二、多措并举精准施策，有效化解风险 长城公司北京分公司立足自身功能定位，充分发挥在不良资产处置和问题企业纾困领域的专业优势，针 对问题企业的痛点难点，设计并实施了综合性的纾困方案。一是优化债务结构，缓解兑付压力。通过设 立专项纾困计划，长城公司北京分公司出资认购信托份额，定向用于兑付上市公司即将到期的公司债 券，有效化解了上市公司的债务兑付危机，稳定了市场信心。二是盘活低效资产，提升运营效率。长城 公司北京分公司折价收购了上市公司部分长账龄应收账款债权，并与企业合作进行专业化处置清收。通 过设定清收目标、超额收益分成等市场化机制，激励企业加快资产盘活，改善了资产质量和现金流状 况。三是引入战略支持，筑牢风险防线。项目引入了某地方国有资本运营管理平台作为重要的合作与支 持方，共同为纾困方案提供支撑，确保了项目的顺利推进和风险可控。 日前，中国长城资产管理股份有限公司北京市分公司（以下简称"长城公司北京分公司"）联合多方成功 实施的某上市公司纾困项目圆满终结。该项目是长城公司北京分公司立足不良资产处置主业，积极服务 实体经济、化解金融风险的又一典型案例，充分展现了国有金融资产管理公司的专业能力与责任担当。 一、上 ...

2018年，A股市场受多重因素影响，波动较大。不少上市公司（尤其是民营上市企业）大量股票质押跌破质押平仓线，这些风险一旦传导至企业的生产经营 活动中，必将产生系统性影响。 在此背景下，当年10月，中国证券业协会提出了证券行业成立支持民营企业发展系列资产管理计划（以下简称"支民计划"或"纾困资管计划"），各券商迅速 响应，参与券商的数量与出资规模快速上升。 总体来看，纾困资管计划有效缓解了部分具备发展前景的民营上市公司的流动性危机，同时向市场释放积极信号，树立了行业"专业技术纾困"、履行社会责 任的良好形象。 2022年，中证协、中基协联合发布《证券行业支持民营企业发展资产管理计划规范运作指引》（以下简称《指引》），进一步明确要求资方主要负责资金和 资源的支持，尽可能少地介入公司经营，以充分保护民企自身控制权。 作者：将浪 《指引》一方面明确资方责任，保障"企业纾困"的政策精神，另一方面也要求采用市场化的方式对企业偿还能力进行跟踪评估，以综合统筹决策、执行工 作。 但也有个别证券公司的纾困资管计划违背政策初衷，资金流向不符合政策精神的对象。 其中，华创证券对贵州百灵等方的纾困计划，引发的争议极大。目前，双方已对 ...

Core Viewpoint - The article discusses the potential sale of assets from the Rosewood Hotel Group, owned by the Cheng family, amid financial difficulties faced by their real estate subsidiary, New World Development Group [4][5][10]. Group 1: Rosewood Hotel Group Overview - Rosewood Hotels, established 46 years ago, is known for its unique identity and has been significantly influenced by two generations of female leadership [7]. - The brand was founded by Caroline Rose Hunt, who expanded it internationally, with the first overseas hotel opening in Mexico City in 1998 [7][9]. - In 2011, the Cheng family acquired Rosewood and its five hotels for over $800 million, marking a new chapter for the brand under the leadership of Zheng Zhihua [8][9]. Group 2: Financial Challenges of New World Development - New World Development is facing severe liquidity challenges, with a reported loss of approximately HKD 171.26 billion for the fiscal year 2024, marking its first loss in nearly 20 years [17]. - The company's total borrowings reached HKD 1,464.88 billion, with HKD 322.1 billion due within 12 months, while cash reserves were only HKD 214.18 billion [17]. - The stock price of New World Development has plummeted by 87% compared to its peak in 2019, prompting the company to prioritize cash recovery and debt reduction [18]. Group 3: Asset Sale and Future Prospects - The potential sale of Rosewood assets is seen as a crucial move for the Cheng family to alleviate financial pressures [10]. - New World Development aims to recover HKD 26 billion by selling development projects and accelerating cash flow from mainland China and Hong Kong [18]. - The company has also proposed a debt restructuring plan, including a significant write-down of up to 50% on certain bonds, indicating the severity of its financial situation [19].

Core Viewpoint - The dispute between Guizhou BaiLing and Huachuang Securities, which began as a cooperation to alleviate financial difficulties, has escalated into a legal battle over control and financial obligations, with both parties presenting conflicting claims regarding the management and control of the company [1][3][40]. Group 1: Background of the Dispute - In 2019, Guizhou BaiLing's controlling shareholder Jiang Wei introduced Huachuang Securities as a rescue partner due to high debt and stock pledge rates, leading to a financial arrangement involving 1.4 billion yuan and stock pledges [4][40]. - Huachuang Securities provided 1.4 billion yuan through two asset management plans and acquired 161 million shares, representing 11.54% of Guizhou BaiLing's total shares [5][40]. - The two parties agreed to a strategic partnership, with Huachuang Securities stating it would not seek control over Guizhou BaiLing [7][42]. Group 2: Legal Proceedings and Claims - Huachuang Securities filed a lawsuit against Jiang Wei and others, claiming repayment of the 1.4 billion yuan principal and 361 million yuan from stock pledges, along with interest and penalties [1][3][45]. - Jiang Wei has accused Huachuang Securities of attempting to gain control over Guizhou BaiLing under the guise of financial assistance, leading to regulatory investigations [3][38]. - The legal dispute has reached the courts, with Huachuang Securities asserting its claims while Jiang Wei counters with allegations of misconduct by Huachuang Securities [1][3][48]. Group 3: Financial Implications - As of December 3, Guizhou BaiLing's stock price was 5.57 yuan per share, with a total market capitalization of 7.785 billion yuan, while the shares involved in the dispute were valued at approximately 1.944 billion yuan, exceeding the 1.761 billion yuan in claims [12][46]. - The financial arrangements included additional collateral, such as properties and receivables, to secure the investments made by Huachuang Securities [11][45]. - The ongoing litigation poses significant financial risks for Huachuang Securities, as the outcome will impact its asset quality and risk management practices [35].

Core Points - The new environmental enforcement regulations in Yangzhou allow companies facing difficulties to defer or pay fines in installments, balancing strict enforcement with regulatory compassion [1][2] - Companies can apply for deferred payments if they encounter financial difficulties due to natural disasters, economic restructuring, or other significant economic activities [1] - Required documentation for deferral includes financial statements, tax declarations, and a written commitment to pay on time [1] Group 1 - The environmental department will approve applications with sufficient justification and complete documentation, issuing a notice for installment or deferred payment [1] - If an application is rejected, the company will be informed in writing, and they must ensure the authenticity of submitted materials [1][2] Group 2 - Companies that comply with the deferral agreement will not have their environmental credit ratings affected, while non-compliance may lead to credit downgrades [2] - The deferral applies only to administrative penalty fines, excluding confiscated illegal gains, with a maximum deferral period of six months and installment payments limited to three periods [2] - Failure to pay within the deferral period will result in court enforcement and additional penalties of 3% per day on the fine amount [2]

Economic Performance Overview - The fourth quarter's economic performance is crucial for achieving annual development goals and ensuring a smooth transition from the 14th Five-Year Plan to the 15th [1] - The overall economic growth rate of 5.2% in the first three quarters ranks among the top globally, with stable employment and improved price levels [1] Challenges and Risks - The economy faces significant challenges, including insufficient global economic growth, trade protectionism, and weak domestic demand, particularly in consumption [2] - Specific data shows that retail sales growth slowed to 3% in September, and fixed asset investment declined by 0.5% from January to September, marking the first negative growth since September 2020 [2] Policy Recommendations - Macro policies need to be strengthened and made more effective to support stable economic operation, with a focus on employment, enterprises, and market stability [3] - There is a call for expanding domestic demand through targeted actions to boost consumption and investment, particularly in the service sector and manufacturing upgrades [3] Support for Enterprises - Companies are facing challenges such as insufficient market demand and low profitability, necessitating targeted policy measures to alleviate these issues [4] - Emphasis is placed on optimizing the business environment and supporting the development of small and medium-sized enterprises, which are vital for job creation and economic vitality [4]

Core Viewpoint - The economic performance in the fourth quarter is crucial for achieving annual development goals and ensuring a smooth transition from the 14th Five-Year Plan to the 15th Five-Year Plan [1][2] Economic Performance - The economy showed a stable growth trend in the first three quarters, with a GDP growth rate of 5.2%, ranking among the top of major global economies [1] - The total retail sales of consumer goods increased by 4.5% year-on-year in the first three quarters, but the growth rate dropped to 3% in September, marking a decline for four consecutive months [2] - Fixed asset investment decreased by 0.5% year-on-year from January to September, the first negative growth since September 2020, with private investment down by 3.1% [2] Policy Measures - The government has implemented more proactive macroeconomic policies to stabilize employment, businesses, markets, and expectations, ensuring stable economic operation [3] - Policies to boost consumption, such as the trade-in program for consumer goods, have led to double-digit growth in retail sales of certain categories [3] - There is a need for timely and flexible policy adjustments to address changing economic conditions [3] Support for Enterprises - Enterprises face challenges such as insufficient market demand and low profitability, necessitating targeted policy measures to alleviate their difficulties [4] - Improving the business environment and removing barriers to market entry are essential for fostering enterprise vitality, particularly for small and medium-sized enterprises [4] - The focus should be on ensuring that policy benefits translate into real support for enterprise development [4]

Core Viewpoint - The company is facing significant liquidity pressure and has entered into a cooperation agreement with state-owned entities to establish a special purpose vehicle (SPV) for financial relief, amounting to 301 million yuan [1] Group 1: Financial Measures - The SPV will implement a financial relief plan with an initial funding of up to 135 million yuan, of which approximately 72.5 million yuan will be used to acquire existing debts and 62.5 million yuan will be allocated as a special loan to ensure employee salaries and operational continuity [1] - The loan has a term of three years with a fixed annual interest rate of 4.5%, and the company is required to provide collateral and guarantees for the loan [1] Group 2: Shareholding Changes - As of September 1, the major shareholder Zhu Ye held 15.64% of the company's shares, with 98.43% of those shares pledged; another shareholder, Ye Xiaohong, held 4.27% with 99.96% pledged [1] - To repay pledged debts, Zhu Ye transferred 4.99% of the total share capital to the Scorpio No. 32 private equity fund, reducing his shareholding to 10.65% [1] Group 3: Financial Performance - In the first half of 2025, the company reported revenue of 1.057 billion yuan, a year-on-year decline of 48.24%, and a net loss attributable to shareholders of 120 million yuan [1] - The company's asset-liability ratio stands at 89.93%, indicating significant financial pressure [1]

Core Viewpoint - The company is facing temporary liquidity difficulties and has announced a cooperation agreement with several partners to provide financial support and stabilize operations [1] Group 1: Cooperation Agreement - The company plans to sign a cooperation agreement with Suzhou Xingtai Industrial Development Co., Ltd., Suzhou Yangcheng Lake Digital Cultural and Creative Park Investment Co., Ltd., and Suzhou Surun Enterprise Consulting Management Co., Ltd. to address liquidity issues [1] - The agreement involves the establishment of a Special Purpose Vehicle (SPV) to provide financial support and mitigate debt risks [1] Group 2: Financial Details - The total subscribed capital of the newly established limited partnership, Suzhou Runjing Enterprise Management Partnership (Limited Partnership), is 301 million RMB [1] - Partners will contribute as follows: each of the two limited partners will contribute 150 million RMB, while the general partner will contribute 1 million RMB [1] - The initial capital contribution will not exceed 45% of the subscribed capital, with a total investment for liquidity support capped at 300 million RMB, and the first phase of funding not exceeding 135 million RMB [1]

Core Viewpoint - The company is facing temporary liquidity difficulties and has initiated a cooperation agreement with several partners to establish a special purpose vehicle (SPV) for financial support to stabilize operations and mitigate debt risks [1] Group 1: Cooperation Agreement - The company plans to sign a cooperation agreement with Suzhou Xingtai Industrial Development Co., Ltd., Suzhou Yangcheng Lake Digital Cultural and Creative Park Investment Co., Ltd., and Suzhou Surun Enterprise Consulting Management Co., Ltd. to provide financial support [1] - The agreement aims to set up an SPV to facilitate the financial assistance process [1] Group 2: Financial Details - The total subscribed capital of the newly established limited partnership, Suzhou Runjing Enterprise Management Partnership (Limited Partnership), is 301 million RMB [1] - Each of the two limited partners will contribute 150 million RMB, while the general partner will contribute 1 million RMB [1] - The first phase of the financial support will not exceed 135 million RMB, with the total investment for the support not exceeding 300 million RMB [1]