本报记者 李昱丞 此前在12月18日，"22万科MTN004"第二次持有人会议召开，表决三项议案，分别是《关于豁免本次持 有人会议召集、召开程序的相关时限要求的议案（特别议案）》（以下简称"议案一"）《调整中期票据 本息兑付安排的议案（特别议案）》（以下简称"议案二"）以及《议案三：延长本期中期票据的宽限期 的议案（特别议案）》（以下简称"议案三"）。 其中，议案一和议案三获得超90%表决权数额后生效，给了万科"以时间换空间"的宝贵窗口；主张先行 偿付利息、本金展期一年、公司提供增信措施的议案二未能生效。 万科方面称，公司接受持有人会议的表决结果，后续将与各方坦诚沟通协商，研究完善举措，继续寻求 本期债券解决方案，维护各方长远共同利益。 12月22日晚间，万科企业股份有限公司（以下简称"万科"）发布公告称，万科2022年度第四期中期票据 （"22万科MTN004"）存续期内的本息兑付日之宽限期由5个工作日延长至30个交易日（即宽限期届满 日为2026年1月28日）。 公告显示，如在30个交易日的宽限期内对"22万科MTN004"本息进行了足额偿付、消除违约事件或通过 债券持有人会议予以豁免的，则不构成万科对" ...

Group 1 - The actual controller of Xiangyuan Cultural Tourism, Yu Faxiang, has been subjected to criminal coercive measures due to suspected criminal activities, but the company's control has not changed and operations remain normal [2] - The actual controller of Jiaojian Co., Yu Faxiang, is also facing criminal coercive measures, with no impact on the company's operations or control [3] - Huaxia Happiness's board rejected five temporary proposals from China Ping An Life Insurance for the upcoming shareholder meeting, citing legal violations and conflicts with company matters [4] Group 2 - Hualian Holdings plans to acquire 100% of Argentum Lithium S.A. for approximately 1.75 billion USD (12.35 billion RMB), aiming to gain 80% interest in the Arizaro project located in Argentina [5] - Tianji Technology is facing a lawsuit for alleged collusion in bidding, but the company reports that operations are normal and the event has not significantly impacted it [6] - Jinpan Technology intends to issue convertible bonds totaling 1.672 billion RMB to fund projects related to data center power modules and energy-efficient equipment [7] Group 3 - Xusheng Group's actual controller is changing to Guangzhou Municipal Government, with stock resuming trading on December 23, 2025, after a share transfer agreement [8][9] - Lingyi Zhizao plans to acquire 35% of Limin Da for 875 million RMB, gaining control over 52.78% of the voting rights in the company [10] - Vanke A has extended the grace period for the repayment of its mid-term notes from 5 working days to 30 trading days, with no penalties during this period [11] Group 4 - Tianpu Co. has completed a tender offer, resulting in a total control of 68.29% of the shares, with stock resuming trading on December 23, 2025 [12] - Chuangshi Technology's actual controller is under investigation and has been subjected to detention measures, but has resigned from all positions within the company [13] Group 5 - Sanhua Intelligent Controls expects a net profit of 3.874 billion to 4.649 billion RMB for 2025, representing a year-on-year growth of 25% to 50% [15] - Dong'a Ejiao plans to repurchase shares worth 100 to 200 million RMB, with the repurchased shares to be canceled and registered capital reduced [17] Group 6 - Hongqi Chain's major shareholder, Yonghui Supermarket, plans to reduce its stake by up to 3% [20] - Yingwei Ke's shareholder plans to reduce its stake by up to 0.56% [21] - Tianyin Electromechanical's director plans to reduce his holdings by up to 155.81 million shares [22] Group 7 - Zhuoran Co.'s subsidiary has signed a significant order worth 4.033 billion RMB for a project in Inner Mongolia [24] - Nacronor has signed a procurement contract worth 301 million RMB with a leading domestic customer [25]

曾经以"稳健"著称的房企"优等生"万科，终究没能躲过行业调整与债务洪峰的双重冲击，如今正走上市场化化债自救之路。 2024年曾以790亿元现金大额兑付债务、2025年上半年仍坚守兑付承诺的万科，在年末57亿元境内债集中到期的压力下，突然披露余额20亿元、原本于 2025年12月15日到期的中期票据"22万科MTN004"展期计划，打破成立以来无债务展期的纪录。 12月22日， "22 万科 MTN004" 第二次持有人会议传来消息——唯一展期方案仍未达90%通过门槛，仅获得20.2%有效表决同意，反对比例高达78.3%。但 30个交易日宽限期议案以90.7%的投票同意率获通过，为化债争取到喘息空间。与此同时，另一笔37亿元到期债券 "22 万科 MTN005" 也在同步推进展期 议案表决。从结果来看，尽管当下万科首次展期议案未通过，但各方仍在避免让万科出现实质性违约，只是这场围绕债务化解的市场化博弈仍在继续。 | 2025 | 郁亮辞任万科董事长,彼时担任深铁集团董事长的 | | --- | --- | | 1.27 | 辛杰接任 | | 2025 | 深铁集团向万科借款28亿元,万科需质押持有的万 | | ...

Core Viewpoint - Vanke has successfully extended the investment period of two non-standard debt financing plans involving insurance funds, totaling a financing balance of 26.2 billion yuan, indicating a proactive approach to managing its debt obligations [1][3][4]. Financing Details - The first financing plan involves Vanke's subsidiary, Zhengzhou Rongwang Real Estate Development Co., which has a financing balance of 11.2 billion yuan. The investment period has been extended by one year, with the guarantee method remaining unchanged [3][5]. - The second financing plan pertains to Vanke's subsidiary, Shenzhen Vanke Development Co., which has a financing balance of 38.8 billion yuan. The investment period for the first phase of this financing, amounting to 15 billion yuan, has also been extended by one year, while the remaining funds are not yet due [4][5]. Guarantee and Collateral - Vanke has provided joint liability guarantees for both financing plans, with the guarantee amounts being 11.2 billion yuan and 38.8 billion yuan, respectively. The guarantee period is set for three years following the maturity of all debts [6][7]. - Additionally, Vanke has signed pledge contracts with Taiping Asset to provide equity pledge guarantees for the financing, ensuring the security of the investments [6]. Historical Context - This is not the first instance of non-standard debt extension by Vanke. A previous financing plan from January involved a similar extension, reflecting a trend in managing debt through negotiations with financial institutions [9]. - As of November 30, 2025, Vanke and its subsidiaries have a total guarantee balance of 844.93 billion yuan, which represents 41.69% of the company's audited net assets attributable to shareholders as of the end of 2024 [7].

Core Viewpoint - Vanke, once known for its stability, is now facing significant challenges due to industry adjustments and debt pressures, leading the company to pursue market-based debt restructuring strategies [1] Debt Restructuring Efforts - Vanke disclosed a plan to extend the maturity of its 20 billion yuan bond "22 Vanke MTN004," which was originally due on December 15, 2025, marking the first time in its history that the company has sought to extend debt [1][3] - The initial proposal for the bond extension was met with strong opposition, receiving only 20.2% approval from bondholders, while a 30-day grace period proposal was approved with 90.7% support, allowing Vanke additional time to negotiate [6][8] - The company is also working on extending another 37 billion yuan bond "22 Vanke MTN005," indicating ongoing efforts to avoid default [1][3] Financial Performance and Challenges - Vanke's financial situation is deteriorating, with a significant drop in revenue and sales; for the first three quarters of 2025, revenue was 161.39 billion yuan, down from 220 billion yuan in the same period of 2024 [12][13] - The company has a total of 310.67 billion yuan in outstanding bonds, with 57 billion yuan maturing in December 2025 and 124.19 billion yuan due in 2026, indicating a looming debt repayment crisis [8][14] - Despite repaying 243.9 billion yuan in public debt in 2025, Vanke is still struggling with cash flow issues due to poor sales performance [8][14] Shareholder Support and Changes - Vanke's major shareholder, Shenzhen Metro Group, has shifted its support model from unconditional backing to requiring collateral for loans, indicating a tightening of financial support [9][11] - The departure of former chairman Xinjie, who was a strong supporter of Vanke, has raised concerns about the company's future direction and support from its major shareholder [10][11] Market Conditions and Future Outlook - The real estate market remains under pressure, with Vanke's ability to generate cash flow from sales significantly hampered, complicating its debt repayment capabilities [12][13] - The company is exploring various strategies for debt resolution, including asset sales and restructuring, but faces challenges due to declining asset values and limited buyer interest [13][14] - Vanke's management remains cautiously optimistic about the market's recovery, but the timeline for improvement is uncertain given the current financial pressures [12]

最新的表决结果显示，万科首笔寻求展期的债券，仍未能与债券持有人达成一致意见。 这笔 规模 20 亿元的中期票据已于 12 月 15 日到期，不过万科争取到将宽限期延长至 30 个交易 日的成果，该中期票据在 2026 年 1 月 28 日前不构成违约。 展期方案再遭否 宽限期延长 12月22日，浦发银行就万科2022年度第四期中期票据（"22万科MTN004"）第二次持有人会 议披露会议结果，显示万科提出的债券展期方案仍未获得债券持有人同意。以上表决在当日 10点前完成。 本次会议上审议的展期方案为：本金兑付时间展期12个月，应付利息6000万元在12月22日 前支付，同时中期票据展期将由万科提供相应的增信措施。这一议案的审议中，同意、反对 表决票占总表决权票数的比例分别为20.2%、78.3%。 万科方面表示，接受本次持有人会议的表决结果，后续将与各方坦诚沟通协商，研究完善举 措，继续寻求本期债券解决方案，维护各方长远共同利益。 事实上，同在12月22日万科第二笔寻求展期的公开债务也召开了持有人会议，这笔余额37亿 元的"22万科MTN005"将于12月28日到期，持有人表决截止日为12月25日。 这一新的 ...

Core Viewpoint - Vanke's proposal for the extension of the repayment of its medium-term notes has been rejected for the second time, leading to a prolonged grace period for interest payments [1][2]. Group 1: Voting Results - The voting results for the core proposal to extend the repayment of principal and interest showed that only 20.20% voted in favor, while 78.30% opposed, resulting in the proposal not being enacted [2]. - The proposal to extend the grace period for repayment from 5 working days to 30 trading days was approved with 90.7% in favor, while 8.3% opposed [2]. Group 2: Financial Details - The "22 Vanke MTN004" medium-term notes were issued on December 16, 2022, with a total issuance size of 2 billion yuan, a coupon rate of 3%, and a maturity date of December 15, 2025 [5]. - The closest proposal to pass previously received 83.40% approval but did not meet the required 90% threshold [5]. Group 3: Market Reaction - Following the announcement of the failed extension proposals, Vanke's A-shares and Hong Kong stocks both experienced declines, and several of Vanke's domestic bonds saw significant price drops in the bond market [5].

Core Viewpoint - Vanke's bondholders meeting resulted in the approval of two proposals, extending the grace period for bond principal and interest payments from 5 working days to 30 trading days, while the proposal to adjust the payment arrangement was not approved [2][5]. Group 1: Meeting Details - The bondholders meeting for Vanke's 2022 fourth phase medium-term notes was held on December 18, 2025, with 19 out of 20 institutions participating, representing 99.95% of the total voting rights [3]. - Proposal 1, which sought to waive certain procedural time limits for the meeting, was approved by 91.20% of the voting rights [4]. - Proposal 2, aimed at adjusting the payment arrangement for the bond's principal and interest, was rejected, with 78.30% of the voting rights opposing it [4]. Group 2: Proposal Outcomes - Proposal 3, which extended the grace period for the bond, was approved by 90.70% of the voting rights, effectively delaying the debt default period by 30 trading days [5][6]. - Vanke committed to ensuring that the payment order for the medium-term notes would not be worse than that of any subsequent maturing bonds, maintaining the original payment order established on December 15, 2025 [5]. Group 3: Industry Insights - An industry expert noted that the approval of the grace period extension provides Vanke with valuable time to address its debt issues and may serve as a reference for other bond repayment challenges [6]. - The approval of Proposal 3 indicates that bondholders still have expectations for Vanke to meet its debt obligations on time [6].

Company News - Vanke Enterprise (02202.HK) has extended the grace period for the principal and interest payment of its fourth tranche of medium-term notes (total principal of 2 billion yuan) to 30 trading days [1] - Cathay Pacific Airways (00293) reported a passenger count of 2.5304 million in November, representing a year-on-year increase of 26% [1] - Shandong High New Energy (01250.HK) announced that its subsidiary Wuxiang Beiqing Smart Energy has signed an EPC contract with China Railway 17th Bureau, with a total contract value of 405.5 million yuan [1] - China General Nuclear Power (01816) reported that the commissioning of Units 1 and 2 in Huizhou has been adjusted, with expected operational dates moved to the first half and second half of 2026, respectively [1] Strategic Partnerships - Lehua Entertainment (02306.HK) has signed a business cooperation framework agreement with Youku Information Technology and Youku for 2026 [2] - Xinbao Global Holdings (00723.HK) has entered into a cooperation agreement with Guangxi Fenglin (601996.SH) to jointly develop the EU wood board and related product market [2] - Dipo Technology (01384.HK) has established a strategic cooperation agreement with Muxi Co., aiming to deepen collaboration in enterprise-level large model AI applications across key industries such as manufacturing, commercial circulation, transportation, and healthcare [2] Product Development - He Yu-B (02256.HK) announced that its CSF-1R inhibitor Beijiemai® has received approval from China's NMPA [3] - Saint Noble Pharmaceuticals-B (02257.HK) has completed Phase I trials for its investigational drug STP707 and has formally submitted the clinical research report to the FDA [4] - Nanshan Aluminum International (02610.HK) has increased its annual production capacity for alumina to 4 million tons [5] Share Buybacks - Tencent Holdings (00700.HK) repurchased 1.035 million shares at a cost of 636 million HKD, with repurchase prices ranging from 610.5 to 620 HKD [8] - Xiaomi Group-W (01810.HK) spent approximately 149 million HKD to repurchase 3.75 million shares, with prices between 37.61 and 42.50 HKD [9] - Giant Bio (02367.HK) repurchased approximately 14.43 million HKD worth of 400,000 shares, with prices between 34.71 and 36.34 HKD [10]

Core Viewpoint - Vanke's bondholders meeting resulted in the approval of two proposals, extending the grace period for bond interest and principal payments from 5 working days to 30 trading days, while the proposal to adjust the payment arrangement was not approved [1][4]. Group 1: Meeting Outcomes - Proposal 1, which waived certain procedural time requirements for the bondholders meeting, was approved by 8 out of 20 participating institutions, representing 91.20% of the voting rights [3]. - Proposal 2, aimed at adjusting the payment arrangement for the medium-term notes, was rejected, with 14 out of 20 institutions opposing it, accounting for 78.30% of the voting rights [3][4]. - Proposal 3, which extended the grace period for the medium-term notes, was approved by 7 institutions, representing 90.70% of the voting rights [4]. Group 2: Implications and Future Actions - The approval of the grace period extension provides Vanke with additional time to address its debt issues and may serve as a reference for other bond repayment situations [5]. - The extension effectively postpones the debt default deadline by 30 trading days, allowing Vanke to propose new solutions and negotiate with bondholders [5]. - Vanke has committed to ensuring that the repayment order of the medium-term notes will not be worse than that of any subsequent maturing bonds, maintaining the original repayment sequence established for December 15, 2025 [4].