CMSK(SZ:001979) Xin Lang Cai Jing·2025-09-15 00:08Core 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, amidst a backdrop of supportive policies in the Shenzhen real estate market [1][5]. Group 1: Fundraising and Financial Strategy - 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 aims to lower the company's debt ratio while providing a relatively inexpensive way to increase capital compared to issuing corporate bonds [2]. - The funds raised will be allocated to 11 projects, with 8 located in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen, aligning with the company's strategy to focus on core urban markets [2]. Group 2: Sales Performance - In the first half of 2025, 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: Land Acquisition - During the industry adjustment period, the company actively acquired quality land reserves, securing 16 plots with a total construction area of approximately 1.67 million square meters and a total land price of about 35.3 billion yuan in the first half of 2025 [4]. Group 4: Market Context - The financing initiative coincides with new supportive policies from the Shenzhen government aimed at stabilizing the real estate market, which includes optimizing purchase restrictions and enhancing credit conditions [5].