Core Viewpoint - Shanghai Shimao Construction Co., Ltd. has disclosed significant legal issues and overdue debts, including a pending lawsuit involving a claim of 11.291 billion yuan, which may be related to the Shenzhen-Hong Kong International Center project [1][5] Group 1: Legal and Financial Issues - The company is facing a new lawsuit with a claim amount of 11.291 billion yuan, with the plaintiff being China CITIC Financial Asset Management Co., Ltd. [1] - The lawsuit is based on a contract dispute, and the first-instance hearing is scheduled for September 30, 2025 [1] - The company has also been involved in a land recovery situation, where 12 plots related to the Shenzhen-Hong Kong International Center are being evaluated for a compensation of only 6.8 billion yuan, significantly lower than the original acquisition cost [4][6] Group 2: Project Development and Challenges - The Shenzhen-Hong Kong International Center project was initially acquired for 23.943 billion yuan in December 2017, but the project has faced multiple delays and adjustments in height from 700 meters to below 500 meters [3][4] - Originally planned for completion by July 2025, the project has not progressed as expected, leading to speculation about government land recovery [4][6] - The project aims to be a comprehensive development including a conference center, hotel, and commercial spaces, but has been stalled due to financial difficulties and legal challenges [3][5] Group 3: Financial Performance - The company has reported continuous losses since 2022, with a net profit of -2.056 billion yuan for the first nine months of 2025, which is over 100% of its net assets at the end of 2024 [8] - The total contracted sales for the first ten months of 2025 were approximately 20.919 billion yuan, reflecting a year-on-year decline of 26.5% [8]

（於開曼群島註冊成立之有限公司） （股份代號：813） 海外監管公告 世茂集團控股有限公司的附屬公司 上海世茂股份有限公司 截至 2025 年 9 月 30 日止九個月之未經審核財務業績公告 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，概不對因本公告全 部或任何部分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。 | | 2025年9月30日 | 2024年12月31日 | | --- | --- | --- | | | 人民幣 | 人民幣 | | 資產 | | | | 流動資產 | 36,092,664,068.43 | 42,773,424,656.82 | | 非流動資產 | 30,855,184,100.81 | 33,222,483,968.89 | | 資產合計 | 66,947,848,169.24 | 75,995,908,625.71 | | 負債及股東權益 | | | | 流動負債 | 61,133,818,705.55 | 66,011,418,358.40 | | 非流動負債 | 10,032,533 ...

Summary of the Conference Call Industry Overview - **Industry**: Property Market in Mainland China and Hong Kong SAR - **Key Insights**: The property market is experiencing mixed signals with leading indicators in Mainland China showing declines while Hong Kong sees strong tourist arrivals. Mainland China Property Market - **Leading Indicators**: - Centaline tier-1 cities' secondary asking price index decreased from 19.4 to 18.5, marking the lowest since May 2024 [4] - Centaline manager confidence index fell from 45 to 44, reaching a new low since October 2024 [4] - **Sales Performance**: - 60-city primary sales increased by 1% year-over-year, recovering from a previous decline of 8% [4] - Sales registrations in Beijing improved by 17% year-over-year following policy easing on August 7, but asking prices remained stable [4] - 12-city secondary sales year-over-year growth improved from 4% to 6% [4] - **Market Dynamics**: - The sector's share price rose by 3% last week, with Vanke outperforming at +9% [4] - Notable underperformers included Shimao (-14%) and A-Living (-7%) [4] - **Investment Recommendations**: - Top picks include CR Land, CR Mixc, and Jinmao, with potential upside in laggards like COLI, COPH, and Longfor [4] Hong Kong Property Market - **Tourism Impact**: - Tourist arrivals increased by 1% week-over-week to 1.24 million, the highest year-to-date, with a year-over-year growth of 19% [4] - **Residential Sales**: - Residential sell-through rates have slowed, with Blue Coast II achieving a 56% sell-through rate, lower than expected [4] - Home price index fell by 0.5% week-over-week [4] - **Market Indicators**: - Centa Valuation Index rose to 65.2, indicating banks are revising up valuations, which supports price stabilization [4] - Secondary transactions in top 35 estates increased by 52% week-over-week to 82 units [4] - **Investment Recommendations**: - Among landlords, top picks include Swire Prop, Hang Lung, Wharf REIC, and Link REIT; among developers, Henderson and Sino are favored [4] Additional Insights - **Market Sentiment**: - The overall sentiment in the property market remains cautious, with leading indicators suggesting potential challenges ahead [4] - **Credit Views**: - Vanke reported a quarterly net loss of RMB 6 billion, with net gearing rising to 90% in Q2 2025, but is not expected to default due to support from Shenzhen Metro [9] - **Share Price Movements**: - The property sector in Mainland China and Hong Kong showed varied performance, with some companies experiencing significant fluctuations in share prices [4][55] This summary encapsulates the key points from the conference call regarding the property markets in Mainland China and Hong Kong, highlighting both challenges and opportunities for investors.

Core Insights - The article highlights significant declines in the prices of certain Chinese offshore bonds, particularly those issued by Sunac China Holdings, which saw a daily drop of 36.52% for its USD bond [2][4] Group 1: Bond Performance - The largest decline in the day was observed in the bond SUNSHI 7.5% 4/15/24 issued by Sunac China Holdings, which fell to a price of 0.18 [2] - Other notable bonds include SUNSHI 10.25% 9/15/22, which decreased to 0.19, and JOYY 1.375% 6/15/26, which is priced at 69.63 [4] - The bond prices of several other companies, such as China Aoyuan Group and Shimao Group, also reflect varying levels of performance, with Shimao's bonds priced at 4.24 [4] Group 2: Market Context - The data is sourced from the China Economic Society's enterprise foreign debt risk monitoring system, indicating a broader trend in the offshore bond market [2][4] - The report is updated as of 2025, suggesting ongoing monitoring of these financial instruments [2][4]

上证公告（股退）【2024】032号 2024年4月12日至2024年5月15日，上海世茂股份有限公司连续20个交易日的每日股票收盘价均低于 1元，上述情形属于《上海证券交易所股票上市规则（2024年4月修订）》（以下简称《股票上市规 则》）第9.2.1条第一款第（一）项规定的股票终止上市情形。根据《股票上市规则》第9.1.10条、第 9.2.1条和第9.2.7条的规定，经上海证券交易所（以下简称本所）上市审核委员会审议，本所决定终止上 海世茂股份有限公司股票上市。 根据《股票上市规则》第9.1.14条、第9.2.9条和第9.6.1条的规定，上海世茂股份有限公司股票不进 入退市整理期交易，本所在公告本决定之日后的5个交易日内，对上海世茂股份有限公司股票予以摘 牌，公司股票终止上市。 关于终止上海世茂股份有限公司股票上市的公告 2024-06-07 根据《股票上市规则》第9.1.15条的规定，上海世茂股份有限公司应当立即安排股票转入全国中小 企业股份转让系统等证券交易场所进行股份转让相关事宜，保证公司股票在摘牌之日起45个交易日内可 以转让。 如上海世茂股份有限公司对本所作出的终止上市决定不服，可以在本所公告本 ...

证券代码：600823 证券简称：*ST 世茂 公告编号：2024-084 上海世茂股份有限公司 关于 2023 年年度股东大会的延期公告 本公司董事会及全体董事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。 2. 原股东大会召开日期：2024 年 6 月 18 日 3. 原股东大会股权登记日 因公司统筹工作安排需要，根据公司实际情况，基于慎重考虑，为保证股东 大会顺利召开，公司决定将原计划于 2024 年 6 月 18 日召开的 2023 年年度股 东大会延期至 2024 年 6 月 24 日召开。此次股东大会延期召开符合《上市公司 股东大会规则》、《上海证券交易所股票上市规则》等相关法律法规和《公司章程》 的要求。 重要内容提示： 会议延期后的召开时间：2024 年 6 月 24 日 一、 原股东大会有关情况 1. 原股东大会的类型和届次 2023 年年度股东大会 | 股份类别 | 股票代码 | 股票简称 | | 股权登记日 | | --- | --- | --- | --- | --- | | Ａ股 | 600823 | *ST | 世茂 | ...

证券代码：600823 证券简称：*ST 世茂 公告编号：2024-083 上海世茂股份有限公司 股票终止上市暨摘牌的公告 本公司董事会及全体董事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： 第二节 终止上市决定的主要内容 "2024 年 4 月 12 日至 2024 年 5 月 15 日，你公司连续 20 个交易日的每日股 票收盘价均低于 1 元，上述情形属于《上海证券交易所股票上市规则（2024 年 4 月修订）》（以下简称《股票上市规则》）第 9.2.1 条第一款第（一）项规定的股票 终止上市情形。根据《股票上市规则》第 9.1.10 条、第 9.2.1 条和第 9.2.7 条的 规定，经上海证券交易所（以下简称本所）上市审核委员会审议，本所决定终止 你公司股票上市。 根据《股票上市规则》第 9.1.14 条、第 9.2.9 条和第 9.6.1 条的规定，你公 司股票不进入退市整理期交易，本所在公告本决定之日后的 5 个交易日内，对你 公司股票予以摘牌，公司股票终止上市。 根据《股票上市规则》第 9.1.15 条的规定，你公 ...

| 证券代码：600823 | 证券简称：*ST世茂 | | | 公告编号：临2024-081 | | --- | --- | --- | --- | --- | | 债券代码：155391 | 债券简称：H19 | 世茂 | 3 | | | 债券代码：163216 | 债券简称：H20 | 世茂 | 1 | | | 债券代码：163644 | 债券简称：H20 | 世茂 | 2 | | | 债券代码：175077 | 债券简称：H20 | 世茂 | 3 | | | 债券代码：175192 | 债券简称：H20 | 世茂 | 4 | | 上海世茂股份有限公司 关于回购公司股份的进展公告 本公司董事会及全体董事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个别及连带责任。 一、回购股份基本情况 上海世茂股份有限公司（以下简称"公司"或"本公司"）分别于 2023 年 6 月 4 日与 2023 年 6 月 27 日召开了第九届董事会第十七次会议与 2022 年年度 股东大会，审议通过了《关于以集中竞价交易方式回购股份方案的议案》，同意 公司以自有资金回购股份， ...

!"#$%&'()*+ ,- &'./012345 600789:;<=>?@4501A BCDEFG 关于 上海世茂股份有限公司 控股股东或其一致行动人增持公司股份的 专项核查意见 致：上海世茂股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受上海世茂股份有限公司 （以下简称"世茂股份"或"公司"）的委托，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）、《上市公司收购管理办法》（以下简称"《收购管理办法》"）和《上 海证券交易所上市公司自律监管指引第 8 号——股份变动管理》（以下简称"《自 律监管指引第 8 号》"）等相关法律、法规及规范性文件的规定，按照律师行业 公认的业务标准、道德规范和勤勉尽责精神，就峰盈国际有限公司（以下简称"峰 盈国际"）或其一致行动人上海伯拉企业管理有限公司（以下简称"上海伯拉" 或"增持人"）于 2023 年 5 月 31 日至 2024 年 5 月 30 日增持公司股份（以下简 称"本次增持"）事宜出具本专项核查意见。 本所律师依据核查意见出具日以前已发生或存在的事实和我国现行法律、法 规、规章和规范 ...

| 证券代码：600823 | 证券简称：*ST世茂 | | | 公告编号：临2024-079 | | --- | --- | --- | --- | --- | | 债券代码：155391 | 债券简称：H19 | 世茂 | 3 | | | 债券代码：163216 | 债券简称：H20 | 世茂 | 1 | | | 债券代码：163644 | 债券简称：H20 | 世茂 | 2 | | | 债券代码：175077 | 债券简称：H20 | 世茂 | 3 | | | 债券代码：175192 | 债券简称：H20 | 世茂 | 4 | | 上海世茂股份有限公司 关于 2023 年年度报告的信息披露监管问询函的回复 本公司董事会及全体董事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个别及连带责任。 2024年4月30日，上海世茂股份有限公司（以下简称："世茂股份"或"本公司"、 "公司"）收到上海证券交易所下发的《关于上海世茂股份有限公司2023年年度报 告的信息披露监管问询函》（上证公函【2024】0448号）（以下简称：《问询函》）。 公司收到《问询函》后 ...