证券代码：000056、200056 证券简称：皇庭国际、皇庭 B 公告编号：2025-055 签署上述协议后，公司积极组织各方推进本次重大资产出售及债务重组事 项，公司与各方就本次交易的可行性、交易方案的核心条款等进行了多次论证和 磋商，但未能就本次交易的核心条款达成一致意见，且公司重庆皇庭广场及晶岛 国商购物中心（即深圳皇庭广场）被司法裁定以物抵债。为切实维护公司及全体 股东利益，经公司审慎研究，并与各方友好协商，各方一致同意终止筹划本次重 大资产出售及债务重组事项。现将相关情况公告如下： 一、本次筹划重大资产出售和债务重组的基本情况 2022年起，公司开始筹划挂牌出售子公司股权并与市场意向方沟通相关资产 标的出售及债务重组事项，交易预计构成《上市公司重大资产重组管理办法》规 定的重大资产重组情形。 公司与各方就本次交易的可行性、交易方案的核心条款等进行了多次论证和 磋商，但长期未能就本次交易的核心条款达成一致意见，且公司重庆皇庭广场及 晶岛国商购物中心（即深圳皇庭广场）被司法裁定以物抵债。为切实维护公司及 全体股东利益，经公司审慎研究，并与各方友好协商，各方一致同意终止筹划本 1 次重大资产出售及债务重 ...

Core Viewpoint - The company announced the termination of major asset sale and debt restructuring plans due to failure to reach consensus on key terms, which will significantly impact its operations and financial status [1] Group 1: Asset Sale and Debt Restructuring - The company and involved parties could not agree on the core terms of the major asset sale and debt restructuring [1] - The termination of these plans will not affect the company's financial status for the current year [1] - The company has committed to not planning any major asset restructuring within one month from the announcement date [1] Group 2: Impact on Assets and Operations - The judicial ruling for Chongqing Royal Plaza and Shenzhen Royal Plaza to be used for debt repayment means the company will lose ownership of major assets [1] - The loss of these assets will have a significant impact on the company's assets, liabilities, and daily operations [1] - There is a potential risk of triggering financial delisting warnings in the future due to these developments [1]

Market Overview - On October 14, the real estate service sector rose by 0.17% compared to the previous trading day, with Xin Dazheng leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Individual Stock Performance - Xin Dazheng (002968) closed at 12.41, up 2.39% with a trading volume of 132,300 shares and a turnover of 162 million yuan [1] - ST Mingcheng (600136) closed at 1.79, up 1.13% with a trading volume of 93,600 shares [1] - Ningbo Fuda (600724) closed at 5.33, up 0.95% with a trading volume of 241,200 shares [1] - Other notable performances include: - China Merchants Jiyu (001914) at 11.51, up 0.79% [1] - Pearl River Shares (600684) at 5.63, up 0.72% [1] - Zhongtian Service (002188) at 5.81, up 0.69% [1] - Shilianhang (002285) at 2.34, unchanged [1] - Nandu Property (603506) at 13.46, down 0.81% [1] - Tefa Service (300917) at 43.04, down 0.85% [1] - Wo Ai Wo Jia (000560) at 66.70, down 1.32% [1] Capital Flow Analysis - The real estate service sector experienced a net outflow of 79.27 million yuan from institutional investors and 43.57 million yuan from speculative funds, while retail investors saw a net inflow of 123 million yuan [2] - Detailed capital flow for individual stocks shows: - ST Mingcheng had a net inflow of 604,500 yuan from retail investors [3] - China Merchants Jiyu saw a net inflow of 998,440 yuan from retail investors despite a net outflow from institutional and speculative funds [3] - Other stocks like Xin Dazheng and Wo Ai Wo Jia experienced significant net outflows from institutional and speculative funds, but retail investors contributed positively [3]

Core Viewpoint - The company, Huangting International, has disclosed significant litigation progress, winning a first-instance judgment for over 122 million yuan in performance compensation, but the uncertainty of the final ruling and the financial status of the defendants raises concerns about the collection of this amount [1][4]. Group 1: Litigation and Financial Impact - Huangting International announced a first-instance judgment awarding it approximately 122 million yuan in performance compensation due to unmet revenue commitments from the Chongqing Huangting Plaza for 2022 and 2023 [4]. - The defendants, including Shenzhen Huangting Group, have been ordered to pay the compensation along with interest and legal fees, but the judgment's uncertainty and the defendants' financial difficulties cast doubt on the actual recovery of these funds [4][7]. - The company has faced significant financial challenges, with a net asset drop from 172 million yuan to -192 million yuan following the sale of its core asset, Shenzhen Huangting Plaza, for 3.053 billion yuan to settle debts [7][8]. Group 2: Company Performance and Historical Context - Huangting International has reported continuous losses over the past five years, with total losses exceeding 4.4 billion yuan from 2020 to 2024, and a net profit of -1.85 billion yuan in the first half of 2025, a decrease of 24.62% year-on-year [8]. - The company was established in 1983 and has transitioned from retail to real estate development, with its first major commercial project, Huangting Plaza, opening in 2013 [8]. - The company has been under financial strain, leading to potential risks of forced delisting due to its negative net assets and ongoing operational challenges [7][8].

关于重大诉讼的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、案件所处的诉讼阶段：法院已判决。 证券代码：000056、200056 证券简称：皇庭国际、皇庭 B 公告编号：2025-054 深圳市皇庭国际企业股份有限公司 2、上市公司所处的当事人地位：原告。 3、涉案金额：122,100,659.3 元及应付利息。 4、对上市公司损益产生的影响：本次诉讼判决为一审判决，各方当事人有权在 规定期限内提起上诉，案件最终判决结果存在不确定性，对公司本期或期后利润的具 体影响尚存在不确定性。 一、本次诉讼案件的基本情况 2018 年 12 月，深圳市皇庭国际企业股份有限公司（以下简称"公司"）、深圳 市瑞豪智芯科技有限公司（曾用名：深圳市皇庭基金管理有限公司）及深圳市皇庭不 动产管理有限公司与重庆皇庭九龙珠宝产业开发有限公司签订《资产置换协议书》， 公司以深圳市瑞豪智芯科技有限公司持有深圳市同心投资基金股份公司 22.34%股权 置换重庆皇庭九龙珠宝产业开发有限公司持有重庆皇庭珠宝广场有限公司 100%股权， 重庆皇庭珠宝广场有限公司主要资 ...

Core Viewpoint - The company, Huangting International, is facing significant financial challenges due to a court ruling that allows for the auction of its key asset, Shenzhen Huangting Plaza, to settle debts, which may lead to a negative net asset position and potential delisting risks. Group 1: Trading Information - As of October 10, 2025, Huangting International's stock closed at 2.49 yuan, down 4.96% from the previous week's 2.62 yuan [1] - The stock reached a high of 2.57 yuan and a low of 2.12 yuan during the week, with one instance of a trading halt due to a drop [1] - The company's current market capitalization is 2.944 billion yuan, ranking 8th out of 11 in the real estate services sector and 4510th out of 5158 in the A-share market [1] Group 2: Company Announcements - The company announced that its subsidiary, Shenzhen Rongfa Investment Co., Ltd., will have its asset, Shenzhen Huangting Plaza, auctioned with a starting price of 3.052 billion yuan to settle debts [3] - This situation arose from a 3 billion yuan loan from Citic Trust in 2016 that was not repaid, leading to a court ruling and forced execution [3] - The expected impact of losing this asset is a decrease in net assets from 172 million yuan to approximately -1.921 billion yuan, which may trigger financial delisting risk warnings [3][4]

Core Viewpoint - The article discusses the significant loss of ownership of Shenzhen Royal Plaza by Royal Court International due to a judicial ruling that allowed creditor Guangyao Xialan to take possession of the property through a debt-for-asset arrangement, raising concerns about the company's financial stability and potential delisting risks [2][19]. Group 1: Ownership Change and Financial Impact - On October 9, 2025, Royal Court International announced that its subsidiary, Shenzhen Rongfa Investment Co., lost ownership of Shenzhen Royal Plaza to Guangyao Xialan for 3.053 billion yuan as part of a debt settlement [2][19]. - The estimated value of Shenzhen Royal Plaza was approximately 5.75 billion yuan as of December 31, 2024, making it a major asset for the company [2][19]. - Following the asset transfer, the company indicated a potential risk of triggering financial delisting warnings due to negative net assets [19]. Group 2: Debt Background and Restructuring Attempts - The ownership change stems from a loan agreement made in March 2016, where Rongfa Investment used Shenzhen Royal Plaza as collateral for a 3 billion yuan trust loan, which became overdue in March 2021 [4][19]. - Royal Court International began planning for debt restructuring and asset sales in February 2022, engaging with various potential buyers, ultimately selecting Fenghan Yigang as a partner [4][5]. - Despite signing a cooperation framework agreement with Fenghan Yigang, the debt restructuring process stalled due to disagreements on specific details [5][6]. Group 3: Role of Guangyao Xialan and Related Entities - Guangyao Xialan, a small enterprise established in June 2021, acquired the debt from the original creditor, Citic Trust, which had previously held the loan [9][10]. - The relationship between Guangyao Xialan and Fenghan Yigang is complex, with indications of shared control and connections to a common investment entity [10][11][13]. - The article suggests that the entire situation may not be a straightforward competition for ownership but rather involves interconnected interests among the parties involved [10][11][13]. Group 4: Financial Consequences and Missed Opportunities - The annual revenue from Shenzhen Royal Plaza was approximately 369 million yuan in 2024, accounting for over 56% of Royal Court International's total revenue [19]. - Despite the asset transfer, the company still faces a significant debt shortfall, with total liabilities exceeding 4.2 billion yuan, including overdue interest [19][20]. - The article argues that earlier liquidation of the asset could have been a more effective strategy to address the debt crisis rather than pursuing restructuring [20].

Core Viewpoint - Shenzhen's landmark, the Royal Court Plaza, has changed ownership due to a judicial ruling that allowed the creditor, Guangyao Xianglan, to acquire the property through debt compensation for 3.053 billion yuan, following the failure of a previous auction [2][6]. Group 1: Ownership Change - Royal Court International announced that its subsidiary, Rongfa Investment, lost ownership of the Royal Court Plaza as a result of a judicial ruling to compensate Guangyao Xianglan's debts [2]. - The Royal Court Plaza was previously valued at approximately 5.75 billion yuan as of December 31, 2024, making it a significant asset for the company [2][18]. - The loss of the Royal Court Plaza may trigger financial warning signs for Royal Court International, potentially leading to forced delisting risks [2][18]. Group 2: Debt Background - The ownership change stems from a loan agreement made in March 2016, where Rongfa Investment used the Royal Court Plaza as collateral for a 3 billion yuan trust loan from CITIC Trust [3]. - By March 2021, the loan had matured with an outstanding balance of 2.75 billion yuan, but due to policy changes, it could not be renewed, leading to a lawsuit from CITIC Trust [3]. Group 3: Debt Restructuring Attempts - Royal Court International began planning for debt restructuring and significant asset sales in February 2022, including the sale of at least 51% of Rongfa Investment [4]. - The company engaged with multiple potential buyers, ultimately choosing Fenghan Yigang Property Management as a partner, but the restructuring process faced delays due to disagreements on specific details [4][5]. - Despite the lack of progress, Royal Court International continued to issue updates on the restructuring efforts, indicating ongoing communication with Fenghan Yigang [5]. Group 4: Judicial Execution and New Creditor - The creditor changed from CITIC Trust to Guangyao Xianglan, which led to the judicial execution for debt compensation [7]. - Guangyao Xianglan, a small enterprise established in June 2021, acquired the debt from CITIC Trust shortly after its formation [7][8]. - The judicial auction of the Royal Court Plaza initially failed, but Guangyao Xianglan later successfully obtained ownership through the debt compensation ruling [7][8]. Group 5: Connections Between Parties - Investigations revealed that Fenghan Yigang and Guangyao Xianglan may have connections through shared control by the same holding entity, raising questions about the competitive nature of their relationship [8][9][12]. - The timeline suggests that Guangyao Xianglan was established to acquire the debt after the loan default, while Fenghan Yigang was involved in the restructuring discussions [12][19]. Group 6: Financial Implications - The Royal Court Plaza's annual revenue was approximately 369 million yuan in 2024, accounting for 56.03% of Royal Court International's total revenue [17]. - Despite the acquisition, the debt situation remains unresolved, with total liabilities exceeding 4.2 billion yuan, indicating a significant financial gap post-compensation [18].

Core Viewpoint - The announcement of the debt settlement through asset transfer of the Huangting International's Huangting Plaza indicates significant financial distress for the company, despite the ongoing normal operations of the shopping center [1][2][4]. Group 1: Company Financial Situation - Huangting International's Huangting Plaza was publicly auctioned with a starting price of 305.2966 million yuan but ultimately failed to sell [3]. - The debt issue originated from a trust loan contract signed in 2016, where Huangting International's subsidiary borrowed 3 billion yuan, using Huangting Plaza and its land use rights as collateral [3]. - By the debt maturity in 2021, only 250 million yuan was repaid, leading to a lawsuit and subsequent judicial auction of the property [3]. Group 2: Impact on Operations - Despite the financial turmoil, Huangting Plaza continues to operate normally, with merchants reporting no disruption in business and new lease agreements in place [2][4]. - The shopping center has benefited from its strategic location near the border, attracting Hong Kong customers and showing a profit increase over the past two years [4]. Group 3: Asset and Revenue Loss - The revenue from Huangting Plaza for 2024 is projected at 36.8628 million yuan, accounting for 56.03% of the company's total revenue [6]. - The book value of Huangting Plaza is 574.9805 million yuan, representing 71.57% of the company's total assets, indicating a substantial loss of key assets and revenue channels for Huangting International [6].

Core Viewpoint - Huangting International's stock rose by 5.51% today, with a trading volume of 406 million yuan and a volatility of 21.23% [2] Trading Activity - The stock had a turnover rate of 19.13%, with institutional investors net buying 31.85 million yuan and brokerage seats collectively net buying 31.62 million yuan [2] - The stock was listed on the Dragon and Tiger list due to its daily volatility reaching 21.23%, with institutional proprietary seats net buying 31.85 million yuan [2] - The top five trading departments on the list had a total transaction amount of 127 million yuan, with a buying amount of 95.43 million yuan and a selling amount of 31.96 million yuan, resulting in a net buying of 63.48 million yuan [2] Institutional Participation - Among the trading departments listed, four institutional proprietary seats were present, with a total buying amount of 45.04 million yuan and a selling amount of 13.19 million yuan, leading to a net buying of 31.85 million yuan [2] - Over the past six months, the stock has appeared on the Dragon and Tiger list five times, with an average price drop of 2.03% the next day and a similar average drop over the following five days [2] Capital Flow - The stock saw a net inflow of 65.43 million yuan from main funds today, with a significant single net inflow of 64.05 million yuan and a large single net inflow of 1.38 million yuan [2] - In the past five days, the net inflow of main funds amounted to 14.72 million yuan [2]