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，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。 1 20亿元展期方案仍未通过 为寻求共识，在本轮"22万科MTN004"展期博弈中，万科抛出过三次展期方案。先是初始展期方案——展期一年，期间不付首付、不派利息，受到部分投 资人强烈反对。 "连利息都不 ...

Group 1 - The U.S. stock market saw all three major indices rise, with the S&P 500 up 0.64%, the Nasdaq up 0.52%, and the Dow Jones up 0.47% [4] - Major tech stocks had mixed results, with Tesla and Nvidia rising over 1%, while Intel and Netflix fell over 1% [4] - The Nasdaq China Golden Dragon Index increased by 0.58%, with most Chinese concept stocks rising, including iQIYI up nearly 3% and JD.com up nearly 1% [4] Group 2 - International oil prices rose, with U.S. crude oil up 2.48% at $57.92 per barrel and Brent crude oil up 2.38% at $61.48 per barrel [5] - International gold prices also increased, with spot gold reaching a record high of $4,449.16 per ounce, up 2.42% [5] Group 3 - The Chinese Ministry of Commerce announced an initial ruling on anti-subsidy investigations into imported dairy products from the EU, with preliminary evidence indicating subsidies exist, leading to a proposed subsidy rate of 21.9% to 42.7% [9] - The Ministry of Commerce also addressed semiconductor supply issues related to Anshi Semiconductor, indicating ongoing discussions to restore supply chains [10] Group 4 - The National Medical Products Administration released new regulations to further standardize the management of internet pharmaceutical and medical device information services [11] - The State Administration for Market Regulation announced a pilot reform for CCC certification marks on high-risk products, including power banks and electric bicycles [11] Group 5 - BYD confirmed salary increases for its technical research staff, with the company reporting a revenue of 566.27 billion yuan for the first three quarters of the year, a year-on-year increase of approximately 13% [19] - Xiaomi announced a subsidy program for automotive dealers, with over 100 million yuan allocated to support "car integration stores" [20][21] Group 6 - Porsche announced plans to gradually shut down its self-built charging network starting March 1, 2026, while maintaining partnerships with leading charging operators [27] - Apple was fined nearly 98.64 million euros by the Italian Competition Authority for abusing its market dominance through its App Tracking Transparency policy [29]

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][3][4]. Group 1: Meeting Outcomes - Proposal 1, which waived the procedural time requirements for convening the bondholders meeting, was approved by 8 out of 20 institutions, representing 91.20% of the voting rights [2][3]. - Proposal 2, aimed at adjusting the payment arrangement for the bond's principal and interest, was rejected, with 14 institutions voting against it, accounting for 78.30% of the voting rights [3]. - Proposal 3, which extended the grace period for the bond, was approved by 7 institutions, representing 90.70% of the voting rights [3][4]. Group 2: Company Commitments - Vanke accepted the voting results and committed to ongoing communication with stakeholders to seek solutions for the bond issue, ensuring that the payment order for the current bond will not be worse than that of any subsequent bonds maturing after December 15, 2025 [4]. - The company pledged not to pay principal on any subsequent bonds until the current bond's principal and interest are fully paid [4]. Group 3: Industry Insights - Industry experts noted that the approval of Proposal 3 effectively postpones the debt default deadline by 30 trading days, allowing Vanke to negotiate new plans with bondholders [5]. - There is a prevailing expectation among bondholders that Vanke will still meet its debt obligations [5].

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" ...

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].

Core Viewpoint - Vanke is facing significant liquidity challenges and must navigate a complex debt repayment landscape, with recent bondholder meetings revealing a lack of consensus on extending repayment terms, leading to a precarious financial situation for the company [1][2][4]. Group 1: Bondholder Meetings and Proposals - The bondholder meetings on December 10 and December 18 failed to pass extension proposals for the "22 Vanke MTN004" bond, with the core extension plan receiving only 20.20% approval [2][4][7]. - The bond has a total amount of 2 billion yuan and a coupon rate of 3%, with the original maturity set for December 2025 [3][4]. - A new proposal was introduced to extend the grace period from 5 working days to 30 trading days, providing additional time for negotiations [7][9]. Group 2: Debt Repayment Pressure - Vanke is under pressure to repay a total of 5.871 billion yuan in bonds within a short period, with another bond, "22 Vanke MTN005," also facing extension discussions [9][10]. - The company has over 12 billion yuan in domestic debt due in 2026 and additional international debt obligations in the following years, indicating a substantial repayment burden ahead [10][11]. Group 3: Financial Health and Ratings - As of September 2025, Vanke's total interest-bearing debt reached 362.93 billion yuan, with a total liability of 835.5 billion yuan, highlighting a significant liquidity gap [11]. - Credit ratings for Vanke have been downgraded by both S&P and Fitch, reflecting concerns over its financial stability and potential for default [11][12]. Group 4: Shareholder Support and Self-Rescue Efforts - Shenzhen Metro Group has provided substantial financial support to Vanke, totaling 30.796 billion yuan in loans, but this support is becoming more conditional [12][13]. - Vanke has been actively selling assets to improve cash flow, generating approximately 4.4 billion yuan from asset sales in the first three quarters of the year [17]. - The company's sales performance has deteriorated significantly, with a 44.6% year-on-year drop in contract sales, indicating ongoing operational challenges [17].

Core Viewpoint - Vanke's bondholders meeting resulted in the approval of extending the grace period for the bond, while the proposal to adjust the principal and interest payment arrangement did not pass due to insufficient votes [1][2][3]. Group 1: Meeting Outcomes - The proposal to waive the procedural time limits for the meeting was approved with 91.20% of the voting rights in favor [2]. - The proposal to adjust the principal and interest payment arrangement was rejected, with only 20.20% of the voting rights in favor [2][3]. - The proposal to extend the grace period was passed with 90.70% of the voting rights in favor, just exceeding the required threshold [2][3]. Group 2: Grace Period Details - The grace period for the bond's principal and interest payment has been extended from 5 working days to 30 trading days, with the new deadline set for January 28, 2026 [3]. - During the grace period, the issuer will not be considered in default, and no additional costs such as penalties will be incurred [3]. - The extension allows Vanke more time to negotiate a debt resolution, reflecting ongoing negotiations between the bondholders and the issuer [3]. Group 3: Commitments and Future Implications - Vanke committed that the payment order for the bond will not be worse than that of any subsequent bonds maturing after December 15, 2025 [4]. - The company cannot pay principal on any subsequent bonds until the current bond's principal and interest are fully paid [4]. - The outcome of this meeting may influence the handling of Vanke's other bond, "22 Vanke MTN005," which has a maturity date of December 28, 2025 [4].