Core Viewpoint - Hang Lung Group (00010) and Hang Lung Properties (00101) jointly announced that Mr. Lu Weibo will retire on or before August 31, 2026, and will no longer serve as the Group's Chief Executive Officer and Executive Director [1] Group 1 - Mr. Lu Weibo's retirement is set for August 31, 2026, or earlier [1] - He will step down from his roles as Chief Executive Officer and Executive Director of the Group [1]

Core Viewpoint - Hang Lung Group (00010.HK) announced that its CEO, Mr. Weber Lo, will retire on or before August 31, 2026, and will no longer serve as the Group's Executive Director [1] Group 1 - The Board of Directors is conducting a comprehensive search for Mr. Lo's successor [1] - Mr. Lo will assist in facilitating a smooth leadership transition [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公布的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公布全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 恒隆集團有限公司 HANG LUNG GROUP LIMITED （於香港註冊成立之有限公司） 恒隆地產有限公司 HANG LUNG PROPERTIES LIMITED 恒隆集團有限公司 (「恒隆集團」) 及恒隆地產有限公司 ( (「恒隆地產」) ，連同恒隆集團統稱 「本集團」) 董事會 (「董事會」) 謹此聯合宣布，盧韋柏先生 (「盧先生」) 將於2026 年 8 月 31 日或之前榮休，並不再擔任本集團行政總裁及執行董事之職位。 董事會正在進行全面的甄選，以物色盧先生的繼任人，而盧先生將協助並促進領導層順利交接。 盧先生在任期間，憑誠信、遠見卓識、以及對卓越的不懈追求，帶領本集團前行。董事會對盧 先生的領導及對本集團堅定不移的貢獻，表達深切的謝意，並同時期待盧先生榮休後，能以待 定的正式崗位，繼續為本集團提供顧問支持。 盧先生確認彼與董事會並無任何意見分歧，亦不知悉任何關於彼退休之事宜須提請本集團 ...

Core Viewpoint - TCL Technology is accelerating its acquisition of minority stakes in high-generation production lines, which is expected to further enhance the net profit attributable to the parent company [1][5]. Group 1: Acquisition Details - TCL Technology's subsidiary, TCL Huaxing, plans to acquire 10.7656% of Shenzhen Huaxing Semiconductor Display Technology Co., Ltd. for 6.045 billion yuan, increasing its total control from 84.2105% to 94.9761% [1]. - The acquisition is anticipated to effectively improve the company's profitability [1]. Group 2: Business Focus and Financials - Shenzhen Huaxing focuses on semiconductor display business, operating two G11 display panel production lines, primarily producing large-size TFT-LCD display devices [3]. - As of December 31, 2024, Shenzhen Huaxing's total assets are 68.04 billion yuan, with net assets of 44.85 billion yuan, and projected revenue of 24.158 billion yuan and net profit of 2.807 billion yuan for the same year [3]. - By June 30, 2025, total assets are expected to be 64.769 billion yuan, net assets 46.564 billion yuan, with revenue of 12.023 billion yuan and net profit of 1.709 billion yuan for the first half of 2025 [3]. Group 3: Market Outlook - The large-size semiconductor display industry is experiencing an improved supply-demand relationship, with a steady increase in demand driven by larger screen sizes [4]. - The upcoming FIFA World Cup in 2026 is expected to significantly boost demand for large-size television panels, benefiting Shenzhen Huaxing's production and sales [4]. Group 4: Strategic Implications - Completing the acquisition of high-generation production lines before a surge in demand for large-size display products is seen as a strategic move to secure substantial profits [5]. - The increased equity stake in Shenzhen Huaxing is expected to enhance the profit level attributable to TCL Technology's shareholders, allowing them to better share in the economic benefits realized by Shenzhen Huaxing [5].

Core Viewpoint - TCL Technology is increasing its stake in Huaxing Semiconductor by acquiring an additional 10.7656% equity for 60.45 billion yuan, raising its total ownership to 94.9761% [5][9]. Group 1: Acquisition Details - The acquisition involves TCL Huaxing purchasing the stake from Shenzhen Major Industry Development Phase I Fund, which previously held a 10.7656% stake valued at 45 billion yuan [7]. - This marks the second acquisition by TCL Technology in 2023, following a previous purchase of 21.53% equity for 115.62 billion yuan in July [8]. - The earlier acquisition was structured as a combination of cash and stock, with 72.03 billion yuan in cash and 43.59 billion yuan in stock issued at a price of 4.42 yuan per share [8]. Group 2: Financial Performance - As of June 30, 2025, Huaxing Semiconductor is projected to have total assets of 647.69 billion yuan and net assets of 465.64 billion yuan, with a revenue of 120.23 billion yuan and a net profit of 17.09 billion yuan for the first half of the year [9]. - The valuation of Huaxing Semiconductor has increased from 537 billion yuan to 561.55 billion yuan based on an asset-based assessment [8]. Group 3: Strategic Focus - TCL Technology aims to enhance its profitability and strengthen its core competitiveness in the display industry through this acquisition [5][12]. - The company is focusing on the semiconductor display sector, particularly in large-size and high-definition products, leveraging high-generation production efficiency and strategic customer collaborations [11][12]. - TCL Technology has also made significant investments in the semiconductor display field, including a recent acquisition of LG Display's stakes for a total of 112 billion yuan [11].

Core Viewpoint - TCL Technology is accelerating its acquisition of minority stakes in high-generation production lines, which is expected to further enhance the net profit attributable to the parent company [1][6]. Company Summary - On December 15, TCL Technology announced that its subsidiary, TCL Huaxing Optoelectronics Technology Co., Ltd., plans to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor Display Technology Co., Ltd. for cash of 6.045 billion yuan. After the transaction, TCL's total control over Shenzhen Huaxing Semiconductor will increase from 84.2105% to 94.9761%, which is anticipated to effectively improve the company's profitability [1][6]. - Shenzhen Huaxing Semiconductor focuses on the semiconductor display business and operates two G11 display panel production lines, primarily producing large-size TFT-LCD display devices. The acquisition is expected to strengthen TCL's core competitiveness in the semiconductor display industry [3][8]. Financial Performance - As of December 31, 2024, Shenzhen Huaxing Semiconductor reported total assets of 68.04 billion yuan and net assets of 44.85 billion yuan, with projected revenue of 24.158 billion yuan and net profit of 2.807 billion yuan for the same year. By June 30, 2025, total assets are expected to be 64.769 billion yuan, with net assets of 46.564 billion yuan, and revenue of 12.023 billion yuan with a net profit of 1.709 billion yuan. The decreasing asset-liability ratio and increasing net profit margin indicate a strengthening of the asset's profitability and quality [3][9]. Industry Outlook - The large-size semiconductor display industry has seen an optimization in its structure, with a healthier supply-demand relationship. The market for television panels is entering a stocking peak season, and prices are expected to stabilize in December according to TrendForce [4][9]. - The Central Economic Work Conference has outlined plans to optimize the "Two New" policy by 2026, which includes large-scale equipment updates and a "national subsidy" for consumer goods. This is expected to boost demand for consumer electronics and display panels [4][9]. - The upcoming FIFA World Cup in 2026, hosted by the USA, Canada, and Mexico, is anticipated to significantly drive demand for large-size television panels, benefiting Shenzhen Huaxing Semiconductor, which specializes in this market [5][10].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年11月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 恒隆集團有限公司 | | | 呈交日期: | 2025年12月4日 | | | I. 法定/註冊股本變動 不適用 | | | | 備註： | | | | 恒隆集團有限公司並無法定股本，及其股本並無股份面值。 | | | 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00010 | 說明 | 不適用 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,361,618,24 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年10月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 恒隆集團有限公司 | | | 呈交日期: | 2025年11月6日 | | | I. 法定/註冊股本變動 不適用 | | | | 備註： | | | | 恒隆集團有限公司並無法定股本，及其股本並無股份面值。 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00010 | 說明 | 不適用 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,361,618,242 | | 0 | | 1,361,618,242 ...

Core Insights - The commercial real estate sector is undergoing a structural change rather than a cyclical one, with a shift from a "buy-buy-buy" mentality to addressing unmet spiritual and social needs [1] - The upcoming peak in shopping center openings is expected around the National Day holiday in 2025, with over 60 projects set to launch nationwide [1] Industry Trends - The golden era of commercial real estate appears to be fading, with increasing homogenization and significant pressure on the sector due to slow recovery in employment and income expectations [2] - Developers are adapting to the new market dynamics by focusing on strategic adjustments while maintaining a stable operational approach [2] Developer Strategies - Developers are shifting from traditional land acquisition and rapid construction to urban renewal projects due to high land costs and intense competition [4][6] - Companies like 恒隆集团 (Hang Lung Group) are focusing on deep participation in urban renewal to maximize asset value rather than merely engaging in light asset output [4][6] Market Opportunities - Despite challenges, there are still significant opportunities in the commercial real estate sector, particularly in second-tier cities where consumer demand is expected to grow [8][10] - The focus on community development and strategic partnerships is seen as a way to enhance business resilience and expand market presence [7][10] Financial Considerations - The recovery of the real estate market is anticipated to be gradual, influenced by global interest rates and local economic conditions [13][14] - Companies are prioritizing debt reduction and maintaining liquidity to navigate the current market uncertainties [15]

Core Insights - The article highlights the competitive landscape of commercial real estate in China, focusing on Hang Lung Group's strategic approach to maintaining its market position through selective expansion and partnerships [1][6]. Company Strategy - Hang Lung Group has signed a 20-year operating lease with Baida Group for the South and North buildings of Hangzhou Department Store, significantly increasing the retail space of Hangzhou Hang Lung Plaza by 40% and street-facing area by over 200% [1][7]. - The company emphasizes a shift from aggressive expansion to enhancing existing assets and customer experience, focusing on core cities to improve investment returns [1][6]. - The current strategy, termed "Hang Lung V.3," reflects a move away from a growth model based solely on quantity, recognizing the saturation of commercial space in various cities [6][8]. Market Conditions - The office market is experiencing downward pressure on rents, with CBRE projecting a 9.9% decline in national office rents by 2025, an increase of 3.2 percentage points from earlier predictions [5]. - The retail market shows signs of recovery, with Hang Lung's Shanghai Plaza maintaining a high occupancy rate of 98% despite ongoing renovations [5][6]. Project Developments - The Hangzhou project is the 11th comprehensive commercial project for Hang Lung in mainland China, with a retail pre-leasing rate of 83% and plans for phased openings starting in late 2025 [7][8]. - The company plans to complete renovations within a year of acquiring the properties, aiming to integrate the new space into the existing Hangzhou Hang Lung Plaza [9]. Competitive Landscape - Hang Lung aims to collaborate with local competitors like Hangzhou Tower to enhance the overall commercial environment rather than engage in direct competition [9].