rise, with Longfor Group up 3.33%, China Resources Land up 3%, and Agile Group up 3.4% [1] - Other notable increases include R&F Properties, Jin Hui Holdings, Ronshine China, and Jianfa International Group, each rising approximately 2%, while Midea Real Estate, Longguang Group, New City Development, and China Overseas Macro Holdings rose over 1% [1] Group 2 - The China Index Academy recently released the October financing report, indicating that the total bond financing in the real estate sector for October 2025 reached 51.24 billion yuan, a year-on-year increase of 76.9% [1] - The issuance of credit bonds in October also saw a year-on-year increase, primarily from state-owned enterprises, with real estate credit bond financing amounting to 32.7 billion yuan, up 50.7% year-on-year, accounting for 63.8% of the total [1] Group 3 - CITIC Securities suggests that 2026 may be a critical year for real estate companies to enter a balance sheet repair phase, with some firms potentially reaching the bottom of a long-term profit cycle [1] - Companies that manage to recover first are likely those with well-positioned assets in good cities, operational investment properties, or financial assets with appreciation potential [1]

FF301 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: 龍光集團有限公司 (於開曼群島註冊成立之有限公司） 呈交日期: 2025年11月4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) | 03380 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 100,000,000,000 | HKD | | 0.1 | HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | 100,000,000,000 | HKD | | 0.1 | HKD | | 10,000,0 ...

Core Insights - The real estate companies in distress have made substantial progress in debt restructuring, with a total debt reduction scale of approximately 1.2 trillion yuan as of October 30, involving 21 companies [1] - The restructuring efforts are expected to alleviate short-term debt repayment pressures and facilitate a safer operational environment for these companies, thereby accelerating the overall risk clearance process in the real estate sector [1][2] Group 1: Debt Restructuring Progress - As of October 30, 21 distressed real estate companies have received approval for debt restructuring, with a total debt scale nearing 2 trillion yuan [1] - Companies such as Sunac China Holdings, Guangzhou R&F Properties, and CIFI Holdings have completed their debt restructuring, while others like Kaisa Group and Country Garden have received approval for overseas debt restructuring [1] - The restructuring methods employed include debt-to-equity swaps, asset swaps, and full-term extensions, significantly reducing the debt burden for many companies [2] Group 2: Impact on Industry and Companies - The concentration of debt restructuring among distressed companies indicates a faster risk clearance in the industry, which is beneficial for the overall credit environment [2] - Post-restructuring, many companies are accelerating their delivery processes and shifting their strategic focus towards light asset businesses such as property management and asset management [2][3] - The transition from incremental development to stock asset management is seen as a reasonable path for companies to revitalize resources and improve operational efficiency [3] Group 3: Future Outlook - The development of light asset businesses is expected to be a crucial support for distressed companies to overcome challenges, as operational efficiency and service capabilities become more important than capital scale [3] - Companies that successfully complete debt restructuring and enhance their operational efficiency are likely to achieve stable operations and sustainable development, contributing to a healthier and more stable real estate market [3]

1. Overnight Night Market Trends - INTERNATIONAL PRECIOUS METALS: COMEX gold futures fell 0.45% to $4126.90 per ounce, down 2.05% for the week; COMEX silver futures dropped 0.60% to $48.41 per ounce, down 3.38% for the week [4] - CRUDE OIL: The U.S. oil main contract fell 0.57% to $61.44 per barrel, up 7.51% for the week; Brent crude's main contract declined 0.57% to $64.92 per barrel, up 7.06% for the week [5] - LONDON BASE METALS: LME copper rose 0.85% to $10947 per ton, up 3.23% for the week; LME lead increased 0.30% to $2016.50 per ton, up 2.36% for the week; LME zinc edged up 0.07% to $3019.50 per ton, up 2.93% for the week; LME aluminum dropped 0.21% to $2856.50 per ton, up 2.84% for the week; LME nickel fell 0.25% to $15325 per ton, up 1.32% for the week; LME tin declined 0.34% to $35650 per ton, up 1.75% for the week [5] - DOMESTIC FUTURES: As of the close on October 24 at 23:00, domestic futures' main contracts mostly rose. Low - sulfur fuel oil, LPG, and fuel oil rose over 1%, while asphalt, coking coal, and rapeseed meal had small increases. Synthetic rubber, caustic soda, corn, and sugar slightly declined [5] 2. Important Information Macroeconomic Information - President Xi Jinping will visit South Korea from October 30 to November 1 to attend the 32nd APEC Economic Leaders' Meeting and conduct a state visit [8] - The "Proposal of the Central Committee of the Communist Party of China for Formulating the 15th Five - Year Plan for National Economic and Social Development" aims to break market barriers [8] - The central bank will conduct 900 billion yuan of MLF operations on October 27 [8] - The China Securities Regulatory Commission emphasizes enhancing the resilience and risk - resistance of the capital market [8] - Shipping indices show an increase in export container freight rates [9] - The central bank will adjust monetary policy according to economic and financial conditions and maintain the stability of the RMB exchange rate [9][10] - U.S. September CPI is slightly lower than expected, paving the way for a rate cut [10] - U.S. October PMI data shows improvement [10] - China and the U.S. held economic and trade consultations in Kuala Lumpur, reaching preliminary consensus on multiple issues [10][11] Energy and Chemical Futures - Russia's central bank forecasts average oil prices for 2025 and 2026 [12] - India's Reliance Industries bought hundreds of thousands of barrels of crude oil due to concerns about supply disruptions [14] Metal Futures - China's non - ferrous metal industry had a good performance in the first three quarters [16] - Last week, copper, aluminum, zinc, and lead inventories decreased, while nickel and tin inventories increased [17] - This month's estimated retail sales of narrow - sense passenger cars are about 2.2 million, with a decline in both month - on - month and year - on - year terms, and the penetration rate of new energy vehicles may reach 60% [17] Black - Series Futures - In mid - October, steel production of key enterprises had different trends in daily output [19] - The Ministry of Industry and Information Technology solicits opinions on the "Implementation Measures for Capacity Replacement in the Iron and Steel Industry", with specific replacement ratios and restrictions [19][21] - Some steel mills in Tangshan and Xingtai plan to raise coke prices [21] - This week's total urban inventory of steel decreased [22] - Shanxi is increasing coal production to meet winter demand, with a 3.7% year - on - year increase in the first three quarters [22] Agricultural Futures - Pig - farming losses have decreased [24] - Pig and pork prices are expected to stop falling and rise slightly in the second half of the fourth quarter [25] - In the 43rd week, soybean crushing volume in oil mills exceeded expectations [25] - Imported cotton port inventory increased slightly [26] - The domestic edible vegetable oil market is expected to have stable prices, while palm oil prices may rise slightly [28] - Malaysia's October 1 - 25 palm oil exports are expected to decline 0.4% [29] 3. Financial Markets Finance - Many A - share companies released positive third - quarter reports, with some having significant profit growth [31] - Fund managers will adjust investment strategies based on third - quarter reports, focusing on technology stocks [31] - As of the end of the third quarter, social security funds held shares in 135 stocks, with new entries, increases, and decreases in positions, and increased investment in technology sectors [32] - Many A - share companies were surveyed by institutions, with technology stocks being popular [34] - Many companies distributed dividends, and some will distribute more in the future [34] - Nearly 2000 public funds' third - quarter reports show that innovation - related assets are the main allocation [34] - The market sentiment has stabilized, and the subsequent adjustment space may be limited [34] - Hong Kong stocks' "B - series" varieties are being sold by pharmaceutical fund managers, and innovation - drug funds are entering the stock - selection stage [35] Industry - A draft regulatory guideline for public fund performance comparison benchmarks may be released soon, and many funds have adjusted their benchmarks this year [36] - Banks have raised the minimum investment threshold for gold accumulation, and short - term gold price fluctuations may be normal [38] - Gold jewelry brands have raised prices, mainly to increase processing fees and maintain stable margins [38] - Many real - estate companies have made breakthroughs in debt restructuring [38] - As of September, China's power generation installed capacity increased, with significant growth in solar and wind power [39] - The flu vaccine vaccination season has arrived, with different price trends for different vaccines [39] - Multiple paper companies will raise the price of white cardboard from November 1 [39] Overseas - The U.S. and Vietnam, Thailand, Malaysia, and Cambodia reached trade - related agreements [41][42] - The U.S. Treasury Secretary believes inflation will continue to decline, and the government shutdown is eroding the economy [42] - The U.S. government shutdown may last until the end of November [43] - The IMF President suggests that ASEAN economies strengthen their fundamentals and predicts that AI will affect a large proportion of jobs [43] International Stock Markets - European countries will implement winter time starting Monday, adjusting trading and data - release times [45] Bonds - As of October 24, the issuance scale of securities firms' science and technology innovation bonds this year reached 59.17 billion yuan, and it is expected to continue growing [46] 4. Upcoming Economic Data and Events Economic Data - Various economic data will be released on October 27, including Japan's September corporate service price index, China's September industrial enterprise profits, etc. [48] Events - The central bank has 7000 billion yuan of 1 - year MLF and 189 billion yuan of 7 - day reverse repurchases maturing [50] - The governor of the Reserve Bank of Australia will participate in a talk [50] - There are new stock subscriptions and company earnings reports [50] - Multiple important events are scheduled, such as the East Asia Cooperation Leaders' Series Meetings, the 2025 Financial Street Forum Annual Conference, etc. [50]

Core Viewpoint - The real estate industry is accelerating financing through various channels such as credit bonds, overseas bonds, and asset securitization to address year-end debt maturity pressures and prepare for future development amid increased supply of quality land parcels [1][3][10]. Financing Trends - In September, the total bond financing in the real estate sector reached 561 billion yuan, marking a year-on-year increase of 31%, with credit bond financing alone amounting to 322 billion yuan, a significant year-on-year growth of 89.5% [3][9]. - The average issuance term for credit bonds in September was 3.65 years, indicating a trend towards longer financing terms, which helps optimize debt structure and alleviate short-term repayment pressures [7]. Company Financing Activities - Several companies are actively issuing bonds, including China Merchants Shekou with a planned issuance of 40 billion yuan at a coupon rate of 1.90%, and China Vanke with a bond issuance of up to 24 billion yuan [6][8]. - Notable issuances include Beijing Urban Construction Group's successful issuance of 18 billion yuan in medium-term notes and Poly Developments' 150 billion yuan bond application accepted by the Shanghai Stock Exchange [6][8]. Challenges in Sales and Cash Flow - Despite the positive financing trends, real estate companies face significant challenges in sales, with a reported 8.4% year-on-year decline in funds received by real estate developers from January to September, particularly in deposits and pre-sales [9][10]. - The ongoing sluggish sales market continues to exert pressure on the overall cash flow of real estate companies, making it crucial for them to balance external financing with internal cash generation [10]. Debt Restructuring Progress - Some distressed real estate companies have made substantial progress in debt restructuring, with over 75% of creditors approving restructuring plans for companies like Longfor Group and Sunac China [8].

Core Viewpoint - Hong Kong real estate stocks are experiencing a counter-trend rally, with notable increases in share prices for several major companies following the release of a government action plan aimed at stabilizing the real estate investment scale in Shanghai [1] Group 1: Market Performance - Country Garden shares rose by 3.5%, while Sunac China and Agile Group increased by 2.5%. Vanke Enterprises saw a nearly 2% rise, and other companies like New City Development, Longfor Group, and China Overseas Macro Holdings also reported gains exceeding 1% [2] - The overall trend indicates a positive market response among real estate stocks despite broader market challenges [1] Group 2: Government Policy - The Shanghai Municipal Government issued a notification to promote high-quality development in the construction industry, emphasizing the need to stabilize real estate investment and strengthen the foundational market in Shanghai [1] - The plan aims to facilitate the construction of "good houses" and provide application scenarios for good design, construction, and services [1] Group 3: Industry Insights - Huatai Securities' research report highlights that the sales performance of "good houses" is significantly better than the average, suggesting that companies with strong product capabilities may achieve better sales conversion and more stable cash flow [1] - The report posits that product strength could become a core competitive advantage for real estate companies, reshaping their market positions and competitive landscape [1] - Huatai Securities continues to recommend real estate stocks characterized by "good credit, good cities, and good products" as a strategic investment focus [1]

FF301 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 公司名稱: 龍光集團有限公司 (於開曼群島註冊成立之有限公司） 呈交日期: 2025年10月2日 第 1 頁 共 11 頁 v 1.1.1 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) | 03380 | 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 | | | 5,685,407,450 | | 0 | | 5,685,407,450 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 5,685,407,450 | | 0 | | 5,685,407,45 ...