Core Viewpoint - Zhuhai Group has transformed from a window enterprise to a state-owned platform, playing a crucial role in the development of Zhuhai Economic Special Zone and participating in the integration of state-owned enterprises in Zhuhai [1][2][8]. Historical Development - Founded in 1980 in Macau, Zhuhai Group became the first state-owned enterprise to engage in international market competition for Zhuhai [2]. - By the late 1990s, Zhuhai Group evolved into a large conglomerate with over 200 subsidiaries across various sectors including engineering, finance, real estate, tourism, trade, and transportation [3]. - The company significantly contributed to infrastructure projects in Zhuhai, including the issuance of $200 million in bonds for the Zhuhai Avenue project in 1996, marking several "firsts" for China [4]. Financial Challenges and Restructuring - The Asian financial crisis in 1997 led to a debt crisis for Zhuhai Group, resulting in a complex debt restructuring process that concluded in 2009, successfully reducing debt by HKD 5.5 billion (63% debt reduction) while preserving state assets worth HKD 12.4 billion [5]. - After a prolonged period of stagnation, the company began to recover in 2015 by focusing on a "4+X" strategic business model [5]. Real Estate and Development Projects - Zhuhai Group's real estate projects emphasize creating an industrial ecosystem and supporting talent housing, integrating deeply with the development plans of Zhuhai Economic Special Zone and Hengqin Guangdong-Macao Deep Cooperation Zone [6][14]. - Notable projects include the Hengqin Science City, which spans approximately 320,000 square meters and aims to provide housing for high-level talent [6]. Recent Developments and Mergers - In 2025, Zhuhai Group absorbed 90.21% of the equity of the Greater Hengqin Group, significantly increasing its asset scale and indirectly controlling three listed companies [11][12]. - The merger is part of a broader trend of state-owned enterprise reform in Zhuhai, which has seen multiple rounds of consolidation aimed at optimizing structure and enhancing operational efficiency [9][10]. Strategic Positioning - The integration of Greater Hengqin Group enhances Zhuhai Group's capabilities in regional development, particularly in the Hengqin area, which is crucial for the Guangdong-Hong Kong-Macao Greater Bay Area initiative [16]. - The company is now positioned to leverage its historical role as a "window enterprise" to facilitate capital operations and regional development, aiming to become a key player in the construction of the Greater Bay Area [16].