Investment Overview - The company plans to establish two wholly-owned subsidiaries in Hong Kong: Xunchi Hong Kong Limited with a registered capital of HKD 50 million and Xunchi Hong Kong Oriental Limited with a registered capital of HKD 10 million [1][2] - The investment aims to leverage Hong Kong's financial ecosystem to enhance cross-border financial services for small and micro enterprises, thereby improving the competitiveness of the company's payment services [1][2] Approval and Compliance - The investment does not require approval from the board of directors or shareholders as per relevant regulations [2] - The establishment of the subsidiaries does not constitute a related party transaction or a major asset restructuring as defined by the Shanghai Stock Exchange [2] Impact on the Company - This investment is a significant step in the company's strategy to deepen digital trade reform and build a global trade comprehensive service provider [3] - The Yiwu Pay platform will enhance its cross-border financial service capabilities, providing compliant fund custody and guarantee payment services, addressing trust issues in transactions [3] - The investment aligns with the company's global development strategy, aiming to provide integrated financial solutions for small and micro enterprises globally, thus creating greater value for clients and driving company growth [3] Risk Considerations - The establishment of the subsidiaries and the application for the TCSP license are subject to government approval, which carries uncertainty [4] - The future operations may face uncertainties due to macroeconomic changes, industry policy shifts, market demand fluctuations, and intensified competition [4]

6月19日，浙江中国小商品城（600415）集团股份有限公司(以下简称"小商品城")发布公告称，为充分 借助中国香港金融生态优势，丰富金融服务体系，公司全资子公司浙江迅弛数字科技有限公司拟于中国 香港投资5000万港元设立全资离岸子公司迅弛香港有限公司；同时投资1000万港元设立迅弛香港有限公 司的全资子公司迅弛香港东方有限公司，并将其作为中国香港TCSP牌照(全称"信托或公司服务提供者 牌照")申请主体。 公告显示，此次投资是小商品城深化贸易数字化改革、构建全球贸易综合服务商战略的重要步骤，其将 提升公司旗下"义支付"(YiwuPay)平台的跨境金融服务能力，使其在跨境支付的基础上，为有需求的客 户提供定制化财富管理及金融解决方案。 中关村物联网产业联盟副秘书长袁帅在接受《证券日报》采访时表示，TCSP牌照作为信托或公司服务 提供者的重要资质，能够使义支付进入香港这一具有高度金融开放性和创新性的市场。获得该牌照后， 公司可以合法合规地开展信托或公司服务相关业务，这将极大地拓展其业务范围，提升公司在金融领域 的专业形象和声誉。 技术赋能方面，义支付一方面积极引入大数据、机器学习算法等新兴技术，构建起"三位一体 ...

小商品城 20250618 摘要 义乌小商品城六区招商顺利，选位费持续上涨至 11-12 万元，反映市场 高景气度。尽管开盘后股价因部分机构预期过高而下跌，但选位费和商 铺租金（预计 2000-2,500 元/月）对公司业绩的积极影响显著，选位费 三年平摊每年贡献约 40 亿收入，转化率约 75%，业绩确定性强。 写字楼需求旺盛，拍卖速度快，单价约 1.5 万元，五栋已快速售罄。结 合商品展示、办公、洽谈功能，写字楼业务受欢迎，加上两栋高层和四 栋自持物业，为未来三年业绩奠定基础，支撑小商品城股价。 公司计划在香港获取 TCSP 牌照，战略上从商业运营向金融服务转型， 助力支付业务发展。该牌照允许合法开展公司注册、信托财管等业务， 并受香港证监会监管，提升公司专业形象和信誉度，增强综合竞争力。 易宝支付获得 TCSP 牌照后，可提供资金托管、担保支付等增值服务， 升级为综合金融服务商。简化中国商户海外业务流程，保障跨境资金安 全，降低国外客户对华贸易合规成本，优化跨境支付体验。 义乌进口业务作为贸易谈判筹码，国家给予唯一试点资格，降低新品 SKU 备案费用和时间。虽然目前市场认知度较低，但未来可能涉及化妆 六 ...

行业背景：跨境金融合规化与中小微企业需求的共振 小商品城（600415.SH）近期宣布拟通过全资子公司浙江迅弛数字科技在香港设立两家全资子公司，并 申请香港TCSP（信托或公司服务提供者）牌照。 战略意图：从支付工具到综合金融服务的跃迁 小商品城旗下的"义支付"（Yiwu Pay）已具备跨境支付基础（2024年跨境收款超40亿美元，同比增长 233%），但传统支付业务利润率有限。通过TCSP牌照，公司可拓展信托、公司秘书服务、资金托管等 高端业务，将"义支付"从支付工具升级为"支付+金融解决方案"的综合平台，提升服务附加值。 香港作为国际金融中心，其成熟的监管体系、资本流动自由度及离岸人民币业务优势，是小商品城拓展 全球化业务的关键跳板。设立子公司后，公司将利用香港的金融资源，为义乌市场及全球中小微企业提 供跨境贸易金融一体化服务（如担保支付、定制化理财），并探索离岸家族信托、稳定币等创新业务。 小商品城拥有全球最大的小商品贸易网络（覆盖230多个国家，2024年义乌进出口总额6689亿元），天 然具备高频跨境结算需求。通过TCSP牌照，公司可将实体贸易场景与金融服务深度融合，解决中小微 企业融资难、交易信任 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has completed the leasing of the jewelry sector in the global digital trade center, which is expected to contribute approximately 1.4 billion yuan in selection fee revenue [7] - The company plans to establish a wholly-owned subsidiary in Hong Kong to diversify its payment services, enhancing its cross-border financial service capabilities [7] - The company is actively applying for a stablecoin license in Hong Kong, aiming to provide efficient and low-cost cross-border payment solutions [7] - The controlling shareholder has increased its stake in the company, reflecting confidence in its future development [7] - The profit forecast for the company shows a significant increase in net profit from 4.23 billion yuan in 2025 to 6.83 billion yuan in 2027, with corresponding P/E ratios decreasing from 26 to 16 [7] Financial Projections - Total revenue is projected to grow from 15.74 billion yuan in 2024 to 33.23 billion yuan in 2027, with a compound annual growth rate (CAGR) of 21.68% [7] - The net profit attributable to the parent company is expected to rise from 3.07 billion yuan in 2024 to 6.83 billion yuan in 2027, reflecting a CAGR of 19.46% [7] - The latest diluted EPS is forecasted to increase from 0.56 yuan in 2024 to 1.24 yuan in 2027 [7]

Group 1: Shareholding Increase Plan - The controlling shareholder, Yiwu China Commodity City Holdings Co., Ltd., plans to increase its stake in Zhejiang China Commodity City Group Co., Ltd. with a total investment of no less than RMB 5 billion and no more than RMB 10 billion within 12 months starting from April 9, 2025 [1][2] - As of April 11, 2025, the controlling shareholder has already acquired 6.9 million A-shares, representing a 0.13% increase, with a transaction amount of RMB 98.69 million [2] - On June 18, 2025, an additional 10.23 million A-shares were purchased, representing a 0.19% increase, with a transaction amount of RMB 199.84 million [2] Group 2: Investment in Hong Kong Subsidiary - The company plans to establish a wholly-owned subsidiary in Hong Kong, named Xunchi Hong Kong Limited, to enhance its cross-border financial service capabilities [7][8] - The registered capital for Xunchi Hong Kong Limited is set at HKD 50 million, while its subsidiary, Xunchi Hong Kong Oriental Limited, will have a registered capital of HKD 10 million [9][13] - This investment aligns with the company's strategy to deepen digital trade reform and enhance the competitiveness of its payment platform, Yiwu Pay, by providing comprehensive financial services [10][11]

Key Developments - Xiaogoods City plans to establish a wholly-owned subsidiary in Hong Kong and apply for a TCSP license to enhance cross-border financial services for small and micro enterprises [2] - Shanghai Superconductor's IPO application has been accepted, focusing on high-temperature superconducting materials with a projected revenue growth from 35.78 million yuan in 2022 to 239.53 million yuan in 2024, representing a compound annual growth rate of 158.74% [4] - Zhaowei Electromechanical has submitted an application for H-share listing on the Hong Kong Stock Exchange [5] - Wolong Electric Drive intends to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and competitiveness [6] Financing Activities - Guotai Junan has received approval from the CSRC to issue up to 15 billion yuan in technology innovation corporate bonds [8] - Kanda New Materials plans to raise no more than 585 million yuan through a private placement for expansion projects [9] - Xinda Real Estate has been approved to issue up to 3 billion yuan in corporate bonds [10] - Shanghai Pharmaceuticals has received approval for a public bond issuance of up to 5 billion yuan [11] Mergers and Acquisitions - Konggang Co. plans to sell 80% of Tianyuan Construction to its controlling shareholder, which is expected to constitute a major asset restructuring [14] - HNA Group has received an inquiry letter regarding its acquisition of a subsidiary of Hainan Airport, with a transaction value of 799 million yuan [16] Corporate Announcements - Haimo Technology announced that Fan Zhonghua will become the controlling shareholder and actual controller of the company [24] - Poly Developments has received approval for a 5 billion yuan short-term financing bond registration [25] - China Eastern Airlines plans to transfer a 20% stake in New Shanghai International Building to an affiliate for approximately 286 million yuan [26] - Wolong Nuclear Materials intends to purchase a 25% stake in Changyuan Electronics for 340 million yuan [27]

近期，炙手可热的"稳定币"，受到了资本市场广泛关注。拥有全球最大小商品市场的小商品城 （600415），于6月18日就相关问题给出回应。同日公告还显示，公司还计划借助香港金融生态优势， 拟在香港布局。 回应是否申请香港稳定币牌照 针对投资者问及的是否准备申请香港稳定币牌照，小商品城18日午间在互动平台上表示，运营着全球最 大的小商品交易市场，与230多个国家和地区保持贸易往来，其中"一带一路"共建国家贸易占比较高， 天然拥有海量、高频的跨境商贸结算场景。公司积极探索利用金融科技提升贸易便利化水平。稳定币等 创新支付工具有潜力为全球客商，特别是中小微企业，提供更高效、低成本的跨境支付解决方案，契合 公司服务实体贸易的宗旨。 同时，小商品城还表示，公司欢迎并支持香港在稳定币监管框架上的积极进展，公司旗下跨境支付平 台"义支付"(Yiwu Pay)将持续关注相关法规进程，并将在法规明确、路径畅通后，积极评估并尽快提交 相关申请。公司致力于将自身庞大的实体贸易场景优势与金融科技创新相结合，为全球客商创造更大价 值，为提升日用消费品流通贡献力量。 值得一提的是，6月18日晚间，小商品城还公告称，为充分借助香港金融生态优 ...

Suspension - *ST Huamei: The controlling shareholder Shanghai Pengsheng Technology Industry Co., Ltd. is planning a significant matter regarding the transfer of company shares, which may lead to a change in control of the company, resulting in stock suspension [1] Restructuring, Mergers, Acquisitions, and Private Placements - Konggang Co., Ltd.: Plans to sell 80% equity of Tianyuan Construction to its controlling shareholder, constituting a major asset restructuring [2] - Wolong Nuclear Material: Plans to purchase 25% equity of Changyuan Electronics for 340 million yuan; after the completion of this equity purchase, the company's shareholding in Changyuan Electronics will change from 75% to 100% [2] - Kangda New Materials: Plans to raise no more than 585 million yuan through a private placement for the expansion project of 80,000 tons/year electronic-grade epoxy resin, R&D center, and military electronic composite materials project, as well as to supplement working capital [2] Shareholding Changes, Increases, Transfers, and Buybacks - Huate Dain: Received a stake increase from Guo Weisong, with the shareholding ratio reaching 5% [3] - Lantian Gas: The controlling shareholder Lantian Group plans to increase its holdings by 100 million to 150 million yuan [4] - Aikedi: Plans to repurchase company shares for 100 million to 200 million yuan [5] - Liyang Chip: Shareholder inquiry transfer pricing at 15.59 yuan/share [6] - Donghu Gaoxin: Tianfeng Tiancai Asset Management Plan intends to transfer 1.26% of shares to the indirectly controlling shareholder LianTou Group [7] - Qizhong Technology: Plans to repurchase shares for 75 million to 150 million yuan [8] External Investments and Daily Operations - Small Commodity City: Plans to establish a wholly-owned subsidiary in Hong Kong and apply for a Hong Kong TCSP license to provide financial solutions for cross-border trade through the "Yi Payment" platform [9] Performance Changes - Qingda Environmental Protection: Expected operating income in the first half of 2025 is between 900 million to 1.25 billion yuan, a year-on-year increase of 75.12% to 143.22%, driven by increased delivery of energy-saving environmental treatment system products [12] - Obi Zhongguang: Expected cumulative operating income from January to May 2025 is approximately 363 million yuan, a year-on-year increase of about 117.18%; net profit attributable to the parent company is around 55 million yuan, an increase of approximately 86.44 million yuan [12]

证券代码：600415 证券简称：小商品城 公告编号：临 2025-039 浙江中国小商品城集团股份有限公司 关于控股股东增持股份进展公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 已披露增持计划情况： 浙江中国小商品城集团股份有限公司（以下简称"公司"或"小商品城"） 控股股东义乌中国小商品城控股有限责任公司（以下简称"商城控股"）基于对 公司未来发展前景的信心和长期投资价值的认可，拟自 2025 年 4 月 9 日起 12 个月内，通过上海证券交易所采用集中竞价、大宗交易等方式增持小商品城股份， 增持不设定价格区间，增持总金额不低于人民币 5 亿元（含），不超过人民币 10 亿元（含）。 增持计划的实施进展： 2025 年 4 月 11 日，商城控股通过上海证券交易所交易系统以集中竞价方式 增持公司 690 万股 A 股股份，增持比例为 0.13%，增持成交金额为人民币 9,869.39 万元（不含佣金税费）。详见公司《关于控股股东首次增持公司股份暨增持计划 进展的公告》（临 2025-02 ...