Core Viewpoint - China Aoyuan (03883.HK) is implementing plans and measures to alleviate liquidity pressure and address the auditor's concerns regarding its going concern status Group 1: Debt Restructuring and Financial Management - The company is actively promoting a comprehensive restructuring of its domestic debt to establish a long-term mechanism for alleviating debt pressure and strengthening cash flow risk management [1] - The domestic debt restructuring plan is nearly complete and is currently seeking feedback from various parties, including domestic creditors [1] - The company has reached contractual arrangements with several domestic financial institutions to extend existing financing arrangements amounting to approximately RMB 1.014 billion [1] Group 2: Sales and Operational Efficiency - The company is accelerating the pre-sale and sale of properties under development and completed properties, achieving a contract sales amount of approximately RMB 4.02 billion and a contract sales area of about 436,200 square meters in the first half of 2025 [1] - To control administrative expenses, the company has optimized its workforce, reducing the total number of employees by approximately 28% since January 2025 and streamlining its organizational structure by eliminating two regional companies [1] Group 3: Legal and Asset Management - The company has reached three settlement agreements with business partners regarding overdue/unpaid operating payables, bank loans, and other borrowings in the first half of 2025 [1] - The company continues to explore potential asset sale opportunities and will announce any substantial progress in this area [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 1 (i) 本集團正積極推動本集團境內債務的全面重組，以建立緩解債務壓力的長效機制，並強化全週 期現金流風險管控體系，保障本集團的經營安全。目前境內債務重組計劃方案已經基本完善， 正在徵求各方（包括境內債權人）意見，本公司將在獲得實質性進展時及時進行公告； (ii) 本集團一直與各境內貸款人積極磋商借款重續及展期。二零二五年首六個月，本集團與若干境 內金融機構達成合同安排，境內借款本金金額約人民幣10.14億元的現有境內融資安排獲展期； (vi) 本集團仍然繼續積極探索潛在的資產出售機會，本公司將在獲得實質性進展時及時進行公告。 本公司將適時根據上市規則及╱或聯交所之要求就計劃及措施的進展刊發公告。 上述數據乃按本公司的內部資料概要編製，鑒於收集及整理該等資料過程中存在各種不確定因素， 該等數據與本公司按年度或半年度基準刊發的經審核或未經審核綜合財務報表中披露的數字可能存 在差異，因此上述數據僅供參考。 ...

Core Viewpoint - Sun Hongbin's appearance at the Sunac China shareholders' meeting marks a significant moment as it is his first in-person attendance since the company's financial difficulties, indicating a positive shift in the company's situation and confidence in future developments [2][3][7]. Debt Restructuring Progress - Sunac China has successfully completed the restructuring of its domestic debt, involving approximately 15.4 billion yuan, making it the first real estate company in the industry to achieve this [3][4]. - The company is currently undergoing a second restructuring of its offshore debt, with 75% of creditors supporting the plan, which aims to convert approximately 9.55 billion USD of debt into equity [3][4]. - The court hearing for the offshore debt restructuring is scheduled for September 15, which is a crucial step towards finalizing the plan [3]. Project and Asset Management - Sunac China has been actively working on revitalizing its residential projects and managing debts at the project level since last year, with a focus on individual strategies for each project [4][5]. - The company has successfully introduced funding for several key projects, including those in Chongqing, Beijing, Tianjin, and Wuhan, to mitigate existing debt risks and enhance asset value [5]. Delivery and Sales Performance - In 2024, Sunac China plans to deliver approximately 170,000 housing units across 84 cities, with a cumulative delivery of about 668,000 units over the past three years [6]. - The company aims to complete the delivery of 60,000 units in 2025, marking a significant milestone in its commitment to fulfilling delivery obligations [6]. - The Shanghai Bund No. 1 project has achieved remarkable sales, totaling over 17 billion yuan in 2025 alone, showcasing the company's ability to revitalize high-quality projects [6][7]. Future Outlook - Sun Hongbin expresses optimism for the company's performance in 2024, expecting it to surpass last year's results, with a reported contract sales amount of approximately 23.55 billion yuan in the first half of the year [8]. - The company plans to focus its efforts on core first- and second-tier cities, consolidating its resources to enhance operational efficiency and reduce leverage risks [7].

Benchmark分析师Mike Hickey在研报中指出："该交易降低了杠杆率，延长了债务期限，并改善了流动 性，但同时也带来了短期稀释风险，并存在未来继续发行股份的可能性。" 总部位于堪萨斯州利伍德的AMC院线(AMC.N)正将部分庞大的债务转换为股权，并且未来可能还会有 更多类似操作，引发市场对股东权益被稀释的担忧，从而拖累股价下跌。 周二盘中，AMC股价下跌8.5%，有望创下自5月28日暴跌18.7%以来的最大单日跌幅。当日成交量超过 2150万股，而过去30日的平均日成交量为1110万股（FactSet数据）。 根据与主要债权人达成的交易，AMC将获得约2.233亿美元的新融资，用于再融资原定于2026年到期的 债务。 此次协议虽然降低了公司现有债务水平，但却以稀释现有股东权益为代价——即股东在公司的持股比例 被进一步摊薄。 根据协议，持有公司可交换票据的债权人将以1.43亿美元的6%至8%票据（2030年到期）换取7980万股 普通股。此外，还有价值1.95亿美元的债务未来可能转换为普通股。 与此同时，AMC的债券周二也出现了更多净卖出，BondCliQ Inc.提供的数据显示，公司债券交投同样 ...

编 辑丨张伟贤 "不管是再好的行业，杠杆高风险就会很大。所以降杠杆是必须的。""以后不会再去那么多的 城市……要集中在核心一二线城市。""运营业务和能力在未来这两三年会有一个比较大的突 破。" 作 者丨张敏 6月最后一个工作日，融创中国股东周年会如期召开。此前两届股东会，融创中国董事局主席 孙宏斌都是在线上参与，这次他终于亲临现场，回答股东的疑问。 一位参会者向21世纪经济报道记者表示， 近两年很少在公开场合见到孙宏斌，这次的观感 是，"瘦了，白头发多，但气色不错。" 今年年初，融创完成了境内债的二次重组。境外债二次重组目前进展顺利。同时，融创的项目 处置、交付等工作也在按部就班地推进中。 前述股东说， 相比公开披露的内容，孙宏斌并没有带来更多增量信息。他的现身，更多是对 公司战略的确认，并给股东吃下定心丸。 作为最早启动境内外债务重组的大型房企，融创的化债进展快过不少同行。因此，融创股东会 的整体情绪比较乐观。但不少股东长期持有融创股票，近年来损失惨重。孙宏斌的出现，能在 多大程度上安抚投资者，恐怕仍有疑问。 尽管化债进展顺利，但2024年，融创的归母净利润仍处于亏损状态，且已连续四年亏损。今 年前5月，融 ...

以下文章来源于21世纪商业评论 ，作者李惠琳 21世纪商业评论 . 《21世纪商业评论》敏感于一切商业新知、商业产品、商业模式和商业英雄，敏感于新公司的新玩意、 老公司的新改造、旧话题的新表达、老商业的新颠覆，为您提供最新鲜实用的商业养分。 孙宏斌正待境外债重组方案落地。 6月30日，这位融创中国董事会主席，携两位高管，现身公司股东周年会。 这是他时隔两年，首次亲临到场参会。自融创出险后，孙本人已鲜少出现在公开场合，过去两 年的股东周年会，他都选择以线上接入方式参会。 一个半小时的会议，孙宏斌聊到融创的化债进展、未来发展方向，也表达对行业走势的乐观。 他声称，融创最困难的时候已经过去了。 来源：21世纪商业评论 孙宏斌，终于公开露面了。 就债务层面，他确已闯到了最后一关。 最新公告披露，融创的境外债未偿本金总额的75%持有人，已加入重组支持协议，一旦成功， 孙宏斌将一举清零680亿债务。 若计入境内债的减债额度，两轮重组，孙和融创的化债总值，大体相当于100吨黄金。 01 孙宏斌680亿元债务一举清零 减债总额达100吨黄金 当下，孙宏斌正待境外债重组方案落地。 据悉，融创的境外债重组召集聆讯，定于9月15日 ...

Core Viewpoint - Sun Hongbin, the chairman of Sunac China, has made a rare public appearance, discussing the company's debt reduction progress and expressing optimism about the industry's future, claiming that the most difficult times for Sunac are over [3][6][30]. Debt Restructuring - Sunac has achieved a significant milestone with 75% of the holders of its offshore debt agreeing to a restructuring support agreement, which could lead to the elimination of 68 billion RMB in debt [9][13]. - The total scale of Sunac's offshore debt is approximately 9.55 billion USD, equivalent to 680 billion RMB [13]. - The restructuring plan involves converting debt into equity, effectively turning creditors into shareholders, which could lead to a substantial reduction in debt [14][25]. - The company has successfully restructured 900 billion RMB in debt over the past three years, with a total debt reduction exceeding 750 billion RMB if the offshore debt is successfully restructured [25][26]. Project Performance - Sunac's land reserves are concentrated in first- and second-tier cities, with some projects performing strongly, such as the Shanghai One No. 1 project, which sold over 17 billion RMB in the first half of the year [30][31]. - The company has initiated a project-level debt restructuring and asset revitalization strategy, focusing on individual projects to improve financial health [34][35]. Future Development Strategy - Sun Hongbin has stated that the company will concentrate on first- and second-tier cities and improve product quality, moving away from expanding into numerous cities [46]. - Sunac has a substantial land reserve of 1.27 million square meters as of the end of last year, but the challenge lies in revitalizing these projects with limited funds [47]. - The company plans to deliver 60,000 units this year, which is only one-third of last year's deliveries [48]. Team Stability and Operational Improvements - The company faces challenges in retaining its core team, with several key executives leaving since the liquidity crisis began [51]. - A "team stability plan" has been proposed, which includes issuing new shares to core employees as part of their compensation [52]. - Sunac is also exploring new revenue streams through cultural tourism and property management, with projected revenues exceeding 12 billion RMB in 2024 [53][56].

以下文章来源于21世纪商业评论 ，作者李惠琳 21世纪商业评论 . 《21世纪商业评论》敏感于一切商业新知、商业产品、商业模式和商业英雄，敏感于新公司的新玩意、 老公司的新改造、旧话题的新表达、老商业的新颠覆，为您提供最新鲜实用的商业养分。 ---------------------------------- 作者：李惠琳 来源：21世纪商业评论 孙宏斌，终于公开露面了。 6月30日，这位融创中国董事会主席，携两位高管，现身公司股东周年会。 这是他时隔两年，首次亲临到场参会。 自融创出险后，孙本人已鲜少出现在公开场合 ，过去两 年的股东周年会，他都选择以线上接入方式参会。 一个半小时的会议，孙宏斌聊到融创的化债进展、未来发展方向，也表达对行业走势的乐观。他 声称，融创最困难的时候已经过去了。 一举清零 当下，孙宏斌正待境外债重组方案落地。 据悉，融创的境外债重组召集聆讯，定于9月15日召开，届时将让债权人进行投票批准计划，完 成相关法庭程序后，重组方案将正式生效。 融创的境外债总规模为95.5亿美元，约合人民币680亿元 。 就债务层面，他确已闯到了最后一关。 最新公告披露，融创的境外债未偿本金总额的75%持 ...

时隔两年，孙宏斌终于公开露面了。6月30日，这位融创中国董事会主席携两位高管一同现身公司股东 周年大会。会上，孙宏斌回应称，最困难的时候已经过去了。 据了解，自融创出险后，孙宏斌便很少出现在公开场合。在过去两年的股东周年会上，他均选择以线上 形式参会。此次他亲自参会，透露出哪些信息？融创中国的债务情况是否已经脱困？ 今年以来，融创中国在债务重组方面取得了不错的进展。 2025年1月21日，融创中国发布公告称，融创房地产十笔债券的重组方案已全部经相关债券持有人会议 审议通过。这意味着，融创中国总规模达154亿元的境内债重组整体宣告成功，正式成为行业第一家完 成境内公司债券整体重组的房企。 到了2025年4月，融创房地产已根据债券购回选项的安排，以约8亿元购回约40亿元的境内债券。目前， 公司正就股票及/或股票经济收益权兑付推进相关工作。 今年4月17日，融创正式推出重组支持协议，新方案拟"全额债权转股权"，向债权人分派两种新强制可 转债，同时设计了"股权结构稳定计划"，以应对管理层持股被稀释的问题。这一举措是针对总规模为 95.5亿美元、约合人民币680亿元的境外债务重组而进行的。 根据公告，公司向债权人分派两 ...

Core Viewpoint - Sun Hongbin, the chairman of Sunac China, has publicly appeared for the first time in two years, expressing optimism about the company's debt restructuring progress and future development direction, claiming that the most difficult times are over for Sunac [2][15]. Debt Restructuring Progress - Sunac has achieved significant progress in debt restructuring, with 75% of the holders of its offshore debt agreeing to a restructuring support agreement, potentially allowing for the clearance of 68 billion RMB in debt [3][7]. - The total scale of Sunac's offshore debt is approximately 9.55 billion USD, equivalent to 680 billion RMB [7]. - The restructuring plan involves converting debt into equity, effectively turning creditors into shareholders, which could lead to a substantial reduction in debt [8]. - The restructuring process has been relatively smooth, with the agreement from 75% of creditors reached within two months [9]. Financial Strategy and Control - To prevent excessive dilution of equity post-debt-to-equity conversion, Sun Hongbin proposed a "stable equity structure" plan, ensuring that a portion of the newly issued shares will be allocated to him, with restrictions on their transfer for six years [10][11]. - Since April, Sunac has secured approximately 4.1 billion RMB in loan extensions from other lenders [12]. Sales and Project Management - Sunac's land reserves are concentrated in first- and second-tier cities, with some projects performing strongly, such as the Shanghai One Number Courtyard, which sold over 17 billion RMB in the first half of the year [16]. - The company has initiated a project-by-project approach to debt restructuring and asset revitalization, with significant sales figures reported for various projects [18][19]. Future Development Plans - Sun Hongbin indicated a shift in strategy, focusing on fewer cities and improving product quality, with a remaining land reserve of 1.27 million square meters as of the end of last year [25]. - The company expects to deliver 60,000 units this year, significantly lower than the previous year, and has received substantial financing support from the government [26]. - To stabilize the team, Sunac plans to issue new shares to core employees as part of a compensation strategy [27]. New Business Initiatives - A new capital platform named "Now Capital" has been established to explore opportunities in the distressed asset market, indicating a strategic pivot towards asset revitalization [30][31].