Group 1 - The core point of the news is that Huafa Group is taking steps to liquidate its assets by disposing of seven commercial land parcels in Shenzhen for a total price of 4.405 billion yuan, as part of a strategy to mitigate liquidity risks and accelerate the revitalization of stagnant assets [1] - The land parcels cover a total area of 70,468 square meters, with a planned gross floor area of approximately 461,000 square meters, including 420,000 square meters for office use and 32,800 square meters for above-ground commercial use [1] - The current status of the land parcels is undeveloped, and the transaction is seen as a response to the market conditions, where local governments are likely to repurchase idle land at current market prices, potentially leading to discounted transactions [1] Group 2 - Recent market information indicates that CITIC Trust is planning to acquire 12 land parcels under Shimao Group in Shenzhen for a total price of 6.8 billion yuan, reflecting a trend of local governments actively engaging in land storage to stabilize the real estate market [2] - According to Li Yujia, a chief researcher at the Guangdong Housing Policy Research Center, land storage is a government function aimed at preserving the value of state-owned assets, especially when land remains undeveloped or when companies are unable to develop it [2] - As of June 25, over 3,700 parcels of idle land have been publicly announced for acquisition across the country, covering approximately 196 million square meters and totaling over 470 billion yuan, indicating a significant trend in local governments utilizing special bonds for land acquisition [2]

Core Viewpoint - Huafa Group is selling seven commercial land parcels in the Qianhai Ice and Snow World project at a significant loss, reflecting the challenges in the Shenzhen real estate market and the need for asset liquidation to mitigate risks [1][5]. Group 1: Transaction Details - Huafa Group's subsidiary, Ronghua Land, received a notice from the Shenzhen Land Reserve Center to recover seven commercial land parcels for 4.405 billion yuan, which is a 25% discount from the book cost of approximately 5.841 billion yuan [1]. - The total area of the seven parcels is about 70,500 square meters, with a planned construction area of approximately 460,000 square meters [1]. - The anticipated loss from this transaction is expected to exceed half of Huafa Group's audited net profit for 2024 [1]. Group 2: Project Background - The Qianhai Ice and Snow World project was initially acquired in November 2020 for 12.71 billion yuan, including various developments such as residential, commercial, and hotel spaces [2]. - Huafa Group took full control of Ronghua Land in early 2023, acquiring the remaining stake from Sunac [4]. - The project was initially part of Shenzhen's major project plans for 2021 and 2022 but faced delays due to Sunac's financial difficulties [2]. Group 3: Market Context and Implications - The decision to return the land parcels is influenced by the ongoing downturn in the Shenzhen commercial real estate market, particularly in the office sector [5]. - The asset evaluation report indicates a significant devaluation of the land, attributed to the high market conditions at the time of acquisition in 2020 [5]. - The recovery of these parcels is seen as a strategic move to avoid long-term asset stagnation and to free up capital for other business operations, such as residential development [5]. Group 4: Project Progress - Despite the land recovery, the overall construction of the Qianhai Ice and Snow World project is reportedly on track, with key construction phases nearing completion [6]. - The project is expected to open before the National Day holiday, with ongoing efforts in interior decoration and mechanical adjustments [6]. - The talent housing project associated with the development has nearly sold out, with the first phase already delivered [6].

Core Viewpoint - The article discusses the recent trend of land acquisition and storage by local governments in Shenzhen, highlighting the actions of Huafa Group and CITIC Trust in response to market conditions and the need to stabilize land asset values [1][2]. Group 1: Huafa Group's Actions - Huafa Group's subsidiary, Shenzhen Ronghua Real Estate Investment Co., plans to dispose of seven commercial land parcels totaling 70,468 square meters for 4.405 billion yuan [1]. - The land parcels are part of the Shenzhen Ice and Snow World project, currently undeveloped, with a total planned construction area of approximately 461,000 square meters [1]. - The transaction aims to accelerate the revitalization of stagnant land assets, reduce liquidity risks, and avoid market risks associated with ongoing development [1]. Group 2: Government Land Acquisition Strategy - CITIC Trust is involved in a plan to acquire 12 land parcels from Shimao Group for a total of 6.8 billion yuan, indicating a broader trend of land storage by local governments [2]. - The acquisition of idle land is seen as a method for local governments to maintain the value of state-owned assets, especially when land remains undeveloped or when companies are unable to develop them [2]. - The article notes that over 3,700 parcels of idle land have been publicly announced for acquisition across the country, covering approximately 196 million square meters and totaling over 470 billion yuan [2].

Core Viewpoint - The company, Huafa Group, announced the acquisition of seven commercial land parcels in the Qianhai Ice and Snow World project by the Shenzhen government for a total of 4.405 billion RMB, aiming to revitalize stagnant assets and mitigate liquidity risks [2][8]. Group 1: Project Overview - The Qianhai Ice and Snow World project is located in the Bao'an Airport New City Comprehensive Area of Shenzhen and features a large indoor ski resort, deep diving base, office complexes, hotels, and various commercial spaces [4][15]. - The project encompasses a total area of approximately 430,000 square meters, with a planned gross floor area of about 1.3107 million square meters [15]. Group 2: Financial Implications - The transaction is expected to result in a loss exceeding 50% of the company's audited net profit for 2024, which was reported at 951 million RMB, down 48.2% year-on-year [8]. - The company reported a revenue of 59.99 billion RMB for 2024, a decrease of 16.8% compared to the previous year [8]. Group 3: Government's Role and Market Context - The government’s decision to reclaim the land is seen as a necessary measure to maintain the value of state-owned assets, especially in light of difficulties in developing commercial and office projects [6]. - The project has faced challenges in construction, with some structures incomplete and the area exhibiting signs of stagnation [10][11].

Core Viewpoint - Shenzhen is accelerating its land reserve efforts in the second half of the year, with significant transactions aimed at revitalizing idle land and mitigating liquidity risks for companies [1][3]. Group 1: Company Actions - Huafa Group announced that its wholly-owned subsidiary, Shenzhen Ronghua Real Estate Investment Co., Ltd., plans to dispose of seven commercial land parcels totaling 70,468 square meters for a price of 4.405 billion yuan [1]. - The transaction is expected to result in a loss exceeding 50% of the company's audited net profit for 2024, and it requires approval from the company's shareholders [1]. - The land parcels are part of the Qianhai Ice and Snow World project, with a total planned construction area of approximately 461,000 square meters, including office and commercial spaces [1]. Group 2: Industry Insights - According to Li Yujia, Chief Researcher at the Guangdong Housing Policy Research Center, many commercial and mixed-use projects face significant operational difficulties, making it challenging to develop previously sold land [2]. - The Shenzhen government has initiated measures to activate idle land and improve the mechanisms for handling and recovering unused land, as outlined in the city's overall land use plan for 2021-2035 [2][3]. - Recent large-scale land reserves in Shenzhen, including a 6.8 billion yuan acquisition of 12 plots from Shimao Group, may set a precedent for future land recovery efforts [3].

Core Points - The company held its 58th meeting of the 10th Board of Directors on July 28, 2025, via telecommunication, in compliance with the Company Law and its Articles of Association [1][2] - The Board approved several key resolutions, including the revitalization of the Shenzhen Qianhai Ice and Snow World project through government land storage [1][2] - The Board also approved the cancellation of the Supervisory Board and the revision of the company's Articles of Association, which will be presented to the shareholders' meeting for approval [2][4] - Additional management system revisions were approved, including updates to external guarantee systems and compensation management for directors and senior management, also to be presented to the shareholders' meeting [2][4] - The Board resolved to convene the fifth extraordinary shareholders' meeting of 2025 [4]

Core Points - Zhuhai Huafa Industrial Co., Ltd. has decided to cancel its supervisory board and amend its articles of association to enhance corporate governance and compliance with the latest Company Law and regulatory guidelines [1][2][3] - The supervisory functions will be transferred to the audit committee, which will assume the responsibilities previously held by the supervisory board [1][2] - The amendments include changes to the articles of association, shareholder meeting rules, and the abolition of the supervisory meeting rules [1][2] Summary of Amendments - The articles of association now include provisions to protect the rights of the company, shareholders, employees, and creditors [2] - The legal representative of the company will be the chairman of the board, and the company must appoint a new legal representative within 30 days if the chairman resigns [2] - The company will bear civil liability for actions taken by the legal representative in the course of their duties [2][3] - The company’s assets are divided into equal shares, and shareholders are liable only to the extent of their shareholdings [3] - The company will establish a party organization to play a leading role and ensure compliance with the Party's regulations [4][5] - The articles of association will now have legal binding force on the company, shareholders, directors, and senior management [5][6] - The issuance of shares will adhere to principles of fairness and equality, ensuring that all shares of the same category have equal rights [6][7] - The company’s stock will be registered and managed by the Shanghai branch of the China Securities Depository and Clearing Corporation [6][7] - The company will not provide financial assistance for acquiring its shares, except for employee stock ownership plans [6][7] - The company can increase its capital through various methods, including public offerings and private placements, as approved by the shareholders [7][8]

General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors, and to regulate its organization and behavior according to the Party Constitution and the Company Law [1][2] - The company was established as a joint-stock limited company in accordance with the relevant regulations and has undergone necessary registrations and approvals [1][2] - The company was approved by the China Securities Regulatory Commission for its initial public offering of 60 million shares on February 2, 2004, and was listed on the Shanghai Stock Exchange on February 25, 2004 [1][3] Company Capital and Structure - The registered capital of the company is RMB 2.752 billion [2] - The company is a permanent joint-stock limited company, and the chairman of the board serves as the legal representative [2][3] - The company has a total of 2,752,152,116 shares issued, all of which are ordinary shares [6][7] Business Objectives and Scope - The company's business objective is to explore a socialist business model with Chinese characteristics, leveraging its advantages to develop and expand production [3][4] - The approved business scope includes real estate development and operation, sales agency, and various materials sales [4][5] Share Issuance and Management - The company issues shares in the form of stocks, with all shares being ordinary shares and having equal rights [6][7] - The company can increase its capital through various methods, including issuing shares to unspecified objects or existing shareholders [8][9] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and supervision of the company's operations, and they must comply with laws and the company's articles of association [13][14] - Shareholders holding more than 5% of shares must report any changes in their holdings to the company [18][19] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for calling and conducting these meetings [50][51] - Shareholder proposals must be submitted in advance, and the company must provide adequate notice of meetings [60][61] Legal Compliance and Governance - The company must comply with legal requirements regarding external guarantees and must ensure that all decisions made by the board and shareholders are valid and lawful [21][22] - The company is required to maintain transparency and provide necessary information to shareholders and regulatory bodies [23][24]

Core Points - The document outlines the information disclosure management system of Zhuhai Huafa Industrial Co., Ltd, emphasizing the importance of transparency and accuracy in disclosing information related to debt financing instruments [1][2][3] - The company is required to disclose information in a timely manner, ensuring that all investors receive the same information simultaneously to maintain fairness [2][4] - The responsibilities of the board of directors and senior management include ensuring the accuracy and completeness of disclosed information, as well as preventing insider trading [2][5] Information Disclosure Requirements - The company must disclose various types of information, including issuance documents for debt financing instruments, periodic reports (annual, semi-annual, quarterly), and any significant events that may affect its debt repayment ability [2][7] - All disclosure documents must be submitted to designated websites and published in both Chinese and foreign languages, ensuring consistency between the two [3][12] - The company is obligated to correct any errors in previously disclosed financial information and provide updated reports within specified timeframes [6][10] Management Responsibilities - The board of directors is responsible for establishing and implementing the information disclosure management system, ensuring compliance with relevant regulations [11][12] - The audit committee oversees the actions of the board and senior management regarding information disclosure, ensuring that any violations are investigated and addressed [12][13] - The company’s senior management must report significant operational or financial matters to the board promptly, ensuring that all disclosures are accurate and timely [13][14] Confidentiality and Insider Information - The document defines insider information and outlines the responsibilities of individuals who have access to such information, emphasizing the prohibition of insider trading [31][32] - The company must implement strict confidentiality measures to protect undisclosed significant matters and ensure that only authorized personnel have access to sensitive information [36][37] Compliance and Accountability - The company holds its directors and senior management accountable for the accuracy and timeliness of disclosed information, with potential penalties for non-compliance [45][46] - Any violations of disclosure regulations may lead to internal disciplinary actions and legal consequences for responsible individuals [46][48] - The company is required to update its disclosure management system in accordance with new regulations from the China Interbank Market Dealers Association [49][50]

Core Points - The document outlines the working rules for senior management personnel of Zhuhai Huafa Industrial Co., Ltd, aiming to standardize their behavior and ensure effective exercise of authority and responsibilities [1][2] - It specifies the composition and powers of senior management, including the President, Executive Vice President, Board Secretary, and Chief Financial Officer, and their roles in decision-making processes [2][3] Group 1: General Provisions - The rules are established to ensure senior management acts in accordance with laws, regulations, and the company's articles of association [1] - Senior management includes positions appointed by the board, such as the President and other key executives [1] - Senior management must adhere to legal and regulatory requirements and maintain the company's interests [1] Group 2: Composition and Authority of Senior Management - The President is responsible for the overall management of the company and acts within the authority granted by the articles of association and board resolutions [2] - The President has signing authority for various documents related to daily operations and can delegate this authority to other executives [2] - The Executive Vice President, Board Secretary, and Chief Financial Officer have specific responsibilities, including business planning, assisting the President, and ensuring compliance with company policies [2][3] Group 3: Reporting System - Senior management must report significant matters related to the company's interests to the board in a timely manner [3] - They are also responsible for proposing the convening of board or temporary shareholder meetings when necessary [3] Group 4: Miscellaneous - The board is responsible for interpreting these rules, which take effect upon approval by the board [4]