CMSK(SZ:001979) Shang Hai Zheng Quan Bao·2025-09-14 19:40Core Viewpoint - The company plans to issue preferred shares to raise up to 8.2 billion yuan for real estate projects focused on ensuring housing delivery and supporting livelihoods, with no participation from major shareholders or related parties in the subscription [1][2]. Group 1: Fundraising and Financial Impact - The preferred shares will have a fixed dividend rate, be cumulative, and will not be convertible into common stock, thus avoiding dilution of existing shareholders' equity [2]. - The issuance is expected to increase the company's net assets by 2.94% and reduce the debt-to-asset ratio by 0.64 percentage points [2]. - The net proceeds from the fundraising will be allocated to 11 projects, with 8 located in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen, aligning with the company's performance strategy [2]. Group 2: Sales Performance - In the first half of the year, the company achieved a signed sales area of 3.35 million square meters and a sales amount of 88.89 billion yuan, maintaining the fourth position in the industry [3]. - For the first eight months of the year, the cumulative signed sales amount reached 124.01 billion yuan [3]. Group 3: Market Context and Policy Support - The fundraising initiative coincides with supportive policies from the Shenzhen government aimed at stabilizing the real estate market [4]. - Recent policy adjustments in Shenzhen include optimizing purchase restrictions and credit conditions, which are expected to enhance market expectations and stabilize prices [5].