Core Insights - The article discusses the concept of "Sputnik Moment" in various sectors, particularly focusing on the need for a similar moment in Chinese consumer confidence, which has been lacking despite advancements in other industries [1][14]. Group 1: Biotechnology and Pharmaceuticals - CanSino Biologics' PD-1/VEGF dual antibody "Yivolumab" achieved a significant milestone by outperforming the global leader "K drug" in clinical trials, marking a leading position for China in the dual antibody sector [5]. - The proportion of large pharmaceutical companies engaging in significant transactions with Chinese biotech firms has surged from less than 5% before 2019 to 31% in 2024, indicating a growing recognition of China's biotech capabilities [6]. Group 2: Aerospace and Defense - China successfully conducted test flights of two sixth-generation fighter jets on December 26, 2024, marking a significant breakthrough in global aviation technology and establishing China as the first country to achieve this feat [7][8]. - The successful test flights signify a new phase in the competition for air combat dominance, with advanced features such as all-aspect stealth and AI integration [7][8]. Group 3: Artificial Intelligence - DeepSeek's R1 model achieved performance comparable to OpenAI's GPT-3 at a fraction of the training cost, leading to a significant drop in Nvidia's stock price and highlighting a pivotal moment in the AI sector [9]. - The advancements in AI technology from Chinese companies are prompting a reevaluation of strategies in the U.S. tech landscape, as noted by prominent venture capitalists [9]. Group 4: Automotive Industry - In 2024, China exported nearly 6 million vehicles, significantly outpacing Japan's 4 million, with BYD emerging as the largest brand for pure electric vehicles globally [10][11]. - The automotive sector is undergoing rapid changes, with Chinese brands like BYD and Geely ranking among the top ten global automotive brands, reflecting a shift in market dynamics [11]. Group 5: Consumer Confidence and Economic Challenges - Consumer confidence in China has been declining, with significant increases in household savings and deflationary pressures observed [3][14]. - The decline in consumer confidence can be traced back to several factors, including geopolitical tensions, the real estate crisis, and the impact of COVID-19 lockdowns [15][18][20]. - The article emphasizes the need for measures to stabilize the real estate market and enhance consumer confidence to stimulate domestic consumption [24][25].

Primary Market - A total of 23 offshore bonds were issued this week (June 2 - June 6, 2025), including 8 offshore RMB bonds, 9 USD bonds, 4 HKD bonds, 1 SGD bond, and 1 EUR bond, with issuance scales of 14.2717 billion RMB, 2.7447 billion USD, 81.587 billion HKD, 800 million SGD, and 1 billion EUR respectively [2] - The largest single issuance in the offshore RMB bond market was 2 billion RMB by State Grid Corporation, while the highest coupon rate was 6.9% issued by Weifang Ocean Investment Group [2] - In the USD bond market, the largest single issuance was 400 million USD by Shanghai Pudong Development Bank's London branch, with the highest coupon rate at 6.4% from Guangxi Chongzuo Urban Construction Investment Development Group [2] Secondary Market - Most yields on Chinese USD bonds fell this week, with the Markit iBoxx Chinese USD bond composite index remaining flat at 242.35, while the investment-grade USD bond index rose by 0.04% to 235.23 [3] - The high-yield USD bond index decreased by 0.26% to 236.3, with the real estate USD bond index down 0.58% to 178.81 [3] - The largest weekly gain in offshore Chinese bonds was seen in the USD bond issued by Zhengrong Real Estate, which surged by 242.33% to 1.03 [3] Credit Ratings - Several credit ratings were adjusted this week, including the withdrawal of long-term credit ratings for Tai'an Taishan Holdings and Sheyang State-owned Assets Investment Group due to commercial reasons [10] - Standard & Poor's confirmed the long-term issuer credit rating of Geely Holding Group and Geely Automobile at "BBB-", changing the outlook from "stable" to "negative" [10] Domestic News - In May 2025, real estate companies raised a total of 28.88 billion RMB in bond financing, a year-on-year increase of 23.5%, with an average financing rate of 2.35%, down 0.43 percentage points year-on-year [12] - The Ministry of Finance issued 12.5 billion RMB of government bonds in Hong Kong, with a subscription rate of 3.96 times [13] - The Hong Kong government successfully priced approximately 27 billion HKD of green and infrastructure bonds, marking the longest maturity for HKD bonds issued by the government [14] Overseas News - Eurozone inflation in May fell to 1.9%, below the European Central Bank's target, leading to a decline in Eurozone bond yields [15] - The U.S. Treasury conducted a record $10 billion bond repurchase, viewed as a "mini QE" to enhance liquidity in older bonds [16] Offshore Debt Alerts - Longguang updated its restructuring plan for 21 domestic debts totaling over 21.9 billion RMB, aiming to secure cash for repayment [17] - Ping An Insurance plans to issue 11.765 billion HKD of zero-coupon convertible bonds due in 2030 [18] - CIFI Holdings' offshore debt restructuring plan received overwhelming support from creditors [20] - Shimao Group reported a contract sales amount of approximately 2.135 billion RMB in May 2025 [21]

公开资料显示，两宗地块位于昌平区史各庄街道，东至生命园新贤街（福创路），南至生物医药街，西 至景创路，北至郝庄子南街，紧邻中关村生命科学园的核心区域。配套设置方面，地块临近地铁昌平线 生命科学园站，周边1.2公里有建筑面积达46万平方米、入驻品牌超过800家的北京超极合生汇商场，以 及万达广场、北大国际医院、北京一零一中学昌平实验学校等公共设施，交通便利、配套完善。 【1】海南：开展偿还异地住房公积金贷款约定提取业务 6月5日，海南省住房公积金管理局官网发布《海南省住房公积金管理局关于开展偿还异地住房公积金贷 款约定提取业务的通知（征求意见稿）》（以下简称《征求意见稿》）。 《征求意见稿》提出，缴存人家庭在外省有尚未结清的住房公积金贷款，且本年度已提取的住房公积金 总额尚未达到该笔贷款本年度还款总额度的，可向海南省住房公积金管理机构申请办理异地公积金贷款 约定提取业务。 【2】贝好家、越秀地产联合体23.95亿元竞得北京昌平两宗地块 6月5日，北京市昌平区中关村生命科学园三期及"北四村"棚户区改造和环境整治B地块项目CP01—0601 —0077、0078地块挂牌出让，总面积30729.07平方米，容积率≤2 ...

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之內容概不負責，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所產生或因依賴該等內容而引致之任何損 失承擔任何責任。 陳競德 Zhenro Properties Group Limited 截至二零二五年五月三十一日止五個月，本集團連同合營公司及聯營公司的累計合約銷售 金額約為人民幣19.63億元，合約銷售建築面積約為119,236平方米及合約平均售價約為每平 方米人民幣16,500元。 上述數據乃未經審核及依據本集團的初步內部資料編製，或會因為在收集有關資料的過程 中的多項不確定因素，而與本公司按年度或半年度基準刊發的經審核或未經審核綜合財務 報表所披露的數字可能存在差異。因此，上述數據僅供投資者參考。投資者在買賣本公司 證 券 時 務 請 審 慎 小 心 ， 不 應 過 分 依 賴 有 關 資 料 。 如 有 疑 問 ， 投 資 者 應 徵 詢 持 牌 證 券 交 易 商、註冊證券機構、銀行經理、律師、執業會計師或其他專業顧問的意見。 承董事會命 正榮地產集團有限公司 董事會主席 正 榮 地 產 集 團 有 限 公 ...

Primary Market - A total of 18 offshore bonds were issued by Chinese companies this week, including 12 USD bonds and 6 HKD bonds, with issuance sizes of $2.2774 billion and HKD 83.878 billion respectively. No offshore RMB bonds were issued this week [2] - The largest single issuance in the HKD bond market was HKD 1 billion by Hong Kong Mortgage Corporation Limited, with the highest coupon rate of 3.3% issued by Henderson Land Development Company Limited [2] - In the USD bond market, the largest single issuance was $600 million by Shanghai Construction Group Co., Ltd., with the highest coupon rate of 7% issued by Chengdu Ronghe Jiatai Modern Agriculture Development Co., Ltd. and Chengdu Tianfu Dagan Group Co., Ltd. [2] Secondary Market Overview - The yield on Chinese USD bonds has mostly increased over the past two weeks. As of May 30, the Markit iBoxx Chinese USD Bond Composite Index rose by 0.42% to 242.22, while the investment-grade USD bond index increased by 0.49% to 234.97. The high-yield USD bond index decreased by 0.06% to 237.09 [3] - The real estate USD bond index fell by 0.33% to 180.27, while the city investment bond index rose by 0.11% to 148.72, and the financial bond index increased by 0.12% to 282.57 [3] Price Movements - The largest weekly price increase in offshore Chinese bonds was seen in the USD bond issued by Zhengrong Real Estate Group Co., Ltd. (ZHPRHK 9.15% 5/6/23), which rose by 148.37% to 0.75 [4] - The largest weekly price decrease was also in a USD bond issued by Zhengrong Real Estate Group Co., Ltd. (ZHPRHK 8.7% 8/3/22), which fell by 63.33% to 0.41 [6] Credit Rating Adjustments - On May 27, the credit rating of Jinneng Technology Co., Ltd. was downgraded to "AA-" with a stable outlook by United Ratings [9] - On May 27, Suqian Canal Port Development Group Co., Ltd. had its "BBB-" international long-term issuer rating withdrawn for commercial reasons by United International [9] - On May 29, the credit rating of Taikang Insurance Group Co., Ltd. was confirmed at "A-" with a stable outlook by Fitch, but subsequently withdrawn for commercial reasons [9] Default and Extension - Pengbo Telecom Media announced that the principal repayment date for the "18 Pengbo Bond" has been adjusted from May 25, 2025, to August 25, 2025, with a full principal repayment scheduled for that date [10] Domestic News - In April 2025, the Ministry of Finance reported that a total of CNY 693.3 billion in local government bonds were issued, including CNY 2.534 billion in new bonds [12] - The China Securities Investment Fund Association reported that 914.59 billion in asset-backed special plans were newly filed in April, with the top three asset types being financing lease receivables, micro-loan receivables, and accounts receivable [13] Offshore Debt Alerts - Zhengrong Real Estate announced that "H20 Zhengrong 3" will resume trading on June 3, 2025 [17] - CIFI Group announced that seven company bonds will be suspended from trading starting June 3, 2025, to ensure fair information disclosure and protect bond investors [19] - Vanke's subsidiary applied for a loan of up to HKD 6.872 billion from an overseas bank, with a term of up to two years [20] - Hailong Holdings received a winding-up petition involving $379.135 million in unpaid notes [21]

Group 1 - China Communications Construction Company (CCCC) Real Estate's bondholder meeting approved a debt succession proposal, marking a significant step in its strategy to divest from real estate development and mitigate delisting risks [1] - The debt will be transferred to the controlling shareholder, CCCC Real Estate Group, clearing obstacles for future asset restructuring [1] - If the debt succession aligns with successful asset restructuring, it may alleviate CCCC Real Estate's credit risks, although the profitability and market competitiveness of its light asset business will require time to validate [1] Group 2 - Zhengrong Real Estate's controlling shareholder, RoYue Limited, has been ordered by the court to sell approximately 1.2658 billion shares, representing about 66.95% of RoYue's holdings and 28.98% of the company's issued shares [2] - This situation highlights the complexity and urgency of resolving debt risks in the real estate sector, with potential changes in shareholding structure possibly creating opportunities for strategic investors [2] - The forced sale of shares may dilute shareholder equity, and the ongoing legal issues surrounding the actual controller could further weaken market confidence in the company's governance stability [2] Group 3 - Country Garden and its executives received public reprimands from the Shanghai Stock Exchange for failing to timely disclose the 2024 interim report, marking the second instance of delayed financial reporting within a year [3] - This violation reflects a failure in the company's information disclosure mechanism amid liquidity crises, potentially eroding market trust in its management practices and exacerbating creditor concerns regarding debt restructuring [3] Group 4 - Gindalbie Metals announced that Ling Ke will no longer serve as an executive director, effective after the 2025 annual general meeting, with Li Ronghui proposed as the new executive director [4] - This personnel change aligns with Gindalbie's board restructuring trend, indicating a shift from a founder-led model to a shareholder collaborative governance approach [4] - The new appointee's financial background and resource integration capabilities may inject financial prudence and strategic synergy into Gindalbie [4] Group 5 - China Railway Real Estate announced the interest payment details for its 800 million yuan medium-term notes, with a coupon rate of 3.29% and a payment date set for May 29, 2025 [5] - This highlights the credit resilience of state-owned enterprises in the real estate sector during industry adjustments, as they maintain stable interest payment capabilities amid high debt pressures [6] - The ability to uphold interest payments may reinforce market expectations for state-backed real estate companies' debt repayment and guide capital towards entities with better credit quality [6]

（ 於開曼群島註冊成立的有限公司） （股份代號：6158及債務股份代號：4596、40572、40516） 內幕消息 就控股股東持有本公司的若干數目股份 委任接管人 本公告乃由正榮地產集團有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 第13.09 (2) (a)條以及香港法例第571章證券及期貨條例第XIVA部作出。 本公司董事（「董事」）會（「董事會」）謹此知會其股東及潛在投資者，於二零二五年五月二十 一日，本公司已收到由富事高諮詢有限公司發出，日期為二零二五年五月十九日之函件， 以及香港特別行政區高等法院於二零二五年五月九日發出之命令（「法院命令」）副本，內容 有關RoYue Limited（「RoYue」）所持本公司1,265,826,000股股份（「有關股份」）的出售命令。董 事會亦獲知，霍羲禹先生及周偉成先生已獲委任為有關股份的接管人（「接管人」），而接管 人有權按其認為適當的方式，作出實現法院命令目的所需的一切行為及事宜，具體而言， 包括控制有關股份的登記持有人及╱或實益擁有人有權行使的任何或所有權利，並行使該 等權利。此外，本公司須於富事高諮詢有限公司發出函件日期起計七日內，向接 ...

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之內容概不負責，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分內容而產生或因依賴該等內容而引致之任何損 失承擔任何責任。 Zhenro Properties Group Limited 正 榮 地 產 集 團 有 限 公 司 （ 於開曼群島註冊成立的有限公司） （股份代號：6158及債務股份代號：4596、40572、40516） 自願公告 控股股東委任聯合清盤人 茲提述正榮地產集團有限公司（「本公司」）日期為二零二五年五月六日的公告（「該公告」）。 除另有指明者外，本公告所用詞彙與該公告所採納者具有相同涵義。 本公司董事（「董事」）會（「董事會」）謹此知會其股東及潛在投資者，本公司已接獲英屬處女 群島高等法院東加勒比海最高法院的命令文本，涉及於二零二五年四月十四日委任Glenn S Harrigan及Chua Suk Lin Ivy為RoYue Limited的聯合清盤人。除上述者外，並無其他重大發 展。 本公司將於適當時候另行刊發公告，知會本公司股東及潛在投資者有關上述事宜的任何重 大發展。 承董事會命 正榮地產集團有 ...

Group 1 - As of May 14, 78 stocks reached a 52-week high, with Chang'an Renheng (08139), Hengchang Group International (01421), and Lehua Entertainment (02306) leading the high rate at 65.38%, 42.59%, and 38.52% respectively [1] - The closing price of Chang'an Renheng was 1.370, with a peak price of 2.580, indicating a significant increase [1] - Hengchang Group International closed at 0.690, reaching a high of 0.770, reflecting a 42.59% increase [1] Group 2 - Lehua Entertainment's closing price was 1.510, with a maximum price of 1.690, showing a 38.52% rise [1] - XL Ernan CO (07711) and XL Ernan CO-U had increases of 27.75% and 26.89% respectively, with closing prices of 125.000 and 15.960 [1] - Other notable stocks include Madison Holdings (08057) with a 25.00% increase and Du Fu Wine Group (00986) with a 17.48% increase [1] Group 3 - The report also highlights stocks that reached 52-week lows, with XI Ernan CO (07311) dropping by 36.46% to a closing price of 26.500 [3] - XI Ernan CO-U saw a decrease of 35.53%, closing at 3.386 [3] - Other stocks with significant declines include Touyun Biotechnology (01332) at -22.46% and Aoweiholdings (01370) at -16.67% [3]

Core Viewpoint - Zhengrong Real Estate Group announced significant management changes, including the resignation of key executives, to focus on domestic operations and debt restructuring efforts [2][3] Group 1: Management Changes - Liu Weiliang resigned as Executive Director, Chairman of the Board, Chairman of the Nomination Committee, member of the Remuneration Committee, and authorized representative [2] - Li Yang resigned as Executive Director and CEO [2] - Chen Jingde was appointed as Executive Director, Chairman of the Board, Chairman of the Nomination Committee, member of the Remuneration Committee, and authorized representative [2] - Jin Mingjie was appointed as Executive Director and CEO [2] - Former Financial Director Chen Jingde stepped down, with Zeng Hongyi taking over the role [2] Group 2: Financial Situation - Zhengrong Real Estate and its subsidiaries have been listed as dishonest executors, with total unpaid debts amounting to 19.25 billion [2] - As of March 31, 2025, the company has a total outstanding principal debt of 19.25 billion [2] - The company has not paid 0.13 billion in bond interest as of April 2025 [2] Group 3: Debt Restructuring Efforts - The company is in communication with relevant institutions regarding high consumption restrictions, which have not significantly impacted daily operations or debt repayment capabilities [3] - The company’s bonds have been exempted from cross-default clauses, but unpaid debts may adversely affect bondholders' rights [3] - Liu Weiliang and Li Yang will focus on domestic business development strategies and debt restructuring after resigning from their positions [3] - Chen Jingde, familiar with overseas capital markets, will continue to represent the company in communications with overseas bondholders [3]