Core Viewpoint - The company is facing significant short-term debt pressure, raising questions about its aggressive expansion strategy despite financial constraints [1][2][4]. Group 1: Financial Situation - The company plans to raise up to 19.64 billion yuan through a private placement, with nearly 30% of the funds allocated for liquidity support and debt repayment [2][3]. - As of the end of the first quarter, the company's short-term borrowings and current liabilities exceeded 5.4 billion yuan, while its cash reserves were only 2.03 billion yuan, indicating a substantial funding gap [2][4]. - The company has a high level of related party transactions, with 5.236 billion yuan in other receivables, of which 4.416 billion yuan are related to transactions with affiliated companies [5][6]. Group 2: Expansion Plans - The company is actively pursuing expansion, with a total investment of 137.98 billion yuan planned for new wholesale market projects, including 79.56 billion yuan over the next three years [9][10]. - The company is currently constructing and planning 15 wholesale market projects, indicating a commitment to growth despite financial challenges [9][10]. - The necessity and scale of the fundraising have been questioned by regulators, who require justification for the simultaneous construction of multiple markets [9][12]. Group 3: Operational Performance - The first phase of the Guangming Haijixing project has begun trial operations, with varying transaction volumes and occupancy rates reported [11][12]. - The occupancy rate of the Guangming Haijixing project has shown a declining trend, prompting regulatory scrutiny regarding the absorption of new capacity [12].