金科地产集团股份有限公司 金科股份 第十二届董事会独立董事 2025 年第一次专门会议审核意见 金科地产集团股份有限公司 第十二届董事会独立董事 2025 年第一次专门会议审核意见 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》《上市公司独立董事管理办法》《深圳证券交易所股票上市 规则》及《公司章程》《金科地产集团股份有限公司独立董事工作制度》等相 关法律法规、规章制度的规定，金科地产集团股份有限公司（以下简称"公司"） 第十二届董事会独立董事 2025 年第一次专门会议于 2025 年 10 月 16 日以通讯 表决方式召开。本次会议应出席独立董事 3 人，实际出席独立董事 3 人。与会 独立董事共同推举封和平先生为独立董事专门会议的召集人和主持人。会议召 开程序符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规 定。独立董事对拟提交至董事会会议审议的《关于关联方向公司提供借款支持 公司发展暨关联交易的议案》进行了事前审核，基于独立判断的立场，发表意 见如下： 一、关于关联方向公司提供借款的审核意见 本次关联方向公司提供借款，系公司重整产业投资人根据《重整计划 ...

金科地产集团股份有限公司 关于关联方向公司提供资金支持公司发展暨关联交易的公告 证券简称：*ST 金科 证券代码：000656 公告编号：2025-131 号 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、关联交易概述 2024年12月13日，金科地产集团股份有限公司（以下简称"公司"）、重庆 金科房地产开发有限公司与上海品器管理咨询有限公司（以下简称"上海品器"）、 北京天娇绿苑房地产开发有限公司（以下简称"北京天娇绿苑"，"上海品器"、 "北京天娇绿苑"以下合并共称"上海品器联合体"）签订了《金科地产集团股 份有限公司及重庆金科房地产开发有限公司重整投资之产业投资协议》（以下简 称"《产业投资协议》"）。2025年5月10日重庆市第五中级人民法院裁定批准 金科股份《重整计划》，根据《重整计划》及《产业投资协议》约定，上海品器 联合体或指定主体提供不少于7.5亿元的借款（本次由上海品器联合体或指定主 体按承诺提供2.5亿借款，剩余5亿将根据公司实际需要借款），用于补充公司的 流动资金和新项目投入。京渝星璨（青岛）企业管理合伙企业（有限合伙）（以 下简称 ...

金科地产集团股份有限公司 关于第十二届董事会第二次会议决议的公告 根据《重整计划》及《产业投资协议》约定，公司重整产业投资人上海品器 联合体或指定主体将提供不少于7.5亿元的借款（本次由上海品器联合体或指定 主体按承诺提供2.5亿借款，剩余5亿将根据公司实际需要借款），用于补充公司 的流动资金和新项目投入。鉴于此，为执行《重整计划》及支持公司发展，上海 品器管理咨询有限公司（以下简称"上海品器"）、北京天娇绿苑房地产开发有 限公司（以下简称"北京天娇绿苑"）及白杰（身份号码：511325********4613） 与公司、重庆腾益商业管理有限公司（系公司全资子公司）共同签订《借款合同》， 本次由关联方指定主体向公司提供总额人民币2.5亿元的借款，借款利率不超过1 年期贷款市场报价利率（LPR），借款期限三十六个月。 因公司控股股东京渝星璨（青岛）企业管理合伙企业（有限合伙）、京渝星 筑(青岛)企业管理合伙企业（有限合伙）系上海品器、北京天娇绿苑为参与公司 重整投资的新设投资主体，故上海品器、北京天娇绿苑系公司关联方，本次交易 构成关联交易。 本议案详细内容参见同日刊载于巨潮资讯网（www.cninfo.com ...

Core Viewpoint - The company *ST Jinke has announced a borrowing agreement with related parties to support its development and execute its restructuring plan, involving a loan of 250 million yuan with specific terms [1] Group 1: Loan Agreement Details - The loan amount is 250 million yuan, with an interest rate not exceeding the one-year LPR [1] - The loan term is set for 36 months, and it does not require collateral or guarantees [1] - The board of directors has approved this transaction, which is classified as a related party transaction but does not constitute a major asset reorganization, thus not requiring shareholder meeting approval [1] Group 2: Related Party Transactions - From the beginning of the year to the disclosure date, the company has recorded a total of 0 yuan in related party transactions with these parties [1]

Core Points - The company plans to cancel 45.35 million shares that have been repurchased, which includes 8.29 million restricted shares for 39 incentive recipients and 37.06 million shares held by the public [1] - Following the cancellation, the total share capital will decrease from 10.634 billion shares to 10.589 billion shares, and the registered capital will also be reduced accordingly [1] - Creditors have a 45-day period to request debt repayment or guarantees due to the reduction in share capital and registered capital, with the claim period set from October 25, 2025, to December 9, 2025 [1]

金科地产集团股份有限公司 关于注销已回购股份的减资公告 证券简称：*ST 金科 证券代码：000656 公告编号：2025-129 号 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、注销回购股份的原因及内容 金科地产集团股份有限公司（以下简称"公司"）分别于 2025 年 9 月 30 日及 10 月 16 日召开第十一届董事会第五十九次会议及 2025 年第三次临时股东 大会，审议通过了《关于注销公司已回购股份暨注册资本变更的议案》，同意公 司将 39 名不符合解锁条件的激励对象已获授权但尚未解锁的合计 829 万股限制 性股票予以注销；同意公司将已回购的社会公众股 3,706 万股股份予以注销。 公司拟对前述总计 4,535 万股已回购股份予以注销。上述公司已回购股份注 销后，公司总股本将由 10,634,081,632 股变更为 10,588,731,632 股，则公司注 册资本亦减少至 10,588,731,632 元。 | 股份类型 | 本次变动前 | | 本次变动 | 本次变动后 | | | --- | --- | --- | --- | - ...

Core Viewpoint - The restructuring of Jinke has led to a significant shift in control, with founder Huang Hongyun losing his influence and the company transitioning from a family-run business to a more diversified board structure [1][2][3] Group 1: Company Restructuring - Jinke's new board consists of nine members, with only one original member remaining, indicating a complete overhaul of the company's leadership [1] - The new chairman, Guo Wei, has a background in real estate and has previously managed distressed assets, suggesting a focus on revitalizing Jinke's projects [1][3] - Jinke successfully cleared 1.47 trillion yuan in debt through bankruptcy restructuring, but still has a significant inventory of 89.355 billion yuan as of June 2023 [1][3] Group 2: Huang Hongyun's Loss of Control - Huang Hongyun voluntarily relinquished control of Jinke, transitioning from a controlling shareholder to a minority stakeholder with a reduced shareholding from 14.51% to 7.28% [2][3][6] - The choice of bankruptcy restructuring over traditional debt restructuring reflects the severity of Jinke's financial situation, with a negative net asset value of -36.2 billion yuan as of June 2023 [6][7] - Huang's decision to step back was influenced by the need to separate personal financial risks from the company's liabilities, as his shares were heavily pledged and at risk of forced liquidation [6][7]

Core Viewpoint - The real estate industry is accelerating financing through various channels such as credit bonds, overseas bonds, and asset securitization to address year-end debt maturity pressures and prepare for future development amid increased supply of quality land parcels [1][3][10]. Financing Trends - In September, the total bond financing in the real estate sector reached 561 billion yuan, marking a year-on-year increase of 31%, with credit bond financing alone amounting to 322 billion yuan, a significant year-on-year growth of 89.5% [3][9]. - The average issuance term for credit bonds in September was 3.65 years, indicating a trend towards longer financing terms, which helps optimize debt structure and alleviate short-term repayment pressures [7]. Company Financing Activities - Several companies are actively issuing bonds, including China Merchants Shekou with a planned issuance of 40 billion yuan at a coupon rate of 1.90%, and China Vanke with a bond issuance of up to 24 billion yuan [6][8]. - Notable issuances include Beijing Urban Construction Group's successful issuance of 18 billion yuan in medium-term notes and Poly Developments' 150 billion yuan bond application accepted by the Shanghai Stock Exchange [6][8]. Challenges in Sales and Cash Flow - Despite the positive financing trends, real estate companies face significant challenges in sales, with a reported 8.4% year-on-year decline in funds received by real estate developers from January to September, particularly in deposits and pre-sales [9][10]. - The ongoing sluggish sales market continues to exert pressure on the overall cash flow of real estate companies, making it crucial for them to balance external financing with internal cash generation [10]. Debt Restructuring Progress - Some distressed real estate companies have made substantial progress in debt restructuring, with over 75% of creditors approving restructuring plans for companies like Longfor Group and Sunac China [8].

Core Insights - Recent debt restructuring efforts by troubled real estate companies have gained momentum, with significant plans announced by CIFI, Sunac, and Jinke [1][2][3] Group 1: Debt Restructuring Plans - CIFI announced a debt restructuring plan involving mandatory convertible bonds, shareholder loans, and a long-term equity incentive plan, pending approval at a special shareholders' meeting on October 31 [1] - Sunac reported that 94.5% of its creditors agreed to its second round of overseas restructuring, with a court hearing scheduled for November 5 [1] - Jinke has signed a trust contract for bankruptcy restructuring, marking a significant step in its debt repayment mechanism, with a major investor becoming the largest shareholder after injecting 2.628 billion [1] Group 2: Debt-to-Equity Conversion - All three companies are utilizing debt-to-equity swaps as a key method for debt reduction, which involves issuing new shares to convert debt into equity, thereby increasing the company's capital base [1] - Jinke's restructuring plan includes cash payments for small creditors, stock conversions, and trust benefit rights, with recovery rates heavily dependent on stock price fluctuations [2][4] - Sunac's plan allows for debt conversion at different stock prices, with potential recovery rates significantly influenced by future stock performance [3] Group 3: Shareholder Control and Incentives - The restructuring plans ensure that the controlling shareholders maintain their positions, aligning their interests with those of creditors and minority shareholders [5][6] - Jinke's restructuring investors will hold nearly 30% of the company and have significant board representation, ensuring control over the company's direction [5] - Sunac's plan includes a "stability plan" to maintain shareholder control, while CIFI's plan incorporates a long-term incentive program for management to align interests with creditors [6][7]

Core Viewpoint - The regulatory scrutiny in the capital markets has intensified, with multiple listed companies being investigated for information disclosure violations, highlighting a "zero tolerance" approach from regulators [1][2][5][6] Group 1: Company Investigations - Baiyin Nonferrous Metals received a notice of investigation from the CSRC for suspected information disclosure violations [1] - Jinke Properties' actual controller and major shareholder received a notice from the CSRC due to undisclosed stock reductions and failure to report changes in equity [1] - Huizhou Technology's president is under investigation for insider trading shortly after reporting a 35.74% increase in net profit [2] - Hongtian Co. delayed disclosing related party transactions, leading to an investigation by the CSRC [3] - Shandong Ruyi Woolen Garment Group was investigated for previous information disclosure issues and inaccuracies in financial reporting [5] - Xiamen Road and Bridge Information Co. was investigated for significant internal control deficiencies in financial reporting [6] Group 2: Regulatory Environment - The new Securities Law and the deepening of the registration system reform are pushing regulators to enforce stricter compliance, compelling companies to operate more transparently [6] - The importance of timely and accurate information disclosure is emphasized as a critical bridge between listed companies and investors [6]