Core Viewpoint - Capital界金控 (00204) has received a winding-up petition from creditors due to unpaid loans totaling HKD 6.2 million, including interest, with a court hearing scheduled for October 22, 2025 [1] Group 1 - The company submitted a winding-up petition to the High Court of the Hong Kong Special Administrative Region on August 11, 2025 [1] - The petition is based on the unpaid principal amount of loans that were pre-paid by the petitioners [1] - The hearing for the petition is set for October 22, 2025 [1]

Group 1: Zhengxinglong Real Estate - Zhengxinglong Real Estate announced the suspension of bonds "21 Lvjing 01" and "21 Lvjing 02" due to significant uncertainties, effective from August 13 [1] - The company reported a substantial net loss of 3.81 billion yuan in 2024, compared to a loss of 718 million yuan in 2023, marking a year-on-year decline of 430.30% [2][3] - The company has two outstanding bonds with a total scale of 976 million yuan [2] Group 2: Sunac Real Estate - Sunac Real Estate reported an additional overdue loan principal of 1.089 billion yuan, with a total overdue principal of 107.103 billion yuan as of June 30, 2025, and nine new instances of dishonesty [2] - The company experienced a net loss of 16.694 billion yuan in 2024, following a loss of 35.398 billion yuan in 2023 [3] - Sunac has 19 outstanding bonds with a total scale of 10.757 billion yuan [4] Group 3: Lanhua Coal - Lanhua Coal's subsidiary, Yamei Danning, is involved in a significant arbitration case, with claims for extending the cooperation period until May 12, 2030, and compensation for economic losses [4] - The company reported an increase in borrowings of 6.745 billion yuan, with 5.245 billion yuan from bank loans and 1.5 billion yuan from non-financial corporate debt financing tools, representing 36.58% of the net assets as of the end of 2024 [4] - Lanhua Coal has two outstanding bonds with a total scale of 1 billion yuan [4][6] Group 4: Shengyan Industrial - Shengyan Industrial's important subsidiary has been newly listed as a dishonest executor, involving an amount of 174,750 yuan, and is subject to high consumption restrictions [5] - The company reported a net loss of 1.12 billion yuan in 2024, compared to a loss of 1.945 billion yuan in 2023 [5][6] - Shengyan has two outstanding bonds with a total scale of 1.138 billion yuan [6] Group 5: South China City - South China City announced the suspension of its shares following a court-ordered liquidation on August 11, 2025, initiated by creditor Citigroup International [7] - The company recorded its first significant loss since listing, with a net loss of 8.986 billion HKD in 2024, and 15.742 billion HKD in overdue borrowings [8] - South China City has five outstanding offshore bonds with a total balance of 1.3203 billion USD, of which 1.093 billion USD has defaulted [9] Group 6: Chuan Cai Securities - Chuan Cai Securities received a warning from the Sichuan Securities Regulatory Bureau due to multiple compliance issues in its bond trading business [10] - The company reported a revenue of 296 million yuan in 2024, a decline of 16.18% year-on-year, with a net profit of 15.0427 million yuan, down 38.64% [10]

Core Viewpoint - The company, South China City (01668.HK), anticipates a significant loss of up to HKD 90 billion for the fiscal year 2024, with a first liquidation hearing scheduled for April 2025 [1][4]. Financial Performance - For the fiscal year ending December 31, 2024, the company expects a post-tax loss between HKD 80 billion and HKD 90 billion, primarily due to increased inventory impairment provisions, deferred tax asset reversals, reduced capitalization of interest on properties under construction, and fair value losses on investment properties [3][4]. - In the first half of 2024, the company reported revenue of HKD 1.215 billion, a year-on-year decline of 51.7%, with a gross profit of HKD 347 million and a gross margin of 28.5%. The loss for the period reached HKD 43.11 billion, an increase of 593.7% year-on-year [5]. Corporate Actions - The company has delayed the payment of the final dividend for the fiscal year ending March 31, 2023, and is contesting a liquidation petition filed by Citigroup International Limited regarding a USD 306.17 million debt related to its 9.0% senior notes maturing in April 2024 [4]. - The first hearing for the liquidation petition is set for April 2, 2025 [4]. Company Overview - South China City is a comprehensive trade and logistics enterprise listed on the Hong Kong Stock Exchange, established in May 2002. The company primarily generates revenue from property sales, particularly residential sales, despite its operational model being "trade and logistics+" [4].