Group 1 - Vanke A shares increased by 5.85%, reaching 5.07 CNY per share, with a trading volume of 2.045 billion CNY and a turnover rate of 4.25%, resulting in a total market capitalization of 60.489 billion CNY [1] - Vanke Enterprise Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on May 30, 1984, with its listing date on January 29, 1991. The company primarily engages in real estate development and property services [1] - The revenue composition of Vanke includes 80.17% from real estate development and related asset management, 16.23% from property services, and 3.61% from other supplementary activities [1] Group 2 - Silver Hua Fund has one fund heavily invested in Vanke A, with the Real Estate ETF (159768) holding 13.5893 million shares, unchanged from the previous period, accounting for 12.32% of the fund's net value, making it the third-largest holding [2] - The Real Estate ETF (159768) was established on January 27, 2022, with a current size of 348 million CNY. Year-to-date returns are 3.67%, ranking 3314 out of 5542 in its category, while the one-year return is 3.75%, ranking 4135 out of 4243. Since inception, the fund has incurred a loss of 42.71% [2] Group 3 - The fund manager of the Real Estate ETF (159768) is Zhang Yichi, who has been in the position for 4 years and 243 days. The total asset size of the fund is 36.436 billion CNY, with the best return during his tenure being 77.17% and the worst return being -35.59% [3]

消息面上，据智通财经报道，记者今日从知情人士处获悉，万科一笔余额11亿元的"21万科02"债券，展 期1年方案获得通过。分析人士指出，这是万科本轮多笔债券展期谈判中首个成功落地的方案，标志着 其在流动性危机中争取到宝贵喘息空间。 报道称，一位业内人士向记者表示，"21万科02"展期1年方案通过后，提供了一个样板，基于此，对于 万科剩余两笔正在谈展期的"22万科MTN004"、"22万科MTN005"展期方案，通过的概率较此前可能会 有所提高。 万科企业(02202)午后涨超6%，截至发稿，涨4.31%，报3.63港元，成交额2.52亿港元。 ...

报道称，一位业内人士向记者表示，"21万科02"展期1年方案通过后，提供了一个样板，基于此，对于 万科剩余两笔正在谈展期的"22万科MTN004"、"22万科MTN005"展期方案，通过的概率较此前可能会 有所提高。 消息面上，据智通财经报道，记者今日从知情人士处获悉，万科一笔余额11亿元的"21万科02"债券，展 期1年方案获得通过。分析人士指出，这是万科本轮多笔债券展期谈判中首个成功落地的方案，标志着 其在流动性危机中争取到宝贵喘息空间。 智通财经APP获悉，万科企业(02202)午后涨超6%，截至发稿，涨4.31%，报3.63港元，成交额2.52亿港 元。 ...

（文章来源：每日经济新闻） 每经AI快讯，1月21日，万科A涨超5%，万科企业涨超3%。 ...

Core Viewpoint - Vanke's bond extension plan for "21 Vanke 02" with a balance of 1.1 billion yuan has been approved, marking a significant step in alleviating its liquidity crisis and providing essential breathing space [1] Group 1: Bond Extension Details - The extension plan includes measures such as small principal repayments, a 40% buyback of principal, and enhanced credit support to address diverse investor demands [1] - The proposal received 92.11% approval during the first bondholder meeting, focusing on the repayment arrangements and credit enhancement measures [1] - The issuer will implement small repayments of up to 100,000 yuan for bondholders who have applied for buyback on January 30, 2026, ensuring liquidity for small holders [1] Group 2: Repayment Structure - 40% of the buyback principal will be repaid on January 30, 2026, while the remaining 60% will be extended for one year, with a repayment date set for January 22, 2027 [1] - Interest for the non-redeemed portion will be paid on January 22, 2026, while interest for the redeemed portion will be paid within two trading days after the proposal's approval, maintaining a coupon rate of 3.98% during the extension [2] Group 3: Credit Enhancement and Market Reaction - The extension plan significantly enhances the repayment assurance of the bonds, which was a key factor in gaining creditor support [3] - Immediate repayment of 40% of the buyback principal and fixed payments for small holders were crucial in providing short-term cash flow to creditors [3] - The provision of specific asset pledges for credit enhancement has improved creditor confidence, addressing previous market concerns about Vanke's lack of robust guarantees [3] Group 4: Future Implications - The successful approval of the "21 Vanke 02" extension serves as a model for negotiating the extensions of "22 Vanke MTN004" and "22 Vanke MTN005," which have balances of 2 billion yuan and 3.7 billion yuan respectively, totaling 5.7 billion yuan [3] - The future success of Vanke's bond extension plans will depend on its ability to provide concrete and executable asset pledges and cash arrangements [4] - Key factors such as asset ownership, pledge priority, cash collection, and debt repayment priority will be critical in determining the outcome of future negotiations [4]

1月21日，万科迎来重要时刻。 当日早间，万科发布了"21万科02"2026年第一次债券持有人大会决议公告。值得关注的是，增加固定兑付安排的"议案四"获得高票通过。同时，万科还公 告该债券将在22日付息。或受此消息提振，万科A股价上午交易时段一度大涨5%。 不过，万科两只中票本息兑付尚未与债权人形成一致。市场人士认为，由于相关议案内容基本一致，"21万科02"的表决也将为当日其他两只债券持有人大 会提供借鉴。 表决释放积极信号 1月21日早间，万科发布了"21万科02"债券持有人大会决议公告。其中，强调增加固定兑付安排的"议案四"获得通过。 "21万科02"2026年第一次债券持有人会议决议公告显示，五项议案中"议案一"和"议案四"获得通过。"议案一"主要涉及豁免相关程序，优化流程，因此获 得高票通过。值得关注的是包含小额兑付的"议案四"也获得高票通过。 如持有人会议通过，发行人承诺将为本期债券未付本息（包括未回售部分本息、回售部分债券本金（扣除已通过固定兑付安排兑付的本金，如有）的60% 及对应利息）提供发行人持有的对项目公司（武汉万云房地产有限公司、西咸新区科筑置业有限公司）应收款质押作为增信担保措施，并 ...

2026.01. 21 本文字数：1104，阅读时长大约2分钟 作者 | 第一财经 郑娜 万科正在寻求展期的三笔债券中，终于有一笔的方案顺利通过。 1月21日，万科A（000002.SZ）披露了"21万科02"2026年第一次债券持有人会议决议议案四"关于调 整'21万科02'回售部分债券本息兑付安排、增加固定兑付安排、提供增信措施的议案"通过。 该议案共有四项条款。其一为增加固定兑付安排，议案提出，对于参加本次持有人会议且至少表决同 意议案四或议案五中的任一议案的每个证券账户，万科将在2026年1月30日以申报回售剩余本金为限 实施不超过10万元的兑付。该部分本金在2026年1月22日至29日期间不计息。 据披露，"21万科02"债券余额共11亿元，起息日为2021年1月22日，期限为7年，附第5年末发行人赎 回选择权、调整票面利率选择权、投资者回售选择权。该债券到期日为2028年1月22日，根据发行条 款，若发行人行使赎回选择权或投资者行使回售选择权，则对应的兑付日均为2026年1月22日。此次 该笔债券的有效回售申报数量10,321,010张，回售价格为100元/张。 值得一提的是，另外两笔更早开启展期 ...

Core Viewpoint - Wang Shi, a prominent figure in Chinese business, is facing public scrutiny and ridicule after retirement, despite his significant contributions to the real estate industry and corporate governance in China [2][3]. Group 1: Wang Shi's Contributions - Wang Shi founded Vanke 40 years ago, navigating through China's economic chaos and the reform of the real estate market, emphasizing a higher commercial culture rather than personal profit [2][4]. - He was the first to advocate for a focus on core business and introduced the "middle-class good housing" strategy, which positioned Vanke as an industry leader [2][4]. - Wang Shi initiated the "Vanke Weekly," discussing economics, market rules, and corporate ethics, aiming to elevate the standards of Chinese business culture [6][8]. Group 2: Corporate Governance and Philosophy - In 1988, Wang Shi made a pivotal decision to relinquish his 40% stake and control over Vanke, establishing a professional management system and transforming it into a "no-boss" company [9][10]. - His principles included avoiding bribery and not engaging in land speculation, which became internal guidelines for Vanke [8][9]. - Wang Shi's vision for Vanke was to create a sustainable business model that prioritized ethical practices over aggressive profit-seeking [19]. Group 3: Challenges and Downfall - After his retirement in 2016, Vanke faced significant challenges, including a governance crisis known as the "Vanke Battle," which highlighted vulnerabilities in its structure [10][15]. - The company, under new leadership, shifted away from Wang Shi's principles, leading to aggressive land acquisitions and substantial financial losses, with a reported loss of nearly 50 billion in 2024 [15][17]. - Wang Shi's attempts to reconnect with Vanke's decision-makers post-retirement indicate his ongoing concern for the company's cultural legacy, which he feels is at risk [17][18]. Group 4: Post-Retirement Ventures - After retirement, Wang Shi founded Deep Stone Group, focusing on green community projects and sports initiatives, although these ventures have faced challenges in attracting business support [11][12]. - He has also engaged in various endorsements and entrepreneurial activities, reflecting his desire to remain relevant in the business landscape [12][14]. - Despite receiving a retirement salary of 10 million annually, Wang Shi chose to forgo this payment in 2024, highlighting his commitment to Vanke's situation [14].

Core Viewpoint - Vanke has successfully passed a bondholder meeting resolution for the "21 Vanke 02" bond, allowing for adjustments in repayment terms and providing credit enhancement measures to avoid substantial default [1][2][3] Group 1: Bondholder Meeting Resolutions - The resolution includes four key provisions: 1. Fixed repayment arrangement for bondholders who agree to the proposals, with a maximum repayment of 100,000 yuan on January 30, 2026, for those who participate in the meeting [1] 2. Principal repayment arrangement where 40% of the principal will be repaid on January 30, 2026, while the remaining 60% will be extended for one year until January 22, 2027 [1] 3. Interest payment arrangement for the repurchased portion, with interest on 40% of the principal payable on January 30, 2026, and the remaining 60% interest payable on the extended principal [1] 4. Credit enhancement measures involving pledging receivables from two project companies to secure unpaid principal and interest [2] Group 2: Market Implications - The successful resolution for "21 Vanke 02" may serve as a reference for two other bonds currently in negotiation for extension, potentially allowing Vanke to avoid substantial default [3] - Vanke faces ongoing challenges, with approximately 6.5 billion yuan of debt maturing in the second quarter [3] - Internal sources suggest that the current repayment terms may indicate an impending overall restructuring plan due to limited resources available to the company [3]

Core Viewpoint - The A-share market has seen a majority of real estate stocks rise, with notable gains from companies such as Hualian Holdings, Chengdu Investment Holdings, and Wolong New Energy, indicating a positive trend in the sector [1] Group 1: Stock Performance - Hualian Holdings experienced a significant increase of 9.98% with a total market capitalization of 86.62 billion [2] - Chengdu Investment Holdings rose by 9.96%, reaching a market value of 141 billion [2] - Wolong New Energy saw a gain of 9.94%, with a market cap of 54.99 billion [2] - Wantong Development increased by 5.86%, with a market capitalization of 249 billion [2] - Jingneng Real Estate rose by 5.33%, with a total market value of 24.18 billion [2] - Deep Zhenye A increased by 4.82%, with a market cap of 132 billion [2] - Xizang Investment Holdings rose by 3.61%, with a market capitalization of 136 billion [2] - Vanke A saw an increase of 3.34%, with a total market value of 591 billion [2] - Hefei Urban Construction rose by 3.08%, with a market cap of 132 billion [2] - Huaxia Happiness increased by 2.58%, with a market capitalization of 62.23 billion [2] - Deep Shenzhen Real Estate A rose by 2.27%, with a total market value of 219 billion [2]