Di Yi Cai Jing·2025-11-26 03:57Core Viewpoint - Vanke's bonds have experienced significant declines, triggering trading halts, and the company's stock price has also dropped to a new low since 2015, indicating financial distress and potential liquidity issues [1][2]. Bond Performance - As of November 26, Vanke's bonds such as "21 Vanke 04," "22 Vanke 02," and "22 Vanke 04" fell over 20%, leading to trading suspensions, while other bonds like "21 Vanke 06" and "22 Vanke 06" dropped over 14% and "21 Vanke 02" fell over 10% [1][2]. - The overall performance of Vanke's domestic bonds has been poor throughout November, with multiple days of decline [1]. Stock Performance - Vanke A's stock price reached as low as 6 CNY per share, with a cumulative decline of over 13% in nearly 60 trading days, marking a new low since 2015 [2]. - Vanke Enterprises (02202.HK) saw a drop of over 2%, with its stock price decreasing from 5.94 HKD to around 4 HKD since September 12 [2]. Financing and Debt Management - On November 2, Vanke announced a framework agreement with Shenzhen Metro Group for a loan of up to 22 billion CNY, with a total principal and interest amounting to approximately 236.91 billion CNY [3]. - As of November 2, Vanke had repaid approximately 303.25 billion CNY in domestic and foreign bond principal and interest, with 165.22 billion CNY (about 55%) funded by loans from Shenzhen Metro [4]. - Vanke needs to enhance its self-financing capabilities to manage upcoming bond repayments, as the loans from Shenzhen Metro do not fully cover the company's debt obligations [3][4].