Core Viewpoint - The company announced that its wholly-owned subsidiary, Rongfa Investment, will have its asset, the Crystal Island Commercial Center (Shenzhen Royal Court Plaza), publicly auctioned due to judicial enforcement, with the auction scheduled for September 9-10, 2025, resulting in a failed auction [1] Financial Impact - As of December 31, 2024, the book value of Shenzhen Royal Court Plaza is 5.75 billion, accounting for 71.57% of the company's total assets [1] - The project generated revenue of 369 million in 2024, representing 56.03% of the company's total annual revenue [1] Potential Risks - If the asset continues to be subject to judicial enforcement, the company will lose ownership of the asset, leading to a significant asset restructuring [1] - The loss of Shenzhen Royal Court Plaza, as a major asset, will have a substantial impact on the company's assets, liabilities, and daily operations, potentially triggering financial warning signs under the Shenzhen Stock Exchange's listing rules [1]

Core Viewpoint - The auction of the assets belonging to the company's wholly-owned subsidiary, Rongfa Investment, was unsuccessful, resulting in a failure to sell the Shenzhen Huangting Plaza and its related facilities and equipment [1] Group 1 - The auction took place on the JD Network Judicial Auction Platform from September 9, 2025, 10:00 AM to September 10, 2025, 10:00 AM, with possible extensions [1] - The assets involved in the auction include the Crystal Island International Shopping Center, also known as Shenzhen Huangting Plaza, along with related facilities and equipment [1] - The final result of the auction was a failure to sell the assets, indicating a lack of buyer interest or valuation issues [1]

Group 1 - The core point of the article is that Huangting International experienced a significant trading day with an 8.27% increase in stock price and a trading volume of 7.11 billion yuan, while institutions net sold 13.72 million yuan [1][2] - The stock had a trading amplitude of 15.91%, leading to its listing on the Dragon and Tiger list, with institutional specialized seats showing a net sell of 13.72 million yuan [1][2] - The top five trading departments had a total transaction amount of 171 million yuan, with a net sell of 9.03 million yuan [1][2] Group 2 - In the past six months, the stock has appeared on the Dragon and Tiger list five times, with an average price increase of 1.73% the day after listing and an average decline of 5.59% over the following five days [2] - Today's main capital flow showed a net inflow of 35.97 million yuan, with a significant single order net inflow of 49.64 million yuan, while large orders saw a net outflow of 13.67 million yuan [2] - Detailed trading data indicates that the top buying and selling departments included both institutional and brokerage firms, with notable transactions recorded [2]

Market Performance - On September 10, the real estate service sector rose by 1.0%, led by Huangting International [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Individual Stock Performance - Huangting International (code: 000056) closed at 3.01, with an increase of 8.27% and a trading volume of 2.4416 million shares, amounting to a transaction value of 711 million yuan [1] - Zhujiang Shares (code: 600684) closed at 5.83, up 5.42%, with a trading volume of 743,100 shares and a transaction value of 426 million yuan [1] - Other notable stocks include: - Zhi Shang Ji Yu (code: 001914) at 12.41, up 1.22% [1] - Wo Ai Wo Jia (code: 000560) at 3.11, up 0.97% [1] - Zhongtian Service (code: 002188) at 5.80, up 0.87% [1] Capital Flow Analysis - The real estate service sector experienced a net outflow of 83.2957 million yuan from institutional investors, while retail investors saw a net inflow of 75.608 million yuan [2] - The capital flow for individual stocks shows: - Huangting International had a net inflow of 39.2422 million yuan from institutional investors [3] - Zhujiang Shares had a net inflow of 35.1417 million yuan from institutional investors [3] - ST Mingcheng (code: 600136) had a net inflow of 1.8429 million yuan from retail investors [3]

Core Viewpoint - The auction of the landmark commercial property, Huangting Plaza in Shenzhen, ended in failure with no bids despite over 40,000 views on the auction platform, highlighting challenges in the commercial real estate market [2][5]. Company Summary - Huangting International previously announced that if the auction succeeded, it would lose ownership of a major asset, leading to significant impacts on its assets, liabilities, and operations, potentially triggering financial delisting warnings [4]. - Following the news of the failed auction, Huangting International's stock price experienced volatility, rising to 3.01 yuan per share, an increase of 8.27% [4]. - The auctioned property, Huangting Plaza, has an estimated value of approximately 4.361 billion yuan, with a starting bid set at about 3.053 billion yuan, which is 70% of the assessed value [5][6]. Industry Summary - The auction's failure is attributed to both market conditions and issues specific to the project, including additional costs for bidders and the asset's land use rights expiring in 2042, which diminishes its attractiveness [8]. - The commercial real estate market has been under pressure, with an increase in failed auctions across the country, indicating a broader trend of declining demand and rising vacancy rates in retail properties [8][9]. - In Shenzhen, the average vacancy rate for retail properties reached 7.1% in the second quarter, with average rents declining by 1.6% year-on-year [9].

Core Viewpoint - The public auction of Shenzhen Huangting Plaza, with an estimated value of approximately 4.36 billion yuan, ended without any bids despite attracting over 46,000 viewers [1][3]. Group 1: Auction Details - The auction for Shenzhen Huangting Plaza was scheduled from September 9 to September 10, 2025, with a starting price of about 3.05 billion yuan, which is 70% of the estimated value [1]. - The property has a land area of 42,348.37 square meters and a total building area of 136,895.89 square meters, with a land use period of 40 years starting from October 8, 2002 [3]. Group 2: Company Background - The rights to the property belong to Shenzhen Rongfa Investment Co., Ltd., which is a subsidiary of Huangting International [4]. - In 2016, Rongfa Investment entered into a trust loan agreement with CITIC Trust for 3 billion yuan, secured by the property and its land use rights [4]. Group 3: Financial Implications - As of December 31, 2024, the book value of Shenzhen Huangting Plaza was approximately 5.75 billion yuan, accounting for 71.57% of the company's total assets [5]. - The revenue from the Shenzhen Huangting Plaza project for 2024 was 369 million yuan, representing 56.03% of the company's total annual revenue [5].

深圳知名商业地标皇庭广场，被摆上了司法拍卖平台。 在业内，无论是公司资产规模、业绩排名，还是产品竞争力以及企业知名度等维度，皇庭国际 （000056.SZ）均难以称得上一线知名企业。然而，因为可能会对上市公司未来走向产生重大影响，这 项起价30亿元、打7折的资产拍卖，让这家知名度不高的企业，成为近期市场关注的焦点。 皇庭国际方面称，深圳皇庭广场作为公司主要资产，若拍卖成交，未来或触发强制退市风险警示。公司 旗下核心资产拍卖，或引发上市公司拉响退市风险警报，该资产的拍卖以及这家企业的历史过往，由此 被放到聚光灯下。 实际上，该资产被拍卖前，深圳皇庭广场曾两次挂牌出让。2022年3月，皇庭国际在深圳联合产权交易 所发布《深圳融发投资有限公司100%股权转让意向征集公告》，参考价格74.93亿元。若挂牌交易完 成，融发投资、重庆皇庭将不再纳入公司合并报表范围。此后，皇庭国际再次发布征集公告，参考价格 降至56.2亿元。不过，这两次挂牌均未征集到有效购买意愿。 从本次拍卖目前情况来看，截至9月9日记者截稿，此次拍卖无人报名，亦无出价记录。 "公司将持续关注该事项的进展情况，严格按照有关法律法规及规范性文件的要求及时履 ...

Core Viewpoint - The company, Huangting International, is currently facing challenges related to debt restructuring and asset sales, with ongoing negotiations but no finalized agreements yet [1][3]. Company Performance - As of September 5, 2025, Huangting International's stock closed at 2.89 yuan, reflecting a 3.96% increase from the previous week's closing price of 2.78 yuan [1]. - The company's market capitalization is currently 3.418 billion yuan, ranking 8th out of 11 in the real estate services sector and 4206th out of 5152 in the A-share market [1]. Debt Restructuring and Asset Sale - The company is in discussions with Fenghan Yigang regarding the specifics of debt restructuring, but no actionable agreement has been reached, indicating a risk of termination [1][3]. - A previous agreement for debt restructuring was extended to August 24, 2023, but has not been completed [1]. - The company's wholly-owned subsidiary, Rongfa Investment, is set to auction the Crystal Island Commercial Center (Shenzhen Huangting Plaza) on JD.com from September 9 to 10, 2025, with uncertainties surrounding the auction's outcome and pricing [1][3].

Market Overview - On September 5, the real estate service sector rose by 1.31% compared to the previous trading day, with Huangting International leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Huangting International (000056) closed at 68.7, up 4.33% with a trading volume of 850,000 shares [1] - Ningbo Fuda (600724) closed at 5.33, up 3.90% with a trading volume of 384,700 shares [1] - Pearl River Shares (600684) closed at 5.35, up 2.10% with a trading volume of 810,100 shares [1] - Te Fa Service (300917) closed at 46.02, up 2.06% with a trading volume of 56,200 shares [1] - Zhongtian Service (002188) closed at 5.51, up 2.04% with a trading volume of 160,100 shares [1] - Wo Ai Wo Jia (000560) closed at 2.97, up 1.37% with a trading volume of 750,300 shares [1] - Shilian Hang (002285) closed at 2.40, up 1.27% with a trading volume of 442,800 shares [1] - ST Mingcheng (600136) closed at 1.87, up 1.08% with a trading volume of 76,400 shares [1] - New Dazheng (002968) closed at 10.51, up 0.38% with a trading volume of 37,200 shares [1] - China Merchants Jiyu (001914) closed at 11.92, down 0.75% with a trading volume of 94,500 shares [1] Capital Flow Analysis - The real estate service sector saw a net inflow of 58.44 million yuan from institutional investors, while retail investors experienced a net outflow of 80.47 million yuan [2][3] - Major stocks with significant net inflows include: - Wo Ai Wo Jia (000560) with a net inflow of 31.44 million yuan [3] - Ningbo Fuda (600724) with a net inflow of 20.89 million yuan [3] - Te Fa Service (300917) with a net inflow of 20.46 million yuan [3] - Shilian Hang (002285) with a net inflow of 14.66 million yuan [3] - Notable stocks with net outflows include: - South City Property (603506) with a net outflow of 6.80 million yuan [3] - China Merchants Jiyu (001914) with a net outflow of 13.71 million yuan [3]

Market Overview - On September 4, the real estate service sector rose by 0.78% compared to the previous trading day, with Nandu Property leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Individual Stock Performance - Nandu Property (603506) closed at 13.74, up 4.17% with a trading volume of 57,900 shares and a transaction value of 78.25 million yuan [1] - Ningbo Fuda (600724) closed at 5.13, up 1.99% with a trading volume of 488,700 shares [1] - Shilianhang (002285) closed at 2.37, up 1.28% with a trading volume of 464,900 shares [1] - Xindazheng (002968) closed at 10.47, up 1.26% with a trading volume of 46,900 shares [1] - Zhongtian Service (002188) closed at 5.40, up 1.12% with a trading volume of 242,300 shares [1] - Te Fa Service (300917) closed at 45.09, up 0.69% with a trading volume of 54,200 shares [1] - Zhujiang Co. (600684) closed at 5.24, up 0.58% with a trading volume of 486,800 shares [1] - China Merchants Jiyu (001914) closed at 12.01, up 0.33% with a trading volume of 70,800 shares [1] - ST Mingcheng (600136) closed at 1.85, unchanged with a trading volume of 98,300 shares [1] - Wo Ai Wo Jia (000560) closed at 2.93, down 0.34% with a trading volume of 1,034,000 shares [1] Capital Flow Analysis - The real estate service sector saw a net inflow of 34.92 million yuan from main funds, while retail funds experienced a net outflow of 29.99 million yuan [2] - Main funds showed a significant net outflow in Ningbo Fuda (-20.88 million yuan) and ST Mingcheng (-0.03 million yuan) [3] - Te Fa Service had a net inflow of 18.34 million yuan from main funds, indicating strong interest [3]