登录新浪财经APP 搜索【信披】查看更多考评等级 来源：@华夏时报微博 天鸿·甲第观澜外 围。陈炳衡/摄 华夏时报记者 张蓓 陈炳衡 北京报道 1月8日下午三点，记者来到河北省唐山市路北区"天鸿·甲第观澜"（曾用名"绿城·桂语江南"）项目现 场。这个一度以香港上市名企绿城中国控股有限公司（股票代码：03900 HK，下称：绿城）持有的"绿 城"品牌为背书的高端住宅项目，如今已然成为众多购房人心中难以言说的痛苦记忆。沿着这些记忆， 本次调查始于唐山鸿柯房地产开发有限公司（下称"鸿柯公司"）等多方提供的线索。《华夏时报》记者 通过长达数周的走访、调查与文件梳理，发现了一场涉及上市公司及上市公司高管的复杂利益迷局，其 正逐步清晰地浮出水面。 1月13日，售楼处负责人金贺鹏对《华夏时报》记者表示，"目前项目仍然在运营，争取尽快交付，不存 在烂尾的情况。项目已经由鸿柯公司自行接管，正在努力完善项目工程竣工交付。但是因为绿城主控项 目期间遗留的问题太多，而且不配合交接，导致原定2023年竣工入住的项目拖延至今。" 记者了解到，截至目前，该楼盘房价已较2020年开盘时（18000元—35000元/平米）下降了约40%。鸿 ...

Core Viewpoint - Chengdu Xintong Wanhua Enterprise Management Co., Ltd. has recently undergone a change in its shareholding structure, with its 100% equity being acquired by a newly established partnership, ultimately controlled by China Cinda Asset Management Co., Ltd. This move positions Cinda as the second-largest shareholder of Huashu Holdings, raising questions about the strategic intent behind this acquisition [2][3][5]. Group 1: Shareholding Changes - On June 26, Xintong Wanhua's two natural person shareholders transferred their 100% equity to Tianjin Xinshi Management Consulting Partnership, which now indirectly holds 11.47% of Huashu Holdings' shares [2][3]. - This marks the second change in the second-largest shareholder position within six months, following a previous acquisition via a court ruling in January [3][5]. - Tianjin Xinshi was established just three days prior to the equity transfer, with a registered capital of 101 million yuan, and is primarily controlled by Cinda's Hubei branch [3][6]. Group 2: Strategic Intent and Financing - The purpose of the transaction and its details, such as pricing, were not disclosed in the equity change report, indicating a lack of transparency [5][6]. - Following the equity transfer, Xintong Wanhua pledged 80.01% of its shares in Huashu Holdings to Tianjin Xinshi for financing purposes, which raises suspicions of a "hidden debt" arrangement rather than a straightforward equity transfer [5][6][7]. - Industry insiders suggest that this maneuver could be a strategy to enhance the pledge rate for financing, allowing for potentially greater capital access [6][7]. Group 3: Company Performance - Huashu Holdings has shown lackluster operational performance in recent years, with revenues of 884 million yuan, 741 million yuan, and 1.032 billion yuan from 2022 to 2024, and fluctuating net profits [8]. - The company primarily operates in the electronic information display terminal sector, but its financial health remains a concern, as indicated by declining revenues and net losses in recent quarters [8].

Group 1 - Zhongce Rubber Group Co., Ltd. successfully listed on the Shanghai Stock Exchange on June 5, 2023, with a closing price of 50.65 CNY per share, an increase of 8.92% from the issue price of 46.5 CNY, resulting in a market capitalization of 44.293 billion CNY [2][9] - The company is part of the "Juxing System," which includes four listed companies with a combined market value exceeding 100 billion CNY as of June 5, 2023 [6][30] - Zhongce Rubber, established in 1992, is recognized as the leader in China's tire industry, producing various types of tires for major domestic automotive manufacturers [6][15] Group 2 - The controlling shareholder of Zhongce Rubber is Qiu Jianping, who, along with his daughter Qiu Fei, holds 46.95% of the company's shares through Juxing Holding Group [4][29] - The company has a significant reliance on distributors, with nearly 80% of its revenue generated from this channel, and 74 distributors have become indirect shareholders through a debt-to-equity swap [16][17] - Financial performance from 2021 to 2024 shows steady growth, with revenues increasing from 306.01 billion CNY to 392.5 billion CNY, and net profits rising from 13.75 billion CNY to 37.9 billion CNY [15][22] Group 3 - The company's main products, steel radial tires and semi-steel tires, account for nearly 80% of its revenue, with semi-steel tires becoming a new growth driver due to the rise of electric vehicles [13][15] - Zhongce Rubber's financial structure has raised concerns, with a high debt ratio, which was 65.83% at the end of 2019, and has remained above 60% in subsequent years [22][23] - The company has engaged in complex capital operations, including the conversion of distributor debts into equity, which has been characterized as "visible equity, hidden debt" [22][25]