Core Viewpoint - Baolong Commercial (09909.SH) is undergoing a debt restructuring process initiated by its controlling shareholder, Baolong Real Estate (01238.HK), which includes options for creditors to exchange or pledge shares of Baolong Commercial for debt relief [2][3]. Group 1: Debt Restructuring Details - On October 10, Baolong Real Estate signed a restructuring support agreement for its offshore debt, allowing for the transfer of up to 32.4% of Baolong Commercial's shares to creditors [2]. - The restructuring plan includes various options for creditors, such as cash payments, shares of Baolong Commercial, and convertible bonds, with a cash option offering 12% of the claimed amount [2][3]. - The cash for the restructuring will be sourced from the sale or pledge of Baolong Commercial shares, amounting to $40 million, with proportional distribution if claims exceed this amount [2]. Group 2: Historical Context - Baolong Real Estate has faced challenges in meeting its debt obligations, having defaulted on $21.29 million in notes in 2022 and unable to pay $15.9162 million in interest due in April 2023 [3]. - The company has been in negotiations for nearly a year to finalize its debt restructuring, with a previously set effective date for the plan now extended to no later than September 30, 2026 [2][4]. - As of now, Baolong Real Estate holds approximately 63% of Baolong Commercial's outstanding shares, totaling 405 million shares [4].

Core Viewpoint - Baolong Commercial (09909.HK) is facing a potential change in control due to the debt restructuring of its parent company, Baolong Real Estate, which is in a severe liquidity crisis and may sell or pledge shares to raise funds [1][3][4]. Financial Situation - Baolong Real Estate has a total debt of approximately 561.11 billion, with current liabilities reaching about 275.98 billion, and only 73.27 billion in cash, resulting in a funding gap exceeding 200 billion [4][5]. - The company has accumulated about 228.43 billion in defaulted or cross-defaulted debts, and its previous debt restructuring plan failed in February 2025, leading to creditor actions against its subsidiary [5][6]. Asset Disposal Challenges - Attempts to sell assets, such as the Shanghai Baoshan office building, have failed due to a sluggish commercial real estate market, further constraining Baolong Real Estate's financial flexibility [6]. - The company’s residential sales dropped significantly, with contract sales in the first half of 2025 at only 37.23 billion, halving compared to the previous year, making Baolong Commercial a key asset for liquidity [6]. Potential Outcomes of Restructuring - The restructuring support agreement indicates that Baolong Real Estate may transfer up to 32.4% of its shares in Baolong Commercial, potentially losing its status as the largest shareholder [7]. - There are two main paths for raising funds: selling or pledging shares to raise 40 million, or transferring a portion of shares to creditors [8][9]. Market Dynamics - The commercial real estate sector is undergoing significant restructuring, with a shift from asset sales to the reconfiguration of quality assets, as companies face debt pressures [11]. - The disparity between leading firms and smaller players is widening, with top companies like China Resources experiencing revenue growth while Baolong Commercial faces declines [11][12]. Stock Market Reaction - Following the announcement of potential share disposals, Baolong Commercial's stock price surged by 16.59%, indicating market optimism about the restructuring's potential to create a turning point for the company [13][15].

Core Viewpoint - The stock of Baolong Commercial (09909.HK) has experienced a significant increase of over 16%, reaching a price of 2.6 HKD with a trading volume of 7.013 million HKD as of the report date [1] Group 1 - Baolong Commercial's stock price rose by 16.59% [1] - The current trading price is 2.6 HKD [1] - The trading volume recorded is 701.3 million HKD [1]

Core Viewpoint - Baolong Commercial (09909) saw a significant increase of over 16%, currently trading at 2.6 HKD with a transaction volume of 7.013 million HKD, following the announcement of a debt restructuring support agreement by its controlling shareholder, Baolong Real Estate [1] Group 1 - Baolong Commercial announced that its controlling shareholder, Baolong Real Estate, has entered into a restructuring support agreement regarding its offshore debt on October 10 [1] - The restructuring will involve a combination of methods chosen by creditors, including the sale or pledge of company shares to pay a total cash amount of 40 million USD, and the transfer of company shares equivalent to no more than 32.4% of the company's issued shares to the planned creditors [1] - As of the announcement date, Baolong Real Estate, through its wholly-owned subsidiary, holds 405 million shares in Baolong Commercial, accounting for approximately 63% of the company's issued shares [1] Group 2 - The company expects that the restructuring by Baolong Real Estate will not adversely affect the operations of Baolong Commercial and its subsidiaries [1]

Core Viewpoint - 宝龙商业's stock price increased by over 16% following the announcement of a debt restructuring plan by its controlling shareholder, 宝龙地产 [1] Group 1: Stock Performance - 宝龙商业's stock rose by 16.59%, reaching HKD 2.6, with a trading volume of HKD 7.013 million [1] Group 2: Debt Restructuring Announcement - 宝龙地产 informed 宝龙商业 that it has entered into a restructuring support agreement regarding its offshore debt on October 10 [1] - The restructuring will involve a combination of methods chosen by creditors, including the sale or pledge of company shares to provide a total cash amount of USD 40 million [1] - 宝龙地产 may transfer shares equivalent to up to 32.4% of the company's outstanding shares to the planned creditors [1] Group 3: Shareholding Structure - As of the announcement date, 宝龙地产, through its wholly-owned subsidiary, holds 405 million shares, representing approximately 63% of the company's outstanding shares [1] - The company expects that 宝龙地产's restructuring will not adversely affect its operations or those of its subsidiaries [1]

Core Viewpoint - Baolong Commercial (09909) announced that its controlling shareholder, Baolong Real Estate Holdings Limited, has entered into a restructuring support agreement regarding its offshore debt restructuring, which is expected to have no adverse impact on the company's operations [1] Group 1: Debt Restructuring - Baolong Real Estate has signed a restructuring support agreement on October 10, 2025, for its proposed offshore debt restructuring [1] - The restructuring consideration will consist of one or more combinations selected by the creditors, including the sale or pledge of Baolong Commercial shares for a total cash amount of $40 million [1] - Baolong Real Estate may transfer shares of Baolong Commercial equivalent to no more than 32.4% of the company's issued shares to the planned creditors [1] Group 2: Shareholding Structure - As of the announcement date, Baolong Real Estate, through its wholly-owned subsidiary, holds 405 million shares of Baolong Commercial, accounting for approximately 63% of the company's issued shares [1]

Core Viewpoint - Baolong Commercial (09909) announced that its controlling shareholder, Baolong Real Estate Holdings Limited, has entered into a restructuring support agreement for its offshore debt restructuring, scheduled for October 10, 2025 [1] Group 1: Restructuring Details - The restructuring costs will be composed of one or more combinations selected by the creditors, including (i) the sale or pledge of Baolong Commercial shares by Baolong Real Estate for a total cash payment of $40 million; and (ii) the transfer of Baolong Commercial shares (up to 32.4% of the total issued shares) to the planned creditors [1] - As of the announcement date, Baolong Real Estate, through its wholly-owned subsidiary, holds 405 million shares of Baolong Commercial, accounting for approximately 63% of the total issued shares [1] Group 2: Impact on Operations - The company expects that the Baolong Real Estate restructuring will not have any adverse impact on the operations of Baolong Commercial and its subsidiaries [1]

香港交易及結算所有限公司和香港聯合交易所有限公司對本公佈的內容概不 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 就 因 本 公 佈 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。 Powerlong Commercial Management Holdings Limited 寶龍商業管理控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9909） 控股股東可能出售股份 本公佈乃由寶龍商業管理控股有限公司（「本公司」）根據香港聯合交易所有限公 司證券上市規則（「上市規則」）第13.09條及證券及期貨條例（香 港 法 例 第571章） 第XIVA部 內 幕 消 息 條 文 而 刊 發。 許華芳 香 港，2025年10月13日 根 據 寶 龍 地 產 重 組 相 關 的 條 款 及 條 件，於（其 中 包 括）簽 署 最 終 文 件 之 前 提 下， 重 組 代 價 將 按 計 劃 債 權 人 所 選 定 之 一 項 或 多 項 組 合 方 式 構 成，其 中 包 括（但 不 限 於）( ...

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: 寶龍商業管理控股有限公司 呈交日期: 2025年10月8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) | 09909 | 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 | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註 ...

Financial Performance - For the six months ended June 30, 2025, the commercial operation services generated total revenue of approximately RMB 1,048.6 million, a decrease of about 2.6% compared to RMB 1,076.9 million for the same period in 2024 [18]. - The gross profit for commercial operation services was RMB 361.6 million with a gross margin of 34.5%, compared to RMB 384.7 million and a gross margin of 35.7% in the previous year [17]. - The total gross profit for the group was RMB 405.3 million with a gross margin of 31.2%, compared to RMB 449.4 million and a gross margin of 33.7% in the previous year [17]. - For the six months ended June 30, 2025, the company's revenue was approximately RMB 1,300.9 million, a decrease of about RMB 32.0 million compared to RMB 1,332.9 million for the same period in 2024 [31]. - Revenue from commercial operation and management services was approximately RMB 915.9 million, accounting for 70.4% of total revenue, representing a year-on-year decrease of about 1.6% [34]. - The revenue from residential property management services was approximately RMB 252.3 million, a decrease of about 1.5%, accounting for 19.4% of total revenue [38]. - The total comprehensive income for the six months ended June 30, 2025, was RMB 176,064 thousand, compared to RMB 200,002 thousand for the same period in 2024, reflecting a decrease of 11.9% [114]. - The profit attributable to shareholders for the six months ended June 30, 2025, was approximately RMB 182.8 million, a decrease of about 6.0% from RMB 194.5 million in 2024 [51]. Operational Highlights - As of June 30, 2025, the group operates 97 retail commercial properties with a total built area of approximately 11.1 million square meters, and has signed contracts for 129 retail commercial properties with a total contracted area of about 14.2 million square meters [6]. - The average occupancy rate for retail commercial properties as of June 30, 2025, was 91.8%, up from 91.5% at the end of 2024 [25]. - The company plans to open new retail commercial properties in the second half of 2025, with a total projected building area of 523,952 square meters [26]. - The company opened a new retail commercial property, Wuyishan Baolong Plaza, with a total building area of 67,633 square meters on May 2025 [21]. - The company added one new delivered project, bringing the total delivered projects to 128, compared to 127 in 2024 [27]. Market and Strategic Focus - The group continues to focus on the Yangtze River Delta region, targeting cities with high economic vitality to enhance urban living experiences [6]. - The group aims to become a respected century-old enterprise and a global leader in urban space operations, adhering to its mission of "Letting Space Have Love" and corporate values of simplicity, authenticity, and win-win cooperation [7]. - The company aims to enhance operational capabilities, recruitment capabilities, and product capabilities to improve asset value and market influence [30]. - The company plans to focus on talent development through a "1 + 5" capability model to strengthen its leadership team and ensure sustainable growth [30]. Financial Position and Assets - As of June 30, 2025, the total assets amounted to RMB 6,021,041, with segment assets of RMB 1,744,158 [134]. - Total liabilities decreased to RMB 2,626,425,000 as of June 30, 2025, down from RMB 2,815,702,000 at the end of 2024, reflecting a reduction of approximately 6.7% [136]. - The cash and bank balances increased to approximately RMB 4,285.2 million, a growth of about 3.7% from RMB 4,131.6 million as of December 31, 2024, due to enhanced collection efforts [59]. - The total equity attributable to owners of the company was RMB 3,402,407 thousand, an increase from RMB 3,259,464 thousand as of June 30, 2024, representing a growth of 4.4% [114]. Employee and Labor Relations - The company maintained a stable workforce with 5,566 employees as of June 30, 2025, unchanged from December 31, 2024 [61]. - The total employee cost for the six months was approximately RMB 408.2 million, a decrease of 4.9% from RMB 427.5 million for the same period in 2024 [61]. - The company emphasizes the importance of attracting and retaining high-quality employees for its success [61]. - The company offers various employee benefits, including cash performance bonuses and social insurance programs [61]. Governance and Compliance - The company has adopted the corporate governance code as a basis for its governance practices and has complied with all applicable code provisions during the reporting period, except for deviations noted in specific provisions [83]. - The roles of Chairman and CEO were separated after Mr. Xu was appointed CEO on January 21, 2025, restoring compliance with the corporate governance code [85]. - The company has established an audit committee to oversee financial reporting and internal control systems, ensuring compliance with regulatory requirements [100]. Shareholder Information - The company’s major shareholder, Mr. Xu Jiankang, holds 405 million shares, representing 63.00% of the total shares [68]. - The total issued share capital of the company as of June 30, 2025, was 642.9 million shares [65][70]. - The company did not recommend the distribution of an interim dividend for the six months ended June 30, 2025, compared to no dividend for the same period in 2024 [69].