Guan Cha Zhe Wang·2025-05-22 02:34Core Viewpoint - Vanke is replacing the collateral for a 4.2 billion yuan loan from Shenzhen Metro Group with shares of Wanwu Cloud, increasing the collateral value to a maximum of 6 billion yuan [1] Group 1: Loan and Collateral Details - The original loan of 4.2 billion yuan was provided by Shenzhen Metro Group to Vanke in February, with collateral from three wholly-owned subsidiaries of Vanke [1] - A supplementary agreement was signed on May 21, allowing Vanke to use shares of Wanwu Cloud as collateral, with a collateralization rate of 70% [1] - If the stock price falls below a certain threshold for three consecutive trading days, Vanke must either add more collateral or repay part of the loan within five working days [1] Group 2: Previous Loans and Total Exposure - Prior to the 4.2 billion yuan loan, Shenzhen Metro had provided a 2.8 billion yuan loan, also secured by Wanwu Cloud shares, bringing the total collateralized amount to 10 billion yuan [2] - The stock price of Wanwu Cloud was 20.54 HKD per share at the time of the first loan, and it was 20.95 HKD per share as of May 21 [2] - The total shares pledged correspond to approximately 5.16 million shares, representing about 44.5% of Wanwu Cloud's equity [2] Group 3: Investor Sentiment and Market Conditions - Investors express concern that if Vanke cannot repay its debts, the ownership of Wanwu Cloud could change hands, depending on market conditions and Vanke's sales performance [2]