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，並明確表示概不就因本公告全部或任何部分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。 自刊發本公司截至2024年12月31日止財政年度年報中披露本公司已取得位於塞班島的一間酒 店及中國太原市的一個住宅物業項目的裝修及室內裝飾工程（合約總金額約為人民幣 182,685,882元）後，本公司再取得7個中國酒店及娛樂場所的裝修及室內裝飾以及設計項目 （合約總金額約為人民幣84,442,288元）。塞班島及太原市的項目已開始施工，截至本公告日 期仍在進行中。 WenyeGroupHoldingsLimited 文業集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號﹕1802） 有關實施處理不發表意見行動計劃 的季度最新情況 茲提述(i)本公司日期為2024年1月2日的公告（「達成復牌指引公告」），內容有關（其中包 括）本公司為處理截至2022年12月31日止兩個財政年度全年業績中對持續經營作出不發表意 見（「不發表意見」）的行動計劃，(ii)本公司截至2024年12月31日止兩個財政年 ...

正券 CGS 固收研究报告 中资美元债净融资为负、发行地产债为主且均为债务重组 中资美元债一级市场 7 月跟踪 2025 年 8 月 7 日 7月中资美元债净融资规模为负,发行以无评级为主 ● 截至 2025年 7月 31日,中资美元债一级市场整体当月新发行债券 85 只,以地产美 元债为主,总发行规模为 193.87 亿美元,发行规模环比增加 55%、同比增加 27%, 平均发行票面利率为 3.79%;到期债券 98只,到期规模为 200.17 亿美元;未发生实 质性违约。当月净融资规模为-6.29亿美元。发行规模大幅上升主要因为世茂集团控股 有限公司为债务重组发行新债券共 117.34亿美元。 不同评级来看,投资级方面,当月新发行债券２只,发行规模为 7.44亿美元;到期债 券 13 只,到期规模为 55.5 亿美元;净融资规模为-48.06 亿美元。高收益级方面,中 资美元债一级市场当月无新发行债券;到期债券 5只,到期规模为 16 亿美元;净融资 规模为-16 亿美元。无评级方面,中资美元债一级市场当月新发行债券 83 只,发行规 模为 186.43 亿美元;到期债券 80 只,到期规模为 128.6 ...

8月5日，融创中国（01918.HK）披露7月份销售情况。 此前，融创中国披露了关于境内债务重组的公告。 根据公告内容，境内债务重组方案经相关境内债券持有人会议审议通过后，融创房地产将安排境内债券 持有人就其持有的境内债券在债券购回（ 即现金要约收购）、股票经济收益权兑付及以资抵债等重组 方案选项中进行选择。 融创房地产已于2025年4月根据债券购回选项的安排以约8亿元购回金额约40亿元的境内债券。目前，就 股票选项而言，根据境内债务重组的条款，选择股票选项的每100元面值的境内债券可以获得对应的 13.5股本公司股份的处置所得资金净额收益权。 融创中国表示，为了配合境内债务重组中的股票选项的有序实施，2025年7月3日，公司与特殊目的公司 订立认购协议，据此，特殊目的公司有条件同意认购，而公司有条件同意配发及发行合共754468943股 股份，相当于目前公司现有已发行股本约7.04%。 特殊目的公司处置该等股份所获资金净额等额的境内资金将用于偿付选择股票选项的境内债券持有人所 持有的合计金额约55.88亿元的相关境内债券，认购股份将根据一般授权配发及发行。 从股权架构来看，此次发行股份后，融创中国董事长孙宏 ...

Summary of Key Points Core Viewpoint - In July, the total issuance scale of offshore Chinese bonds was approximately $22.5 billion, reflecting a 10% month-on-month decline, with significant contributions from various sectors including real estate and local government financing [2][3]. Group 1: Issuance Details - The actual total issuance scale of offshore Chinese bonds, excluding the restructuring bonds from Shimao Group, was $15.7 billion in July [3]. - The issuance of offshore RMB-denominated bonds amounted to about $5.1 billion, while USD-denominated bonds reached approximately $13.3 billion, with an average financing cost of 5.25% for fixed-rate bonds [5]. - The issuance of offshore Euro-denominated bonds surged to about $2.1 billion, with notable contributions from China Development Bank and Bright Food International [5]. Group 2: Sector Performance - Excluding sovereign and government bonds, 72 Chinese enterprises issued 97 offshore bonds totaling $20.1 billion in July, with the average bond size increasing to $2.07 million [7]. - The real estate sector's issuance, excluding Shimao Group's restructuring bonds, was $0.8 billion, primarily from Hong Kong enterprises [10]. - Local government financing platforms saw a significant increase, with 49 platforms issuing 55 offshore bonds totaling $6 billion, marking an 89% month-on-month growth [10]. Group 3: Financial Sector Insights - The financial sector's issuance decreased by 32% to approximately $4.2 billion, with 11 financial institutions issuing 20 offshore bonds [15]. - Notably, China Development Bank successfully issued dual-currency bonds in the international market, achieving a record subscription rate [15]. - The issuance of sustainable development bonds by various enterprises, including Zhengzhou Urban Construction and Jiangxi Jiulong Group, highlighted the growing trend towards sustainable financing [11][12]. Group 4: Market Trends and Economic Indicators - The net financing amount for the real estate sector turned positive for the first time this year, reaching approximately $15.2 billion in July, largely due to Shimao Group's debt restructuring [18]. - Central banks, including the Federal Reserve and the European Central Bank, maintained interest rates, influencing market expectations and bond issuance strategies [21]. - Positive developments in the real estate sector were noted, with several companies successfully restructuring debts and obtaining financing [22].

Core Viewpoint - The company, Xiling Information, has reached a debt restructuring agreement with a debtor, a public security bureau, which is expected to allow the company to recover receivables amounting to 104 million yuan [1] Group 1 - The debt restructuring is anticipated to have a positive impact on the company's total profit for the year 2025 [1]

Core Viewpoint - The company, Fantasia Holdings (01777.HK), has updated its offshore debt restructuring terms and reached an agreement with over 34.9% of its creditors, following nearly four years of debt default [1] Group 1: Debt Restructuring Progress - As of August 4, 2024, the company announced that it has engaged in constructive dialogue with its offshore creditors and has established a restructuring support agreement with a group of creditors holding over 34.9% of the outstanding principal [1] - The new restructuring proposal includes a significantly reduced interest rate of 3% for new loans or notes, compared to previous financing costs, and extends the maximum maturity period to nine years [1] - The deadline for the restructuring support agreement has been extended to August 1, 2025, reflecting ongoing negotiations and updates to the restructuring plan [4] Group 2: Financial Performance - For the year ending December 31, 2024, the company's revenue was approximately RMB 4.574 billion, a decrease of about 71.1% year-on-year, primarily due to a decline in property delivery volumes [5] - The company reported a loss attributable to shareholders of approximately RMB 8.312 billion, widening from a loss of RMB 6.488 billion in the previous year, with a loss per share of 143.98 cents [5]

Core Viewpoint - The company, China Fortune Land Development (01777.HK), is actively seeking a more suitable overseas debt restructuring plan after nearly four years of debt default, with a new proposal covering $4.018 billion in senior notes and other foreign financial debts [2][3]. Group 1: Debt Restructuring Plan - The updated debt restructuring plan includes multiple repayment options to meet the diverse needs of creditors, such as short-term notes + mandatory convertible bonds, long-term notes + mandatory convertible bonds, and full conversion to common shares [2]. - The new loan or note interest rate is set at 3%, which is a reduction from previous financing costs, and the maturity period for the notes has been extended to nine years [2]. - The restructuring plan has received support from creditors holding over 34.9% of the total outstanding principal of existing dollar-denominated bonds, who have signed a "Restructuring Support Agreement" [3]. Group 2: Shareholder Involvement - The company's controlling shareholder, Zeng Baobao, is providing a $6 million "new shareholder loan" to support restructuring-related expenses, which will be unsecured and subordinate to other debt instruments [2][3]. - This new shareholder loan will only be repaid after all cash interest payments to holders of short-term and long-term notes are made, signaling a positive message to creditors and enhancing confidence in the restructuring's success [3]. Group 3: Future Outlook - The restructuring plan is based on a comprehensive assessment of market conditions, business performance, and creditor demands, laying a crucial foundation for optimizing the company's capital structure and stabilizing business development [3]. - Following the proposed restructuring, Zeng Baobao is expected to control over 38.5% of the company's shares, maintaining his position as the controlling shareholder [3].

（一）现金购回选项：相关方以不超过人民币8亿元的现金，按照债券剩余面值20%的价格，购回待偿 本金金额不超过人民币40亿元的标的债券。 （二）股票经济收益权选项：公司拟在中国香港向特殊目的信托增发不超过28亿股普通股股票（以下简 称「定增股票」），并承诺将以定增股票出售所得现金净额（扣除相关中介等费用及税费）偿付部分标 的债券。每人民币100元剩余面值标的债券以经济收益权方式受偿的定增股票数量=人民币100元剩余面 值。债券持有人有权在公司完成定向增发后的42个月内定期发送定增股票出售指令。未能在定向增发后 的42个月内发出出售指令，以及发出指令但未成交的定增股票，特殊目的信托将于之后的6个月内以市 场价格强制出售。 （三）资产抵债选项：资产抵债选项可根据底层资产类型分为住宅项目收益抵债和商业项目收益抵债两 种。 远洋集团8月1日晚间在港交所公告，根据全资附属公司远洋控股现状，经间接控股股东远洋集团控股有 限公司（即本公司）协调，初步计划为境内存续公司债券及银行间定向债务融资工具持有人提供整体重 组方案，对标的债券本金和利息偿付安排作出调整，并提供现金购回、股票经济收益权、资产抵债等多 种清偿选项，具体如下： ...

Group 1 - Jilin Financing Guarantee has announced 4 new major lawsuits and 3 executed cases, with a total amount of 314.7 million yuan involved in the lawsuits and the highest single executed amount reaching 336.8 million yuan [1] - The company is facing financial loan contract disputes, with a total executed amount of approximately 332.2 million yuan, leading to the freezing and seizure of its bank accounts and assets [1] Group 2 - Times China Holdings has received approval from the Hong Kong High Court for its offshore debt restructuring plan, which is set to take effect on July 30, 2025, contingent upon at least 75% of plan creditors approving the plan [2] - The restructuring will be effective once all conditions are met or waived, with a final deadline of September 30, 2025 [2] Group 3 - Sunshine City Group has reported a total of 66.599 billion yuan in overdue debt principal, including 2.244 billion USD in offshore bonds and 16.463 billion yuan in domestic bonds that have not been paid on time [3] - As of the first quarter of 2025, the company has total assets of 181.261 billion yuan, total liabilities of 198.760 billion yuan, and a net asset value of -17.498 billion yuan [3] Group 4 - Zhengrong Real Estate Holdings has disclosed multiple major execution cases involving amounts of 1.723 billion yuan, 473 million yuan, 788 million yuan, and 238 million yuan, with cases being handled by courts in various cities [4] - The company has also reported 11 new pending lawsuits with a total amount of approximately 1.021 billion yuan, and 14 new execution cases, all exceeding 150 million yuan [4] Group 5 - Anshun Xixiu Industrial Investment has been listed as an executed person and a dishonest executed person due to failure to fulfill contractual payment obligations, involving three cases with execution amounts of 6.508 million yuan, 14.899 million yuan, and 16.098 million yuan [5] - The company is also involved in a case related to a lease contract with a total execution amount of 212.6 million yuan due to non-payment of rent [5]

远洋集团(03377.HK)境内债务重组方案终于出炉。 8月1日晚间，远洋集团公告称，推出境内债券重组初步方案，涉及"H18远洋1""H15远洋5""H15远洋 3"等7笔公司债及银行间定向债务融资工具。重组选项包括现金回购、股票经济收益权、以资抵债、一 般债券展期。 其中，现金回购选项中，相关方拟以不超过8亿元的现金，按照债券剩余面值2 0%的价格，购回待偿本 金金额不超过40亿元的标的债券。 商业项目收益抵债，拟通过服务型信托等有效形式，按每100元剩余面值标的债券受偿100元信托份额的 比例，偿付总本金不超过40亿元的债券，底层增信资产系位于北京的商业项目收益权，信托存续期不超 9年。 此外还有长期留债方案，若本次重组方案表决通过，到期日将延长至基准日后的第10年末（即2 0 3 5年 9月3 0日），利率自基准日起统一调整为每年1%。自第5.5年末开始，每半年度以现金方式兑付一次本 金，利随本清。 第一财经了解到，本次债务重组方案涵盖了7只公司债，以及额外三笔银行间定向债务融资工具，总额 共计180.5亿元。同时，每种重组选项公布的数据均为上限，具体能否达到该规模、会否调整，还要看 债权人后续的选择。 ...