Core Viewpoint - The financial market is experiencing fluctuations with a slight tightening of liquidity, a rebound in the bond market, and a collective rise in convertible bond indices, while U.S. Treasury yields are generally on the rise. Group 1: Domestic News - Chinese Vice Premier He Lifeng held a video call with U.S. Treasury Secretary Janet Yellen and Trade Representative Katherine Tai to discuss the implementation of agreements from recent high-level meetings, emphasizing the importance of continued cooperation in economic and trade relations [2] - The China Securities Regulatory Commission (CSRC) Chairman Wu Qing highlighted the need to develop first-class investment banks and institutions to support high-quality capital market development, advocating for a shift from price competition to value competition and better service to the real economy [3] - The CSRC is soliciting public opinions on the draft of the "Regulations on the Supervision of Listed Companies," which aims to strengthen comprehensive regulation throughout the lifecycle of listed companies [4] Group 2: Monetary Policy and Market Operations - The People's Bank of China conducted a 139.8 billion yuan reverse repurchase operation at a fixed rate of 1.40%, resulting in a net withdrawal of 161.5 billion yuan due to maturing reverse repos [9] - The overall liquidity in the market remains loose, with the DR001 and DR007 rates slightly increasing to 1.300% and 1.438%, respectively [10] Group 3: Bond Market Dynamics - The bond market showed signs of recovery, with the yield on the 10-year government bond decreasing by 2.15 basis points to 1.8285% as market sentiment improved following rumors of policy easing [12] - The secondary market for credit bonds saw significant price deviations, with "22 Vanke 02" dropping over 11% and "21 Vanke 02" falling over 10% [14] - Several companies, including Zhengyuan Real Estate and Fusheng Group, received public reprimands from the Shanghai Stock Exchange for disclosure violations [15] Group 4: Convertible Bonds - The convertible bond market experienced a collective rise, with major indices increasing by approximately 0.94% to 0.98%, and a total trading volume of 601.53 billion yuan, reflecting a significant increase from the previous day [17] - Several convertible bonds are set to trigger price adjustment clauses, while others announced early redemption [19] Group 5: International Market Insights - U.S. Treasury yields rose across various maturities, with the 2-year yield increasing by 4 basis points to 3.56% and the 10-year yield rising by 3 basis points to 4.14% [20] - Major European economies also saw an increase in 10-year government bond yields, with Germany's yield rising by 3 basis points to 2.80% [22]

Core Points - Longfor Group (03380) has announced significant progress in its debt restructuring efforts, with a total bond value of RMB 13.66 billion repurchased through various options [1] - The repurchased bonds account for over 62% of the remaining principal amount of 21 publicly issued domestic bonds due by July 10, 2025 [1] - The company plans to continue pursuing additional restructuring options, including asset-backed trust debt repayment models and potential cash repurchases [1] Debt Restructuring Progress - The company has successfully executed debt restructuring offers, with a focus on cash buybacks, asset-backed debt repayment, and specific asset trust options [1] - The ongoing domestic debt restructuring is expected to fundamentally resolve the company's debt issues and facilitate a return to normal operations [1] - Future restructuring efforts will likely include a combination of asset-backed trust repayment models and stock options [1]

龙光集团(03380)发布公告，截止公告日，已经有累计债券面值人民币136.6亿元通过现金购回选项、资 产抵债选项下的以物抵债模式、特定资产信托选项等得到债务重组要约获配，获配债券金额已经超过截 止2025年7月10日的境内21笔公开债债券剩余本金总额的62%，境内债务重组工作取得重大进展。 公司会继续努力推进后续重组选项的开展，预计绝大部分境内公开债将通过资产抵债选项下的单一资产 信托抵债模式、二次现金购回(如有)、股票选项、资产抵债选项下的集合资产信托抵债模式等后续重组 选项得到获配并予以注销。境内债务重组工作的重大进展，有助于公司从根本上解决债务问题，促进公 司逐步恢付正常生产经营。 ...

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。 香港，二零二五年十二月四日 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。 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） 自願性公告 境內債務重組方案的重大進展 茲提述龍光集團有限公司（「本公司」）日期為二零二五年七月十日之公告，內容有關 本公司境內公司債券及資產支持專項計劃(ABS)重組獲相關債權人批准。 本公司欣然宣佈，截止公告日，已經有累計債券面值人民幣136.6億元通過現金購回 選項、資產抵債選項下的以物抵債模式、特定資產信託選項等得到債務重組要約獲 配，獲配債券金額已經超過截止二零二五年七月十日的境內21筆公開債債券剩餘本 金總額的62%，境內債務重組工作取得重大進展。 公司會繼續努力推進後續重組選項的開展，預計絕大部 ...

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11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12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) | 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 ...

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, ...

Group 1 - The core viewpoint of the news highlights a collective rise in Hong Kong property stocks, driven by positive government policies and market sentiment [1] - Guangzhou is actively promoting the acquisition of existing residential properties for use as affordable housing, while multiple regions continue to implement relaxation policies [1] - The Ministry of Housing and Urban-Rural Development held a national urban renewal work promotion meeting, emphasizing the need for tailored, innovative approaches in planning, funding, operations, and governance [1] Group 2 - A research report from Shenwan Hongyuan expresses optimism about the new "good housing" sector and the revaluation of shopping center values, maintaining a "positive" rating [1] - The report suggests that while the real estate sector in China will continue to stabilize, core cities are expected to see a turnaround sooner [1] - Two major opportunities are identified: the elevation of "good housing" policies, which could shift real estate companies from finance to manufacturing, and the strong performance of quality commercial enterprises during a monetary easing cycle, leading to potential revaluation of consumer-oriented commercial real estate assets [1]

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 ...