Core Viewpoint - Country Garden issued a profit warning, expecting a loss between 18.5 billion yuan and 21.5 billion yuan for the first half of 2025, primarily due to a decline in the scale of real estate project settlements, low gross margins, and increased asset impairment in property projects [1] Group 1 - The company completed the delivery of approximately 74,000 housing units in the first half of the year, including those from joint ventures and associates [1] - The company is actively managing debt risks by communicating with stakeholders to promote overall restructuring of overseas debt, reasonable extension of debt maturities, and moderate reduction of financing costs [1] - The company aims to gradually build a long-term and sustainable healthy capital structure [1]

Primary Market - A total of 31 offshore bonds were issued this week (August 18-22, 2025), including 2 offshore RMB bonds, 19 USD bonds, 8 HKD bonds, 1 THB bond, and 1 JPY bond, with issuance scales of 1.484 billion RMB, 10.097 billion USD, 4.25 billion HKD, 700 million THB, and 10.1 billion JPY [1] - The largest single issuance in the offshore RMB bond market was 774 million RMB by Hangzhou Fuyang Transportation Development Investment Group [1] - The highest coupon rate for RMB bonds this week was 5%, issued by Zhengzhou Jianzhong Construction Development Group [1] - In the USD bond market, the largest single issuance was 5 billion USD by the International Bank for Reconstruction and Development, with the highest coupon rate of 7% issued by Zhangzhou Yuanshan Development Co., Ltd. [1] Secondary Market - The yield on Chinese USD bonds mostly increased this week, with the Markit iBoxx Chinese USD bond composite index rising by 0.03% to 246.82 [2] - The investment-grade USD bond index also increased by 0.03% to 239.26, while the high-yield USD bond index rose by 0.04% to 246.82 [2] - The real estate USD bond index decreased by 0.09% to 183.34, while the city investment USD bond index increased by 0.1% to 150.95 [2] - The financial USD bond index rose by 0.04% to 286.88 [2] Default and Restructuring - China Glass announced a default on a loan of 140 million USD, failing to make a payment of 141.7 million USD on the due date [4] - Country Garden is working towards completing its overseas debt restructuring by the end of 2025, with strong support from creditors [10] - Sunac China announced plans to restructure 9.552 billion USD of debt, with approximately 75% of creditors signing a support agreement [11] - Guangzhou Times Holdings announced a suspension of all outstanding corporate bonds starting August 25, 2025, to arrange for future debt repayments [12] - Yuzhou Group's restructuring proposal for its 375 million USD offshore debt due in 2027 has been approved by a majority of qualified bondholders [13] Market News - The Bond Connect Northbound trading volume reached 957.6 billion RMB in July, with policy financial bonds and government bonds being the most active [5] - A total of 14 new science and technology innovation bond ETFs were reported on August 20, indicating rapid expansion in this category [6][7] - The People's Bank of China announced the issuance of 45 billion RMB central bank bills in Hong Kong, with two different maturities [8] Overseas News - The Federal Reserve's July meeting minutes indicated expectations of rising inflation in the short term, with most officials believing inflation risks outweigh employment risks [9]

Core Viewpoint - The recent announcement by Taihe Group regarding the legal issues faced by its chairman Huang Qisen highlights the ongoing turmoil within the company, which has been struggling with financial difficulties and management controversies [3][4]. Group 1: Legal and Management Issues - On August 22, Taihe Group announced that its chairman and general manager Huang Qisen is under investigation by the Liaoning Provincial New Min City Supervisory Committee for suspected illegal activities [3]. - The company has previously faced similar issues, with high-level executives, including Huang Qisen, being investigated for various allegations, indicating a pattern of management instability [5][6]. - The China Securities Regulatory Commission has issued an administrative penalty against Taihe Group for failing to disclose significant lawsuits, resulting in fines totaling 6 million yuan for the company and additional fines for Huang Qisen and other executives [7]. Group 2: Financial Struggles and Market Position - Taihe Group, once a prominent player in the real estate market, has seen a drastic decline since 2018 due to aggressive high-leverage strategies, leading to a financial crisis and significant asset sales [10][11]. - The company has been unable to execute a substantial debt restructuring plan and has officially delisted from the stock market as of July 28, 2023, after its stock price fell below 1 yuan for twenty consecutive trading days [11][12]. - As of December 31, 2024, Taihe Group has outstanding loans amounting to 73.49 billion yuan, with efforts underway to revitalize assets and address debt issues [12].

Core Viewpoint - Country Garden (碧桂园) reported a loss of approximately RMB 15.1 billion for the half-year period ending June 30, 2024, and anticipates a loss of between RMB 18.5 billion to RMB 21.5 billion for the half-year period ending June 30, 2025, primarily due to a decline in the scale of real estate project settlements and low gross margins [1] Financial Performance - The company expects significant losses in the upcoming periods, with the projected loss range indicating a worsening financial outlook compared to the previous half-year [1] - The anticipated losses are attributed to increased asset impairments in property projects, influenced by changes in the industry, market, and operational environment [1] Operational Strategy - The company maintains stable operations by implementing a strict income and expenditure strategy, optimizing resource utilization, and establishing a diversified dynamic mechanism [1] - During the reporting period, the company and its joint ventures delivered approximately 74,000 housing units [1] Debt Management - The company emphasizes debt risk mitigation through proactive communication with stakeholders, aiming for overall restructuring of overseas debts, reasonable extension of debt maturities, and moderate reduction of financing costs [1] - The focus is on gradually building a long-term and sustainable healthy capital structure [1] Future Outlook - The company is committed to improving operations by orderly adjusting organizational structure and resource allocation to ensure the achievement of strategic goals [1] - There is a focus on accelerating the development of core capabilities that adapt to the new real estate model, aiming for a return to a positive development cycle [1]

茲提述(i)本公司日期為 2025年 4月 15日的公告，內容有關 2024 年全年業績;(ii)本公司日期為 2025 年 4 月 30 日的公告，內容有關 2024 年報。（統稱「該等公告」）。除非文義另有所指，否則本公 告所用詞彙與該等公告所界定者具有相同涵義。 CC E 本公司董事會謹此向本公司股東及潛在投資者提供有關移除不發表意見的行動計畫執行情況的最 新情況。 山 西 長 城 微 光 器 材 股 份 有 限 公 司 SHANXI CHANGCHENG MICROLIGHT EQUIPMENT CO. LTD.* （於中華人民共和國註冊成立之股份有限公司） （股份代號：8286） 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。 有關移除不發表意見的行動計畫執行情況的季度更新 本公告由山西長城微光器材股份有限公司（「本公司」），連同其附屬公司統稱（「本集團」）根 據香港聯合交易所有限公司（「聯交所」）GEM 證券上市規則（「GEM 上市規則 ...

Core Viewpoint - Huangting International (000056.SZ) is facing significant financial distress due to a series of debt disputes and legal lawsuits, which have drawn public attention. The company is at a critical juncture, particularly concerning the judicial auction of its core asset, Shenzhen Huangting Plaza, which could jeopardize its listing status [1][2]. Debt Disputes and Legal Issues - Huangting International and its subsidiaries are involved in two major legal cases, with a total debt amount of 362 million yuan and an arbitration case involving cash claims of 266 million yuan. Both cases have been accepted by the court and arbitration institution but have not yet been heard [1]. - The company has acknowledged that if the auction of Shenzhen Huangting Plaza is successful, it will lose ownership of this significant asset, constituting a major asset restructuring. This could have a substantial impact on the company's assets, liabilities, and daily operations, potentially triggering financial delisting risk warnings [2]. Asset Auction Details - The judicial auction of Shenzhen Huangting Plaza is scheduled for September 9-10, 2025, with a starting price of 3.053 billion yuan, approximately 30% lower than the assessed value of 4.361 billion yuan. The asset has about 17 years of land use remaining [1][2]. - The auction is particularly critical for Huangting International, as the plaza accounts for 71.57% of the company's total assets and 56.03% of its total revenue for 2024 [2]. Financial Performance and Risks - Huangting International has reported continuous losses since 2020, with cumulative losses exceeding 4.4 billion yuan. The company is expected to incur further losses of 140 million to 200 million yuan in the first half of 2025 [3]. - As of March 2025, the company had total assets of 8.008 billion yuan and total liabilities of 7.777 billion yuan, resulting in a high debt-to-asset ratio of 97.12%. The company faces significant short-term repayment pressure, with only 91.93 million yuan in cash against 3.7 billion yuan in current liabilities [3]. Efforts to Resolve Financial Crisis - In response to its financial difficulties, Huangting International has attempted debt restructuring through agreements with Lianyungang Fenghan Yigang Property Management Co., Ltd. to transfer equity stakes in its subsidiaries [4][5]. - The company is also exploring business transformation opportunities, including a recent agreement with Shenzhen Zunguang Solid State Battery Co., Ltd. to invest in new materials related to energy storage [5]. Auction Concerns - There are concerns regarding the auction's outcome, as the remaining land use period of 17 years and additional pending fees of 23.72 million yuan may deter potential buyers [6].

Core Viewpoint - China Evergrande Group is set to have its listing status canceled by the Hong Kong Stock Exchange due to failure to meet the resumption guidelines, marking a significant event in the company's ongoing financial struggles [2][4]. Group 1: Listing Status and Market Impact - The Hong Kong Stock Exchange announced that China Evergrande's listing status will be canceled effective from August 25, 2025, at 9 AM [2]. - As of the announcement, China Evergrande's stock price was HKD 0.163 per share, with a total market capitalization dropping from over HKD 370 billion at its peak to HKD 2.15 billion at the time of suspension [4]. - The last trading date for the company's shares is set for August 22, 2025, before the official delisting [4]. Group 2: Financial and Operational Challenges - China Evergrande acknowledged it would not seek a review of the delisting decision, indicating a lack of intention to contest the ruling [5]. - The company has been under significant financial strain, with a debt restructuring plan announced in 2023 that requires an additional financing of between CNY 250 billion to CNY 300 billion over the next three years, which has yet to be realized [5]. - Despite the delisting, analysts suggest that it does not equate to bankruptcy, as the company still faces numerous challenges, including slow debt risk management and governance issues [5]. Group 3: Legal and Financial Liabilities - Recent legal developments show that Evergrande Real Estate Group has added eight new enforcement cases as of August 18, with a total enforcement amount exceeding CNY 5.01 billion [6]. - The company currently has over 580 enforcement cases with a total amount exceeding CNY 64.8 billion, alongside multiple consumption restrictions and cases of dishonesty [6].

新京报贝壳财经讯 （记者徐倩）8月18日，融创中国再次披露了最新债务重组进展。 今年4月，融创中国发布境外债"全额债转股"重组方案。其发布的最新公告显示，截至6月24日，持有现 有债务未偿还本金总额约75%的同意债权人已加入重组支持协议。 此次融创中国债务重组范围包括公司发行或担保的境外债务，截至2025年6月30日的估计债务求偿额 （含本金及应计未付利息，但不包括违约利息）合计约为95.52亿美元，需要经过计划管理人审核及确 定。 同时，融创中国宣布拟进行一系列重组相关交易，包括发行强制可转换债券、向主要股东发行债券并建 议增加法定股本。 融创中国表示，集团持续推动保交付、债务风险化解、资产盘活等工作和长期的经营恢复、业绩表现， 需要依赖一支稳定且有能力的团队全力以赴、积极投入，持续做出贡献及创造价值。考虑到亟须稳定团 队且未来用于支付员工薪酬的资金来源不确定及匮乏，集团拟采纳团队稳定计划。根据该计划，集团将 根据上市规则通过配发及发行新股份的方式向其选定雇员授予股份以作为薪酬的长期补充来源。同时， 团队稳定计划也旨在激励承授人未来持续为集团作出贡献，以促进集团持续经营及长期业务恢复与发 展。 此外，融创中 ...

Core Points - Sunac China Holdings Limited is undergoing a restructuring of its offshore debt, amounting to approximately $9.55 billion, including principal and accrued unpaid interest, as of June 30, 2025 [1][2] - The company has secured support from about 75% of its creditors who have signed a restructuring support agreement [1] - The restructuring plan includes the issuance of two series of mandatory convertible bonds (CB), with total principal equivalent to the debt amount owed to creditors [1] Debt Restructuring Plan - The restructuring involves issuing two series of mandatory convertible bonds: CB1 with a 6-month term and a conversion price of HKD 6.80 per share, and CB2 with a 30-month term and a conversion price of HKD 3.85 per share [1] - The plan aims to stabilize the equity structure by allocating $23 of every $100 of debt converted into bonds to the company's founder and chairman, Sun Hongbin, or designated individuals [1][2] Team Stability Plan - To ensure a stable and capable team for the restructuring and operational recovery, the company plans to grant shares to core employees, with a total scale not exceeding 7% of the diluted share capital post-restructuring [2] - The vesting period for the employee shares will be no less than 8 years, and employees will not be allowed to sell their shares within 18 months after the restructuring takes effect [2] Capital Increase Proposal - The board has proposed to increase the company's authorized share capital from 15 billion shares to 30 billion shares to accommodate the potential new share issuance from the convertible bonds and the team stability plan [2] - This increase is intended to provide greater flexibility for future business development and financing needs [2] Uncertainties - The completion of the related transactions remains uncertain and is subject to several conditions, including approvals from the Hong Kong Stock Exchange and the Singapore Exchange, as well as the passage of resolutions at creditor meetings [2]

Core Viewpoint - The company expects a significant turnaround in profitability, projecting a profit of no less than RMB 900 million for the first half of 2025, compared to a loss of approximately RMB 1.028 billion in the same period of 2024 [1] Financial Performance - The turnaround from loss to profit is primarily attributed to the issuance of mandatory convertible bonds to redeem the company's USD-denominated senior notes maturing in 2029, resulting in approximately RMB 1.4 billion in debt restructuring income (around HKD 1.5 billion) [1] - The company also reported a reduction in selling, administrative, and financing expenses by approximately RMB 87 million (around HKD 93.1 million) compared to the previous period, due to continuous improvements in operational and management standards [1]