炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 8月11日晚间，华南城（01668.HK）在港交所发布公告称，该公司于8月11日被高等法院下令清盘。 此次清盘由花旗国际在2025年1月27日提出，事关一笔于2024年4月到期的美元债，欠款共约3.06亿美元 （约合23.9亿港元）。 此后数月的债务重组谈判，未能扭转局面。在今年5月19日的法庭聆讯上，清盘聆讯被押后至8月11日， 但华南城最终未能与债权人达成协议，从而被勒令清盘。 2002年在香港注册成立的华南城，是一家综合物流及商品交易中心开发商及运营商，其首个项目正是于 2004年投入运营的深圳华南城，曾是最大的跨境电商产业聚集区。以此为根基，华南城"南拓北进"，并 于2009年登陆资本市场，业务遍及深圳、南宁、西安、郑州、重庆等城市。 而从最新的财务数据来看，华南城的现金流已几近枯竭。 公司2024年财报数据显示，华南城录得了上市以来的首次大额亏损。归属母公司净利润亏损89.86亿港 元，期内有157.42亿港元的借款已违约，但是华南城截至期末现金及现金等价物仅约4114万港元，完全 无法覆盖其债务。 特区建发当年配发投入的19 ...

金融界8月12日消息 港交所重磅出手，中国恒大遭退市！ 12日晚间，一直处于停牌状态的中国恒大突然发布公告。中国恒大表示，于2025年8月8日公司收到联交 所发出的信函，表示基于本公司未能满足联交所对其施加的复牌指引中的任何要求，且股份一直暂停买 卖并未于2025年7月28日之前恢复买卖，联交所的上市委员会根据上市规则第6.01A(1) 条已决定取消本 公司的上市地位。 公告显示，2025年8月22日是中国恒大上市的最后一天，8月25日上午9时起取消股份上市地位。 据腾讯新闻《潜望》报道称，曾从知情人士处获悉，许家印的"前妻"丁玉梅在得知内地有企业家因许家 印被边控后，随即买了机票离开香港。在此之前，她一直在香港协助有关机构进行恒大集团的债务重组 事宜。关于她身处何处，暂不知晓。 近日，一份来自香港高等法院的文书引起广泛关注。 根据3月18日香港高等法院披露的文书显示，法官高浩文审理了原告清算人与被告丁女士（以下称"丁玉 梅"）之间的两项申请。 值得注意的是，按照香港联交所的相关规定，其若停牌18个月，就将面临摘牌的风险。此前中国恒大最 后交易日是2024年1月29日，如今已经逼近18个月大限。当前，中国恒大 ...

Core Viewpoint - The ongoing conflict between Suning and Carrefour China has reached a resolution, with Suning acquiring 100% control of Carrefour China after settling outstanding debts and disputes for 220 million yuan, marking the end of Carrefour's operations in China [1][4]. Group 1: Acquisition and Financial Implications - Suning International signed a settlement agreement with Carrefour Group, paying 220 million yuan to resolve the remaining 16.67% equity acquisition payment and other claims, allowing Suning to fully control Carrefour China [1][4]. - The settlement allows Suning to eliminate over 1.3 billion yuan in potential debt liabilities and recognize a debt restructuring gain of over 1.1 billion yuan, significantly improving its financial statements [1][4]. - Carrefour's global strategy contraction and ongoing losses in the Chinese market led both parties to prefer a swift resolution to avoid prolonged arbitration and litigation costs [1][2]. Group 2: Historical Context of the Acquisition - The conflict originated from a 2019 agreement where Suning agreed to acquire 80% of Carrefour China for 4.8 billion yuan, with an option to buy the remaining 20% two years later [2]. - Carrefour China, once a strong player with nearly 30 billion yuan in revenue in 2018, faced operational decline, leading to difficulties in completing the remaining equity payment [2][5]. - Legal disputes escalated as Carrefour sought over 1 billion yuan in claims through arbitration in various jurisdictions, including Hong Kong and Paris [2][3]. Group 3: Operational Challenges and Future Outlook - Carrefour China faced significant operational challenges, including asset freezes and supply chain disruptions, leading to a decline in brand value and store closures [3][5]. - The transition of Carrefour stores to Suning's control will involve rebranding and potential restructuring into a self-owned retail brand to generate cash flow [6]. - The future of these stores in a competitive retail environment remains uncertain, as Suning aims to focus on its core business while addressing liquidity pressures [5][6].

Group 1 - China Evergrande will be delisted from the Hong Kong Stock Exchange on August 25, 2025, due to failure to meet the resumption guidelines set by the exchange [1][4] - The last trading day for the company's shares will be August 22, 2025, after which the shares will remain valid but will not be tradable on the exchange [4][5] - The company has no intention to appeal the decision made by the listing committee regarding its delisting [6] Group 2 - The company has been under a liquidation order since January 29, 2024, which has led to its shares being suspended from trading [6][7] - The liquidators are tasked with preserving company assets and returning value to creditors, while also investigating the reasons for the company's liquidation [7] - As of August 11, 2023, Evergrande Real Estate Group has faced multiple legal actions, with a total execution amount exceeding 27.1 billion yuan related to various disputes [8]

Core Viewpoint - China Evergrande Group will be delisted from the Hong Kong Stock Exchange on August 25, 2025, due to failure to meet the resumption guidelines set by the exchange [1][3]. Group 1 - The last trading day for the company's shares will be August 22, 2025, after which the shares will remain valid but will not be tradable on the exchange [3][4]. - The company has no intention to appeal the decision made by the listing committee regarding the delisting [4]. - The liquidators plan to provide a report to the company's stakeholders outlining the progress of liquidation from January 29, 2024, to July 31, 2025 [4][5]. Group 2 - Evergrande's shares have been suspended from trading since January 29, 2024, following a court-ordered liquidation [5]. - The liquidators are tasked with preserving company assets, returning value to creditors, and investigating the reasons for the liquidation [5]. - Despite some recovery of value from company assets, the liquidators have not identified a restructuring plan that would allow the company to meet the resumption guidelines and avoid delisting [5]. Group 3 - As of August 11, 2023, Evergrande Real Estate Group has been involved in multiple legal cases, with a total execution amount exceeding 2.71 billion yuan related to various disputes [6]. - The company currently has over 590 execution records, with a total amount exceeding 59.2 billion yuan, along with several consumption restrictions and dishonesty records [6].

Core Viewpoint - The company, Huangting International, is facing a severe financial crisis due to a significant decline in its real estate business and a failed transition to the semiconductor industry, resulting in cumulative losses exceeding 4.4 billion yuan over the past five years [1][4]. Group 1: Financial Performance - Huangting International has reported continuous losses since 2020, with net profits of -292 million yuan, -1.157 billion yuan, -1.231 billion yuan, -1.127 billion yuan, and -640 million yuan from 2020 to 2024, totaling over 4.4 billion yuan in losses [4]. - The company anticipates a loss of 140 million to 200 million yuan for the first half of 2025, primarily due to increased financing costs from litigation related to existing loans [4]. - As of the end of the first quarter, the company's cash reserves were only 91.93 million yuan, with short-term borrowings and current liabilities totaling 4.013 billion yuan, leading to a high debt-to-asset ratio of 97.12% and a net asset value of only 276 million yuan [6]. Group 2: Core Asset and Debt Issues - The core asset, Shenzhen Huangting Plaza, has a book value of 5.75 billion yuan, accounting for 71.57% of the company's total assets, and generated revenue of 370 million yuan in 2024, representing 56.03% of total revenue [2]. - The asset is set to be auctioned due to a 3 billion yuan loan secured against it, which has been overdue since 2021, triggering judicial seizure by the creditor [2][3]. - The company has attempted debt restructuring and asset sales, but efforts to sell the 100% stake in its subsidiary have failed, with the asking price dropping from 7.493 billion yuan to 5.62 billion yuan without finding a buyer [2][3]. Group 3: Semiconductor Transition Failure - Huangting International's attempt to diversify into the semiconductor sector has exacerbated its financial troubles, with the acquisition of a 27.81% stake in Yifa Power Semiconductor Co., resulting in a goodwill impairment of 154 million yuan due to continuous losses from the subsidiary [4][5]. - The semiconductor subsidiary reported a gross profit of -15.385 million yuan and -9.847 million yuan for 2023 and 2024, respectively, with total revenue plummeting from 151 million yuan in 2022 to 72.67 million yuan in 2024 [5].

8月11日，华南城宣布公司被高等法院下令清盘，同时发布停牌公告。这意味着华南城成为恒大之后， 又一家被清盘的大型房企。 截至2024年底，华南城账面现金仅为3743.1万元，而短期有息负债达到165.96亿元。公司总市值约为12 亿元，远低于554.47亿元的总负债。 值得一提的是，腾讯作为持股8.35%的第三大股东，从2014年就开始投资华南城，如今面临巨额投资损 失。 截至2024年底，华南城账面现金仅为3743.1万元，而短期有息负债达到165.96亿元。目前公司总市值约 为12亿元，远低于554.47亿元的总负债。 一般来说，破产清算还债顺序是：清盘费用→优先债权（员工工资等）→有担保债权→普通债权→股东 权益。由于华南城债务规模庞大，留给股东的剩余价值可能所剩无几。 值得一提的是，华南城发展过程中多次引入战投。2014年华南城与腾讯签订投资协议，后者分两次以 23.225亿港元的总价认购华南城发行新股，成为其重要股东，据媒体测算，平均每股持股成本约为2.544 港元。截至目前，腾讯旗下全资子公司"THL H Limited持有8.35%的股份，是华南城第三大股东。 对于腾讯来说，华南城的清盘很可能意 ...

Core Asset Judicial Auction - The core asset of the company, Shenzhen Huangting Plaza, will be judicially auctioned on September 9-10, 2025, with a starting price of 3.053 billion yuan [3] - As of the end of 2024, Shenzhen Huangting Plaza has a book value of 5.75 billion yuan, accounting for 71.57% of the company's total assets, and generated revenue of 369 million yuan, representing 56.03% of the company's total revenue for that year [3] Debt Issues and Legal Proceedings - The judicial auction is a result of a significant loan taken by the company's subsidiary,融发投资, in 2016, amounting to 3 billion yuan, which was secured by Shenzhen Huangting Plaza and its land use rights [5] - Due to policy changes, the loan could not be renewed in 2021, leading to a lawsuit from the lender, 中信信托, after融发投资 failed to repay the loan [5] - In March 2024, the company received an execution notice from the Shenzhen Intermediate People's Court, and a friendly negotiation was held to ensure monthly payments to the lender while maintaining the operation of Shenzhen Huangting Plaza [5] Debt Restructuring Efforts - The company has been considering debt restructuring to separate融发投资 from its financial troubles, but no substantial progress has been made [8] - In 2022, the company attempted to sell at least 51% of融发投资's equity but failed to attract any valid purchase intentions despite multiple price reductions [9] - A framework agreement was reached with a potential buyer, 丰翰益港, in November 2022, but specific details for the debt restructuring have yet to be finalized [10] Financial Performance - The company has faced continuous losses since 2020, with an expected loss of 140 million to 200 million yuan for the first half of the current year [10] - The losses are attributed to increased financing costs due to litigation related to previous loans and a decline in operating income due to the termination of some property business contracts [10]

北京证监局强调，东方雨虹及公司相关人员在收到《警示函》后，应高度重视，严格按照要求认真吸取 教训，积极进行整改，加强对相关法律法规的学习，强化财务核算质量，进一步提升信息披露质量和公 司规范运作水平。 从公司运营情况来看，据东方雨虹公布的2025年半年报，报告期内，公司实现营业收入135.69亿元，较 去年同期下降10.84%；归属于上市公司股东的净利润为5.64亿元，同比减少40.16%；经营活动产生的现 金流量净额为-3.96亿元。 在此之前，该公司于8月1日发布了一份关于债务重组进展的公告。 东方雨虹称，因部分客户无法以现金方式清偿公司债务，为加快债权清收、实现资金回笼，其作为债权 人通过取得部分客户已建成的住宅、商铺、办公用房、车位、持有的股权资产等抵债资产用于抵偿其所 欠付公司款项。 登录新浪财经APP 搜索【信披】查看更多考评等级 智通财经8月11日讯（记者 王海春）因公司高层存在违规行为，东方雨虹（002271.SZ）被监管层通报 批评。 深圳证券交易所8月11日发布的公告显示，根据中国证券监督管理委员会北京监管局《行政监管措施决 定书》（〔2025〕147号）及深交所查明的事实，2023年2月 ...

Group 1 - The core point of the news is that South China City Holdings Limited has been ordered into liquidation by the Hong Kong court, marking it as the largest liquidation case in the real estate sector since China Evergrande Group [1] - South China City Holdings' shares were suspended from trading at a price of HKD 0.107 per share, with a market capitalization of HKD 1.224 billion prior to the suspension [1] - The company has faced significant challenges in obtaining sufficient creditor support for its restructuring plan after months of negotiations [1] Group 2 - In December 2023, South China City announced that it was experiencing severe cash flow issues due to the deteriorating operating environment in the real estate industry, with USD 1.199 billion in dollar bonds maturing in 2024 [2] - The company reported its first significant loss since listing, with total liabilities amounting to approximately HKD 60.9 billion as of the end of last year [2] - As of last year, South China City had current liabilities exceeding current assets by HKD 2.848 billion, with overdue borrowings totaling HKD 15.742 billion [2]