Sou Hu Cai Jing·2025-12-22 12:57Core Viewpoint - Vanke's proposal for the extension of the repayment of its medium-term notes has been rejected for the second time, leading to a prolonged grace period for interest payments [1][2]. Group 1: Voting Results - The voting results for the core proposal to extend the repayment of principal and interest showed that only 20.20% voted in favor, while 78.30% opposed, resulting in the proposal not being enacted [2]. - The proposal to extend the grace period for repayment from 5 working days to 30 trading days was approved with 90.7% in favor, while 8.3% opposed [2]. Group 2: Financial Details - The "22 Vanke MTN004" medium-term notes were issued on December 16, 2022, with a total issuance size of 2 billion yuan, a coupon rate of 3%, and a maturity date of December 15, 2025 [5]. - The closest proposal to pass previously received 83.40% approval but did not meet the required 90% threshold [5]. Group 3: Market Reaction - Following the announcement of the failed extension proposals, Vanke's A-shares and Hong Kong stocks both experienced declines, and several of Vanke's domestic bonds saw significant price drops in the bond market [5].