| 紧导 | (2025) 沪74民特127号 | 累由 | 申请确认仲裁协议效力 | | --- | --- | --- | --- | | 顾告 | 中国平安人寿保险股份有限公司、平安资产管理有限责任公司 | | | | 被告 | 王某、华夏奉福基业控股股份公司 | | | | 法院 | 上海金融法院 | 法庭 | 前程路第四法庭 | | 承办部门 | | 审判长/主审人 | 吴凯峰 | | 开庭日期 | 2025-12-17 14:00 | 排期日期 | . | 上述案件的具体情况未知。近期，华夏幸福控股控股的上市公司华夏幸福预重整事项获法院受理。 近期，天眼查信息显示，中国平安人寿保险股份有限公司（以下简称"平安人寿"）及平安资产管理有限责任公司（以下简称"平安资管"）起诉华夏幸福基业 控股股份公司（下称"华夏幸福控股"）及王某，案由为申请确认仲裁协议效力。这一案件将于12月17日14时在上海金融法院开庭。 此前11月21日，据华夏幸福债委会消息，工作组将自11月24日起进驻华夏幸福，开展专项财务尽调的前期准备工作。 12月1日，华夏幸福发布公告称，于2025年12月1日收到平安资管致送的《持股5%以 ...

宝龙地产附属清盘申请获撤销 宝龙地产 (01238.HK)公告，全资附属宝龙地产 (维京)于维京法庭被提出清盘申请已通过双方协定的同 意令的方式撤销，目的是实质上按照重组支持协议所述方式进行及促进重组的成功实施。 2025年12月8日，宝龙地产发布公告，集团于2025年11月的合约销售额(连同共同控制实体及联营公司的 合约销售额)及合约销售面积分别约为人民币5.21亿元(同比下降47.2%)及5.78万平方米。集团截至2025 年11月30日止十一个月的合约销售总额(连同共同控制实体及联营公司的合约销售额)及合约销售总面积 分别约为人民币66.66亿元(同比下降43.2%)及59.58万平方米。 旭辉集团：子公司债务逾期规模达18.982亿元 旭辉集团股份有限公司公告，截至2025年12月1日，旭辉集团部分子公司发生债务逾期规模合计18.982 亿元，涉及六安卓锦房地产开发有限公司、杭州昌展置业有限公司等13家主体，逾期债务均为银行项目 贷款。公司通过协商债务展期、分期偿还等措施应对到期债务问题，截至本公告披露日，本公司存续信 用类债券中"HPR旭辉1"、"H20旭辉2"、"H20旭辉3"、"H21旭辉1"、 ...

Core Viewpoint - The three extension proposals for the "22 Vanke MTN004" bond were rejected, indicating a critical situation for Vanke's debt repayment capabilities, with potential implications for future negotiations on other bonds [3][4][18]. Group 1: Bond Extension Proposals - All three proposed extension plans for the "22 Vanke MTN004" bond were not approved during the first bondholder meeting [5]. - Proposal one suggested a 12-month extension for principal repayment, maintaining the original interest rate, but received zero support from bondholders [6][7]. - Proposal two, which included normal interest payments and additional guarantees, garnered 83.40% support but fell short of the required 90% [8][9]. - Proposal three, similar to proposal two but with different guarantee requirements, received 18.95% support, also failing to meet the necessary threshold [10][11]. Group 2: Market Reactions and Implications - The rejection of the extension proposals has raised concerns about Vanke's overall debt repayment ability and willingness, potentially affecting negotiations for the upcoming 37 billion yuan bond [18]. - Market participants are increasingly cautious, with some bondholders preferring to follow default procedures rather than agree to extensions, fearing undervaluation of assets [11][12]. - Vanke's current debt situation is compounded by a significant upcoming bond maturity of approximately 114 billion yuan between December 2025 and May 2026, increasing the risk of restructuring [19]. Group 3: Bondholder Composition and Trends - Over 85% of the "22 Vanke MTN004" bond is held by banks, with public and private institutions holding over 10% [14]. - Recent data indicates a significant reduction in holdings of Vanke's domestic bonds by institutional investors, with banks now being the primary holders [16]. - The overall impact on the market from Vanke's debt situation is expected to be limited due to the relatively small size of its bond issues and the predominance of bank holdings [17].

Core Viewpoint - Vanke's bond extension proposals have been rejected, raising concerns about the company's debt repayment capabilities and increasing expectations for potential debt restructuring [2][3][4]. Group 1: Bond Extension Proposals - Three bond extension proposals for "22 Vanke MTN004" were presented but none received approval, with the first proposal having a support rate of 0% [3][4]. - The first proposal aimed to extend the principal repayment date by 12 months to December 15, 2026, without additional costs for Vanke, but was opposed by 76.70% of the voting rights [3][4]. - The second proposal, which included normal interest payments and additional guarantees, received 83.40% support but failed to meet the required 90% threshold [4][5]. Group 2: Market Reactions and Implications - The rejection of the proposals has cast doubt on Vanke's ability to negotiate extensions for an upcoming 3.7 billion yuan bond, potentially leading to increased demands for risk compensation from creditors [6][14]. - Concerns have been raised among creditors about the risk of asset undervaluation or non-market disposals if extensions are agreed upon, which could lead to significant credit events for Vanke [6][14]. - The market is closely monitoring the situation, as Vanke may utilize a 5-day grace period for repayment, extending the final deadline to December 20 [7][14]. Group 3: Debt Structure and Ownership - Over 85% of the "22 Vanke MTN004" bonds are held by banks, with public and private institutions holding over 10% [8][10]. - Recent data indicates a significant reduction in holdings of Vanke's domestic bonds by institutional investors, with banks now being the primary holders [10][13]. - Vanke's overall debt situation is concerning, with approximately 203.16 billion yuan in outstanding bonds, including upcoming maturities in 2026 [14][15].

从"零支持"到"高票未过" 12月14日，第一财经记者从中国银行间市场交易商协会存续期服务系统获悉，"22万科MTN004"首次持有人会议结果已公布，针对该笔中期票据提出的三份 展期方案均未获得通过。其中，一份被视为对万科较为有利的无条件展期议案，支持率甚至为零。 目前万科的偿债窗口已高度紧迫。该债券原定兑付日为12月15日。不过，根据募集说明书条款，若届时未能完成偿付，发行人可进入5个工作日的宽限期， 但仍需按票面利率上浮5个基点的标准支付利息。 业内分析人士认为，此次议案使万科今年后续37亿元债券的展期谈判前景蒙上阴影，也可能进一步推高市场对公司进行债务重组的预期。 三份中票展期方案均被否 记者从中国银行间市场交易商协会存续期服务系统获悉，"22万科MTN004"第一次持有人会议决议结果已公布，该中期票据的三份展期方案均未获得通过。 "议案一"的方案为本金兑付时间展期12个月，调整后兑付时间为2026年12月15日，到期时偿付本期中期票据全部本金。延期期间不计复利。展期期间（2025 年12月15日至2026年12月15日）的票面利率维持不变。 该笔议案因万科无须在展期期间付出额外代价，被视为对发行人万科 ...

本次债务重组有利于降低公司应收账款回款不确定性风险，改善公司财务状况，将对公司本期财务状况 和经营成果产生积极影响。经公司财务部门初步测算，若本次债务重组顺利实施，未豁免款项全部收 回，公司将转回前期对包钢机械已计提的信用减值3,550,923.85元（具体会计处理及影响金额以会计师 年度审计确认后的结果为准），将对公司经营业绩产生积极影响。 格隆汇12月12日丨华东数控(002248.SZ)公布，威海华东数控股份有限公司为加速应收账款清收，防范 经营风险，与包钢集团机械设备制造有限公司（简称"包钢机械"）签署《债务重组协议》，就包钢机械 对公司欠付货款及招标保证金共计15,691,790.50元进行债务重组，包钢机械分期向公司支付剩余货款 7,000,000元及招标保证金400,000元，剩余8,291,790.50元视为债务重组损失，此款收到后双方债权债务 关系完全解除。因包钢机械资金紧张未能如期足额履行完成上述《债务重组协议》，截止本公告披露 日，尚欠付3,550,923.85元。经双方多次协商，达成新《债务重组协议》，延长包钢机械还款时间至 2026年8月，豁免债务总金额不变。本次债务重组已经公司第七 ...

格隆汇12月12日丨华东数控(002248.SZ)公布，威海华东数控股份有限公司为加速应收账款清收，防范 经营风险，与包钢集团机械设备制造有限公司（简称"包钢机械"）签署《债务重组协议》，就包钢机械 对公司欠付货款及招标保证金共计15,691,790.50元进行债务重组，包钢机械分期向公司支付剩余货款 7,000,000元及招标保证金400,000元，剩余8,291,790.50元视为债务重组损失，此款收到后双方债权债务 关系完全解除。因包钢机械资金紧张未能如期足额履行完成上述《债务重组协议》，截止本公告披露 日，尚欠付3,550,923.85元。经双方多次协商，达成新《债务重组协议》，延长包钢机械还款时间至 2026年8月，豁免债务总金额不变。本次债务重组已经公司第七届董事会第八次会议审议通过，不需经 公司股东大会审议通过，公司与包钢机械已履行完毕其他相关审批手续，《债务重组协议》在公司董事 会审议通过后生效。 本次债务重组有利于降低公司应收账款回款不确定性风险，改善公司财务状况，将对公司本期财务状况 和经营成果产生积极影响。经公司财务部门初步测算，若本次债务重组顺利实施，未豁免款项全部收 回，公司将转回前 ...

每经AI快讯，华东数控（SZ 002248，收盘价：11.84元）12月12日晚间发布公告称，公司第七届第八次 董事会会议于2025年12月12日在公司会议室召开。会议审议了《关于债务重组的议案》等文件。 每经头条（nbdtoutiao）——专访管涛：美国政府经济贸易政策正逐渐动摇美元本位国际货币体系，利 多因素下人民币汇率有可能破7 （记者 贾运可） 2025年1至6月份，华东数控的营业收入构成为：机械制造占比99.52%，其他业务占比0.48%。 截至发稿，华东数控市值为36亿元。 ...

就在昨天，平安起诉了华夏幸福，还有华夏幸福的董事长王文学。两家公司之前积攒的矛盾，彻底爆发 了。 2018年，华夏幸福因为环京楼市限购，陷入困境。 2022年，反对华夏幸福的"以股抵债"；后来又因为"2元置换带"方案，反对它2025年半年报净亏68亿， 然后减持股份； 中国平安与华夏幸福，彻底决裂了！ 平安看中了它的产业新城模式，以"白马骑士"的身份两次入股，合计投入了180亿，拿下华夏幸福25% 的股权，成为了第二大股东。 却没想到，华夏幸福在2021年暴雷。原来的大股东华夏控股的质押股份被平仓，平安被动成为了第一大 股东。 平安本来想拉华夏幸福一把，买了它十几笔金融产品，新增了360亿的债权投资。前前后后，对华夏幸 福的风险敞口达到540亿。 从暴雷后到2021年，平安对华夏幸福一直是支持的态度，牵头成立债委会、帮助它推进债务重组。 但之后隔阂就产生了。 但华夏幸福也有苦衷，金融负债高达2192亿，从2021年债务重组到今年11月，虽然已经化解了将近1927 亿，但也只是解决了债务的"形式"问题。 现在已经资不抵债，现金流和资产变现能力，根本无法支撑还债，预重整是彻底解决的途径。 但平安认为，预重整的程序 ...

Group 1 - The Federal Reserve announced its third consecutive interest rate cut this year, lowering the federal funds rate by 25 basis points to a range of 3.5%-3.75%, while maintaining a forecast of only one rate cut in 2026, indicating increasing divergence among policymakers regarding future policy paths [2] - Chairman Powell stated that the current policy adjustments aim to stabilize a weakening labor market while maintaining sufficient tightening conditions to suppress inflation, with a goal of returning inflation to 2% as tariff impacts diminish [2] - The Federal Reserve will implement a key liquidity management measure, purchasing $40 billion in Treasury securities monthly starting December 12, to rebuild bank reserves that have significantly declined during the balance sheet reduction period [2] Group 2 - No new issuances were reported in the primary market today [4] - Two companies had their ratings updated: - Hailong Holdings is progressing with offshore debt restructuring for existing notes due in 2024, seeking to amend certain covenants [5] - Baolong Real Estate's subsidiary had a court-initiated liquidation application withdrawn to facilitate successful restructuring [5] - A meeting for "H20 Aoyuan 1" bondholders is scheduled to discuss adjustments to principal and interest payment arrangements [5] Group 3 - As of December 10, the yield on China's two-year government bonds was 1.39%, and the ten-year yield was 1.84% [7] - The yield on the U.S. two-year Treasury bonds decreased by 4 basis points to 3.54%, while the ten-year yield fluctuated down by 5 basis points to 4.13% [7] Group 4 - The top 10 gainers in Chinese dollar bonds included: - New Power Holdings with a price increase of 294.737% [9] - Dafa Real Estate with a price increase of 157.491% [9] - The top 10 losers in Chinese dollar bonds included: - CENCHI with a price decrease of 24.879% [9]