Core Viewpoint - The company, Shangkun Real Estate, is set to be delisted from the Hong Kong Stock Exchange on October 27, 2025, after failing to meet the resumption conditions following a prolonged trading suspension that began on April 2, 2024, due to the inability to publish its annual report for 2023 [1][2][3] Group 1: Delisting Trigger - The delisting was primarily triggered by the company's failure to timely release its 2023 annual performance report, leading to a trading suspension [2] - Reasons for the delay included the departure of key management and finance personnel, which severely impacted the preparation of financial statements and audit processes [2] - Despite receiving resumption guidance from the exchange, the company failed to meet the requirements for resumption, including disclosing all outstanding financial performance and business updates [2] Group 2: Financial Performance Decline - Prior to its suspension, the company's stock price plummeted to HKD 0.013 per share, with a market capitalization of approximately HKD 26.94 million, contrasting sharply with its initial listing price of HKD 2.28 per share and a market cap of HKD 45.6 billion [3] - The company experienced a dramatic decline in revenue, with 2022 revenue dropping to HKD 3.034 billion, a 63.61% year-on-year decrease, and further declining to HKD 912 million in the first half of 2023 [6] - Sales performance also saw a steep decline, with sales dropping from HKD 24.84 billion in 2021 to HKD 8.29 billion in 2022, and further down to HKD 3.01 billion in 2023 [6] Group 3: Business Expansion and Debt Crisis - Shangkun Real Estate, founded in 2010, initially expanded rapidly, entering multiple markets and achieving significant sales growth until 2021 [4][6] - The company's aggressive expansion strategy, characterized by high turnover and high land acquisition costs, led to unsustainable debt levels, which became critical during the industry downturn [5][6] - By mid-2023, the company had outstanding borrowings totaling approximately HKD 10.348 billion, while cash and cash equivalents were only about HKD 748 million, indicating severe liquidity issues [6] Group 4: Management and Operational Challenges - The company has been forced to implement cost-cutting measures, including significant layoffs, reducing its workforce from 1,083 in 2021 to 525 by mid-2023 [7] - Frequent changes in the executive team have occurred, with several board members resigning in 2023, which may be linked to the company's operational challenges and ongoing losses [7] - The trajectory of Shangkun Real Estate serves as a microcosm of the struggles faced by many small to medium-sized private real estate firms during the industry's adjustment period [7]

Core Viewpoint - The Hong Kong Stock Exchange announced the cancellation of the listing status of Onkun Property Group Limited, effective from October 27, 2025, following the suspension of trading since April 2, 2024 [2] Summary by Relevant Sections - **Listing Status Cancellation** - Onkun Property's listing status will be officially canceled at 9:00 AM on October 27, 2025 [2] - The company failed to resume trading by October 1, 2025, triggering the cancellation under Listing Rule 6.01A(1) [2] - **Trading Suspension** - Shares of Onkun Property have been suspended from trading since April 2, 2024 [2] - The decision to cancel the listing was made by the Listing Committee on October 10, 2025 [2]

Core Viewpoint - The company Upwind Properties (06900) announced that the Hong Kong Stock Exchange will cancel its listing status effective from 9:00 AM on October 27, 2025, in accordance with Listing Rule 6.01A(1) [1] Group 1 - The cancellation of the listing status is a significant event for Upwind Properties, indicating potential challenges in maintaining compliance with listing requirements [1]

Core Viewpoint - The company, Shangkun Real Estate (06900.HK), will have its listing status canceled effective from October 27, 2025, at 9:00 AM, in accordance with Listing Rule 6.01A(1) [1] Summary by Category - **Company Announcement** - Shangkun Real Estate has officially announced the cancellation of its listing status [1] - The effective date for this cancellation is set for October 27, 2025, at 9:00 AM [1] - The cancellation is based on compliance with the relevant listing rules [1]

Core Viewpoint - The company Upwind Real Estate (06900) will have its listing status canceled by the Stock Exchange effective from October 27, 2025, at 9 AM according to Listing Rule 6.01A(1) [1] Summary by Relevant Sections - **Company Announcement** - Upwind Real Estate has officially announced the cancellation of its listing status [1] - **Regulatory Context** - The cancellation is in accordance with the Stock Exchange's Listing Rule 6.01A(1) [1] - **Effective Date** - The effective date for the cancellation of the listing status is set for October 27, 2025, at 9 AM [1]

香港聯合交易所有限公司 (香港交易及結算所有限公司全資附屬公司) THE STOCK EXCHANGE OF HONG KONG LIMITED (A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited) 通告 關於 上坤地產集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：6900） 聯交所宣布，由 2025 年 10 月 27 日上午 9 時起，該公司的上市地位將根據《上市規則》 第 6.01A(1)條予以取消。 該公司的股份自 2024 年 4 月 2 日起已暫停買賣。根據《上市規則》第 6.01A(1)條，若該 公司未能於 2025 年 10 月 1 日或之前復牌，聯交所可將該公司除牌。 該公司未能於 2025 年 10 月 1 日或之前履行聯交所訂下的復牌指引而復牌。於 2025 年 10 月 10 日，上市委員會決定根據《上市規則》第 6.01A(1)條取消該公司股份在聯交所的 上市地位。 聯交所已要求該公司刊發公告，交代其上市地位被取消一事。 聯交所建議，該公司股東如對除牌的影響有任何疑問，應徵詢適當的 ...

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: 上坤地產集團有限公司 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) | 06900 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 20,000,000,000 | USD | | 0.000001 | USD | | 20,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | 20,000,000,000 | USD | | 0.000001 | USD | | 20,000 | 本月底法定/註冊股本總額： USD 20, ...

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 呈交日期: 2025年9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) | 06900 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | USD | | 0.000001 USD | | 20,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 20,000,000,000 | USD | | 0.000001 USD | | 20,000 | 本月底法定/註冊股本總額： USD 20,000 FF301 第 1 頁 共 10 頁 v 1.1.1 FF ...

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7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: 上坤地產集團有限公司 呈交日期: 2025年8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) | 06900 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 20,000,000,000 | USD | | 0.000001 USD | | 20,000 | | 增加 / 減少 (-) | | | 0 | | USD | | 0 | | 本月底結存 | | 20,000,000,000 | USD | | 0.000001 USD | | 20,000 | 本月底法定/註冊股本總額： USD 20,000 FF301 第 1 頁 共 1 ...

Real Estate Market Performance - In the first half of 2023, the overall performance of the real estate market showed a firm start but declined in the second quarter, with homebuyer sentiment dropping rapidly after a brief rally in February and March [19]. - The housing market showed signs of recovery in the first half of 2023, with the darkest moments of the real estate sector reportedly passed, and a moderately positive policy outlook for the second half of the year [34]. - The real estate market is expected to remain fragmented until a new pattern emerges, prompting housing enterprises to adjust their business strategies for safety and balanced long-term development [35]. - The Political Bureau meeting in July 2023 indicated a direction of timely adjustment and optimization of real estate policies to support housing sales and stimulate demand [34]. Company Strategy and Development - The Company is adopting a long-term "certainty" strategy to address short-term "uncertainty" in the current transformative era of the real estate industry [21]. - The Group has adopted a dual-driven development model of "real estate development + co-construction management" to enhance competitive strength [36]. - The Group is committed to consolidating professional capabilities and building innovative core forces to meet future real estate industry needs [37]. - The Group emphasizes product innovation and planning capabilities from the customer's perspective, aiming to create products that meet customer needs and living trends [27]. - The Group aims to build better homes that foster interaction between people and nature, architecture, and among individuals through its product development approach [27]. Financial Performance - Revenue for the period was RMB 912 million, compared to RMB 246 million in the same period of 2022 [61]. - The Group's revenue increased by approximately 271.7% to approximately RMB 912.5 million for the six months ended 30 June 2023, compared to RMB 246 million for the same period in 2022 [90][91]. - Contracted sales attributable to the Group were approximately RMB 1,189 million, representing a decrease of approximately 66.4% compared to the same period in 2022 [68]. - The net loss for the period was RMB 416 million, a reduction from RMB 814 million in the same period of 2022 [61]. - The loss for the Period decreased by approximately 48.8% from RMB 813.6 million for the six months ended June 30, 2022, to RMB 416.2 million for the Period, with the loss attributable to owners of the parent decreasing by approximately 37.2% [134]. Land Bank and Development Projects - As of June 30, 2023, the Group's total planned gross floor area (GFA) of land bank, including joint ventures and associates, was approximately 4,134,624 sq.m., with equity GFA of approximately 3,267,654 sq.m. [50]. - The total attributable GFA for sale is 1,562,854 sq.m., representing 47.7% of the total land bank [52]. - The total estimated GFA for future development is 4,134,624 square meters [56]. - The Group's interest in the Wuhan Metropolis project is 51.0%, with a GFA of 274,720 square meters [56]. Operational Efficiency and Cost Management - The Group's cost of sales increased by approximately 153.9% from RMB 345.2 million for the six months ended June 30, 2022, to RMB 876.4 million for the Period [108]. - Selling and distribution expenses decreased by approximately 52.6% from RMB 95.6 million for the six months ended June 30, 2022, to RMB 45.3 million for the Period, attributed to fewer projects on sale and reduced marketing activities [118][123]. - Administrative expenses decreased by approximately 74.0% from RMB 113.3 million for the six months ended June 30, 2022, to RMB 29.5 million for the Period, mainly due to lower staff costs and office expenses [119][124]. Employee and Staffing Changes - The Group maintained a total of 525 employees as of June 30, 2023, a decrease from 727 employees as of December 31, 2022, reflecting a reduction of approximately 27.8% [192]. - Staff costs for the period were approximately RMB 67.6 million, down from approximately RMB 100.4 million for the same period in 2022, representing a decrease of about 32.6% [192]. - The Group has implemented a restricted stock unit plan to incentivize and retain skilled personnel for future development and expansion [195]. Financial Position and Liquidity - As of June 30, 2023, the Group's cash and bank balances were approximately RMB 747.5 million, down from approximately RMB 1,390.6 million as of December 31, 2022 [142]. - Total outstanding borrowings as of June 30, 2023, amounted to approximately RMB 10,347.5 million, slightly down from RMB 10,404.0 million as of December 31, 2022 [143]. - The net gearing ratio increased from 224.1% as of December 31, 2022, to 262.7% as of June 30, 2023 [155]. - The Group's liquidity strategy includes maintaining sufficient cash through internally generated sales and committed credit facilities to meet operational needs [169]. Guarantees and Financial Assistance - As of June 30, 2023, the Group's total guarantees to banks for mortgage loans to property purchasers amounted to RMB 4,048.5 million, down from RMB 6,102.1 million as of December 31, 2022, representing a decrease of approximately 33.7% [178]. - The Group's total guarantees as of June 30, 2023, were RMB 7,759.0 million, compared to RMB 11,765.5 million as of December 31, 2022, indicating a decline of approximately 34.0% [178]. - The Group provided financial assistance to affiliated companies through advances and guarantees, details of which are outlined in the report [199].