Core Viewpoint - The announcement details the establishment of the Zhongyin China Foreign Transport Warehousing Logistics Closed-End Infrastructure Securities Investment Fund, which has successfully raised a total of approximately 1.31 billion yuan during its subscription period [1][4]. Fund Information - Fund Name: Zhongyin China Foreign Transport Warehousing Logistics Closed-End Infrastructure Securities Investment Fund [4] - Fund Abbreviation: Zhongyin China Foreign Transport Warehousing REIT [4] - Fund Main Code: 508090 [4] - Contract Duration: 40 years [4] - Fund Operation Type: Contractual closed-end [4] - Fund Contract Effective Date: June 26, 2025 [4] - Total Fund Shares: 400 million [4] - Fund Manager: Zhongyin Fund Management Co., Ltd. [4] - Fund Custodian: China Merchants Bank Co., Ltd. [4] Fundraising Details - Fundraising Period: From June 23, 2025, to June 24, 2025 [5] - Total Valid Subscription Accounts: 23,508 [5] - Net Subscription Amount: 1,310,800,006.41 yuan [5] - Interest Earned During Subscription: 2,053,870.73 yuan [5] - Total Subscription Shares: 400,000,000 [5]

Core Viewpoint - The proposed spin-off of the infrastructure REIT is expected to benefit both the group and the REIT itself, aligning with national policies to enhance consumption and financial reforms [3]. Group and Company Summary - On June 26, China Overseas Land & Investment Limited announced the proposal for a public offering of an infrastructure securities investment fund, with application materials submitted to the China Securities Regulatory Commission and Shenzhen Stock Exchange [1]. - The infrastructure REIT will be based on assets from a shopping center located in Nanhai District, Foshan, owned by a wholly-owned subsidiary of China Overseas Land [1]. - The public fund aims to raise approximately RMB 1.355 billion, with China Overseas Land expected to subscribe to about 20% of the total issued fund shares [1]. - Following the completion of the spin-off, the project company will be 100% owned by the infrastructure REIT and will no longer be a subsidiary of the company [2]. Benefits of the Spin-off - The spin-off is strategically located in the Guangdong-Hong Kong-Macao Greater Bay Area, a key area supported by national policies, which aligns with the goal of enhancing consumption and financial system reforms [3]. - Successful issuance of the infrastructure REIT is anticipated to create a positive investment cycle, significantly improving the efficiency of infrastructure fund utilization [3]. - The issuance provides a new equity financing method, reducing reliance on traditional debt financing and enhancing the company's investment capabilities and sustainable operations [3]. - The independent listing of the public fund is expected to unlock value for shareholders and better identify the fair value of the underlying assets [4]. - The spin-off will create independent fundraising platforms for both the group and the infrastructure REIT, enhancing their ability to explore new financing channels [4].

Group 1 - The legal opinion letter is based on the due diligence conducted by the law firm regarding the strategic investors involved in the closed-end infrastructure securities investment fund managed by Bank of China Fund Management Co., Ltd [1][2] - The law firm emphasizes that it does not provide opinions on accounting, auditing, or asset evaluation matters, and relies on the accuracy of documents provided by the fund manager and other involved parties [3] - The strategic investors for the fund include original rights holders of infrastructure projects and other professional institutional investors that meet the suitability requirements set by the China Securities Regulatory Commission and the Shanghai Stock Exchange [4] Group 2 - The strategic investor, Sinotrans Logistics Investment Holding Co., Ltd, is confirmed to be a validly existing limited liability company and meets the qualifications for participation in the strategic placement [5][6] - The strategic placement agreement specifies that the proportion of fund shares subscribed by Sinotrans Logistics is part of the total offering [7]

Core Viewpoint - The announcement details the issuance of the CICC Yizhuang Industrial Park Closed-End Infrastructure Securities Investment Fund, outlining the fundraising process, pricing, and subscription methods for institutional and public investors [15][19]. Group 1: Fund Issuance Details - The total number of fund shares approved for issuance is 400 million, with 280 million shares allocated for strategic placement, accounting for 70% of the total issuance [15][19]. - The initial issuance for offline sales is set at 84 million shares, representing 70% of the remaining shares after strategic placement, while the public offering will consist of 36 million shares, making up 30% [16][19]. - The pricing range for the fund shares is determined to be between 2.257 yuan and 2.758 yuan per share, with the final price to be established through offline inquiries [20]. Group 2: Subscription Process - The fund will be offered through a combination of strategic placements, offline inquiries, and public offerings, with specific arrangements for each category of investors [3][19]. - Offline investors must submit their subscription requests and payments simultaneously during the subscription period, using accounts registered with the Securities Association [8][18]. - The maximum subscription amount for each placement object is capped at 84 million shares [5]. Group 3: Investor Eligibility and Requirements - Eligible offline investors include professional institutional investors such as securities companies, fund management companies, and qualified foreign institutional investors, among others [4][34]. - Investors must complete registration and submit relevant verification materials by June 4, 2025, to participate in the offline inquiry [39][40]. - Strategic investors are required to sign a Strategic Placement Agreement and are prohibited from participating in the offline inquiry [24][27]. Group 4: Lock-Up Period and Trading Restrictions - The public offering shares will have no trading restrictions or lock-up periods, allowing immediate trading upon listing [21][22]. - For offline investors, if their total subscription does not exceed 100 times the initial issuance amount, they can only trade 50% of their allocated shares in the first three trading days after listing [22].

Fund Overview - The fund is named "招商基金招商公路高速公路封闭式基础设施证券投资基金" and is also referred to as "招商高速公路 REIT" [2] - The fund was established on October 17, 2024, with a total of 500 million shares [2] - The fund's investment strategy focuses on infrastructure assets, with over 80% of its assets allocated to infrastructure asset-backed securities [2][3] Financial Performance - For the reporting period from October 17, 2024, to December 31, 2024, the fund reported total income of approximately RMB 86.78 million and a net profit of approximately RMB 17.43 million [3] - The fund's total assets at the end of the reporting period were approximately RMB 4.35 billion, with net assets of approximately RMB 3.31 billion [3] - The annualized cash distribution rate was reported at 9.90%, with a cash distribution rate of 7.44% for the period [3] Project Details - The fund acquired 100% equity of 安徽亳阜高速公路有限公司, which operates the 101.3 km long Bozhou-Fu Highway [2][8] - The highway generated a total toll revenue of approximately RMB 84.10 million during the reporting period, reflecting a year-on-year increase of 3.2% [24] - Daily average traffic volume was reported at 13,619 vehicles, with a year-on-year growth of 3.06% [24][25] Market Context - The highway industry in China is entering a mature phase, with a stable demand for transportation services and a growing network of highways [12][13] - The total length of highways in China has increased by 3.61% year-on-year, indicating ongoing infrastructure development [12] - The competitive landscape includes various transportation modes, but highways maintain a strong position due to their convenience and extensive coverage [13][14] Operational Management - The fund's operational management is conducted by 招商局公路网络科技控股股份有限公司, ensuring compliance and efficiency in managing the infrastructure assets [6][10] - The operational management fees for the reporting period included various components, ensuring the effective management of the highway project [6][10] - The fund emphasizes a collaborative approach with the operational management team to enhance service quality and operational efficiency [25]