值得关注的是，此次出手豁免债务的上述两家主体，自身均处于亏损状态却仍"慷慨让利"。公告数据显 示，截至2024年年末，高新城建净资产为6.3亿元，当年净亏损4.71亿元，此次2.80亿元的豁免金额占其 净资产比例高达44.4%；舜正投资同期亦净亏损8581万元，却仍拿出9746.76万元为济高发展豁免债务， 且上述两家公司均具备明确的国资背景。 《中国经营报》记者了解到，在济高发展关联方债务豁免的背后，是公司持续承压的经营状况。财务数 据显示，公司营收已连续三年大幅收缩，从2022年的17.17亿元持续缩水至2025年前三季度的2.22亿元； 盈利端更是连续三年陷入亏损泥潭，2024年亏损规模大幅扩大至8.65亿元，2025年前三季度仍亏损1.01 亿元，资产负债率同步攀升至87.1%。 短期"输血"能否转化为长期"造血"能力？两家自身亏损的国资背景主体，大额纾困的合理性与可持续性 何在？此次国资利益让渡的合规性细节是否完备？针对上述疑问，记者已致电并致函济高发展，截至发 稿尚未收到公司回复。 关联方"无偿豁免"3.78亿元债务 济高发展前身为山东济南百货大楼（集团）股份有限公司，1994年1月3日在上海证券 ...

*ST建艺（002789）一纸公告，让众人见识到了何为"化腐朽为神奇"。 刚刚（12月25日晚），这家市值仅15.96亿元的上市公司，抛出一则震撼市场的消息：控股股东珠海正 方集团霸气豁免其14亿元债务，还慷慨捐赠4亿元现金。这总计18亿元的"超级大礼包"，比公司总市值 还多出2亿有余。这哪是简单的雪中送炭，分明是直接搬来了一座金山，令人惊叹不已。 一、一纸"霸气侧漏"的公告 公告内容直白且干脆：控股股东正方集团出具《债务豁免函》《捐赠函》，明确表示豁免*ST建艺应偿 还的债务本金14亿元，以及相应利息889.67万元，同时向其捐赠4亿元现金资产。而且，这一切都是"自 愿、无偿、单方面、不附带任何条件、不可撤销、不可变更"的，态度坚决，毫无保留。 更耐人寻味的是，公告特别强调这是"上市公司单方面获得利益且不支付对价、不附任何义务的交易"， 还已向深交所申请豁免提交股东会审议。这意味着，这份大礼送得干净利落，流程都走了"绿色通道"， 尽显控股股东的果断与决心。 二、与时间赛跑的生死时速 市场似乎总是有着敏锐的嗅觉，在公告发布前就已"闻风而动"。 12月22日至25日，*ST建艺连续四个交易日涨停，股价从7.69 ...

Core Viewpoint - South China City has been ordered into liquidation by the Hong Kong High Court, marking a significant downturn for a once-influential player in the commercial real estate and logistics sector, with its stock trading suspended indefinitely [1][3]. Group 1: Company Financials and Debt Issues - As of December 31, 2024, South China City reported total assets of HKD 87.55 billion and total liabilities of HKD 60.94 billion, with HKD 15.74 billion of interest-bearing debt principal or interest overdue, triggering cross-default clauses [5]. - The company defaulted on USD bonds in February 2024, with a total debt owed of approximately USD 306 million related to USD 289 million of 9.0% senior notes due in April 2024 [4][5]. - The company has faced significant challenges in debt restructuring, failing to present a complete overseas debt restructuring plan despite appointing financial and legal advisors [4][5]. Group 2: Shareholder and Asset Management - In December 2021, South China City entered into a share subscription agreement with Shenzhen Special Zone Construction Development Group, which became its largest shareholder after investing approximately HKD 1.9 billion [6][7]. - Despite initial optimism regarding the support from the major shareholder, the company continued to struggle with declining revenues and high short-term debt [7][9]. - By early 2024, the major shareholder ceased additional liquidity support, prompting South China City to prioritize asset disposals [9]. Group 3: Market Performance and Sales - The company's contracted sales for the fiscal year 2023/2024 were HKD 7.8 billion, a 48% year-on-year decline, further dropping to HKD 2.1 billion in the first half of the 2024/2025 fiscal year [9].

Core Viewpoint - Huazhong City is entering liquidation, with its stock price halting at 0.107 HKD and a market value of only 1.2 billion HKD, a significant drop from its peak market value of over 30 billion HKD [1][2]. Group 1: Company Financial Status - As of the end of 2024, Huazhong City has total liabilities amounting to 60.9 billion HKD, with a reported net loss of nearly 9 billion HKD attributed to the parent company last year [2]. - The company's financial troubles were exacerbated by a failure to repay a debt of 306 million USD in April last year, leading to a liquidation petition filed by creditors [2][4]. - Despite attempts to restructure its debt, Huazhong City was unable to reach an agreement with creditors, resulting in a court-ordered liquidation [2][4]. Group 2: Company History and Operations - Established in May 2002 and listed on the Hong Kong Stock Exchange in 2009, Huazhong City was once a prominent developer and operator of comprehensive commercial logistics and commodity trading centers across multiple cities in China [3]. - By September 2021, Huazhong City had developed projects in eight cities, with a total planned construction area of 81.05 million square meters [3]. - The company faced operational challenges starting around 2021, including declining revenue and profit margins, alongside a significant amount of short-term debt maturing in 2022 [3][4]. Group 3: External Support and Market Context - In May 2022, a major shareholder, Shenzhen State-owned Assets Management, acquired a 29.28% stake in Huazhong City, providing financial support [3][4]. - Despite receiving support from state-owned enterprises, Huazhong City continued to struggle with liquidity issues and debt repayment pressures, indicating that external backing does not guarantee recovery for troubled firms [5]. - The broader context of liquidity crises among real estate companies highlights the challenges faced by Huazhong City, even after becoming one of the first firms to receive state support [5].

Core Viewpoint - The transfer of control of *ST Huamei (SH600360) to a state-owned enterprise, Jilin Yadong Investment Co., is a significant move to alleviate the company's delisting risk and promote the development of the semiconductor industry in Jilin Province [2][4][5]. Group 1: Company Overview - *ST Huamei, facing delisting risks, announced a share transfer agreement on June 25, where its controlling shareholder, Shanghai Pengsheng, will transfer 214 million shares (22.32% of total shares) to Jilin Yadong Investment [2][4]. - The transaction aims to resolve the financial issues caused by the non-operational fund occupation by Shanghai Pengsheng, which amounted to 1.491 billion yuan, leading to the company's delisting risk warning [5][6]. Group 2: Financial Implications - The proceeds from the share transfer will primarily be used to repay the occupied funds and interest totaling 1.556 billion yuan [4]. - The company has a deadline of approximately 40 days to complete the share transfer process and resolve the fund occupation issue to avoid delisting by August 12, 2025 [6]. Group 3: Strategic Importance - The acquisition by Jilin Yadong Investment, a state-owned entity, is seen as a crucial step for local government intervention in supporting the semiconductor sector, with *ST Huamei being a key player in Northeast China's semiconductor industry [5][7]. - The new controlling shareholder plans to leverage state resources to enhance the company's operational quality and market competitiveness, particularly in power semiconductor devices and new energy sectors [7].

Group 1 - China Cinda plans to transfer its 54.54% stake in the Deep Base Huazhi Fund due to the deteriorating operational status of Huazhong City, leading to a "cut loss" decision [1][4] - The Deep Base Huazhi Fund was established to support Huazhong City's quality development projects, with a total scale of approximately HKD 11 billion [4] - Despite the support from state-owned enterprises and asset management companies, Huazhong City is still facing debt issues and has warned of a potential second default in early 2024 [6] Group 2 - China Cinda has been attempting to transfer non-performing debts totaling CNY 2.071 billion, with the collateral being 60 warehouse properties in Nanning Huazhong City [8] - The fund has initiated legal proceedings against Shenzhen Special Zone Construction Development Group and Huazhong International Industrial Raw Materials City for immediate purchase of its equity and debt [8] - The court has frozen approximately CNY 2.132 billion in bank account funds belonging to Shenzhen Special Zone Construction Development Group as part of the legal process [8]