文 |零售圈 导语： 回顾刚过去的2025年，零售行业的大规模并购交易，几乎从未停歇。这一系列并购事件不仅改变了零售 行业的格局，也揭示了行业内部的深刻变革——零售行业正在经历新一轮"资本大洗牌"。 在这一年里，我们看到头部企业纷纷"做减法"，剥离非核心资产以聚焦主业，如阿里巴巴彻底退出银泰 百货与高鑫零售，同时也见证了不少巨头"做加法"，通过并购扩充品牌矩阵、切入新赛道，如普拉达收 购范思哲构建奢牌三角，玛氏以超350亿美元吞下品客母公司，组建零食帝国。 私募资本成为了关键推手，KKR、博裕、CPE源峰等机构频繁出手，以资本赋能实体，推动品牌转型与 扩张。而本土消费品牌如大窑汽水、蜜雪冰城，则通过引入资本或收购细分赛道玩家，加速全国化与生 态化布局。 从国际食品巨头的强强联合，到本土品牌的资本化转身；从互联网巨头实体布局的深化，到私募基金对 传统业态的焕新改造，这些交易背后，是零售业面对渠道变迁、消费分级与竞争全球化所做出的集体回 应。 无论是德弘资本对高鑫零售的"买手制"改造，还是京东跨洲收购德国Ceconomy的出海雄心，都标志着 行业正从规模扩张走向精益运营，从流量争夺转向供应链与品牌价值的深耕，他们 ...

Group 1 - The company, Hengyi Holdings (01894), announced a proposed capital restructuring and fundraising activity involving a share consolidation, an increase in authorized share capital, and a rights issue [1] - The board suggests consolidating every 20 existing and unissued shares into 1 consolidated share [1] - The authorized share capital is proposed to increase from HKD 38 million (divided into 3.8 billion shares) to HKD 76 million (divided into 7.6 billion shares) or 380 million consolidated shares after the share consolidation [1] Group 2 - Following the share consolidation and increase in authorized share capital, the board proposes a rights issue where each holder of 1 consolidated share will receive 4 rights shares at a subscription price of HKD 0.46 per rights share [1] - The rights issue aims to raise approximately HKD 84.7 million before expenses, assuming no change in the total number of shares issued as of the record date [1] - If fully subscribed, the estimated net proceeds from the rights issue after deducting all necessary expenses will be approximately HKD 82 million, with 64.0% allocated to support existing and potential new projects, and 22.0% for repaying debts including trade and other payables [1]

智通财经APP讯，恒益控股(01894)公布，董事会拟进行资本重组及集资活动，涉及(i)股份合并;(ii)增加 法定股本;及(iii)供股。 公司建议按每20股已发行及未发行股份合并为1股合并股份的基准进行股份合并。 董事会建议将公司的法定股本由3800万港元(分为38亿股股份)增加至7600万港元(分为76亿股股份)(或股 份合并生效后3.8亿股合并股份)。增加法定股本须待股东于股东特别大会上通过一项普通决议案以批准 增加法定股本后，方告生效。 待股份合并及增加法定股本生效后，董事会建议按于记录日期每持有1股合并股份获发4股供股股份的基 准按认购价每股供股股份0.46港元进行供股，以透过向合资格股东提呈最多184,224,000股供股股份的供 股方式筹集扣除开支前所得款项总额约8470万港元(假设经计及股份合并影响后，于记录日期或之前已 发行股份总数并无变动)。供股仅供合资格股东认购，将不会向除外股东提呈。如获悉数认购，供股估 计所得款项净额于扣除所有必要开支后估计将约为8200万港元，64.0%用于支持集团现有及潜在新项 目，22.0%用于清偿包括贸易及其他应付款项及应计费用在内的债项， ...

据悉，凯德投资将重构凯德MALL•新都心项目的资本结构，将其作为种子资产注入CRF I，实现价值释 放。凯德MALL•新都心位于青岛市北区，是一座总建筑面积达14.1万平方米的优质购物中心，出租率约 为99.6%。 凯德投资（中国）首席执行官潘子翔表示："未来，凯德投资将基于市场观察，继续构建可规模化的平 台，为投资者提供契合风险收益目标的基金解决方案。" 凯德投资（中国）首席投资官王欣表示："年初至今，我们已在中国市场完成约67亿元人民币（12亿新 元）资产的资本重组，回收资金用于布局新的增长机遇。" 今日，凯德投资宣布，其人民币母基金平台下的第二只境内子基金——凯德投资中国商业人民币基金I 期（China Retail RMB Fund (CRF I)）已完成募集。除获得母基金的股本承诺外，凯德投资亦引入多家 本土机构投资者，使得该子基金的总规模达到10亿元人民币（1.83亿新元）。 据了解，凯德投资人民币母基金旗下的首只子基金——凯德投资中国产业园基金IV期已于今年9月完成 募集，基金资产管理规模为17.4亿元人民币（3.18亿新元），并以大连腾飞园区项目作为种子资产。 CRF I资金全部部署后，预计将 ...

RMH HOLDINGS LIMITED 有關實施解決不發表意見之 行動計劃的季度更新資料 茲提述德斯控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）於2025年4 月29日刊發之截至2024年12月31日止年度之年報（「2024年報」）及本公司日期為 2025年5月29日及2025年7月31日內容有關不發表意見之公告（「該等公告」）。除另有 說明外，本公告所用詞彙與2024年報及該等公告所界定者具有相同涵義。 本公司謹提供有關實施解決不發表意見之行動計劃（「行動計劃」）的季度更新資料。 1. 董事財務支持 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：8437） 潘先生（為執行董事及董事會主席）已於2025年3月1日向本公司提供一筆 10,000,000港元的貸款融資，以支持及資助本公司的日常營運。 2. 公司擔保責任 本公司為違約借款提供的擔保金額為約4,076,000新加坡元，乃由前董 ...

Core Viewpoint - The company proposes a capital restructuring involving share consolidation, an increase in authorized share capital, a change in trading unit size, and a change of company name to enhance its strategic positioning in the supply chain management sector. Group 1: Share Consolidation - The board of directors recommends a share consolidation at a ratio of 10 existing shares with a par value of 0.002 HKD each into 1 consolidated share with a par value of 0.02 HKD [2]. Group 2: Increase in Authorized Share Capital - Following the share consolidation, the company's authorized share capital will increase from 20 million HKD (divided into 1 billion shares with a par value of 0.02 HKD each) to 200 million HKD (divided into 10 billion consolidated shares with a par value of 0.02 HKD each), adding 9 billion consolidated shares [3]. Group 3: Change in Trading Unit Size - It is proposed that, contingent upon the share consolidation, the trading unit size on the Hong Kong Stock Exchange will change from 5,000 existing shares to 10,000 consolidated shares [4]. Group 4: Change of Company Name - The company plans to establish its headquarters in Shenzhen Huqiang Cloud Industrial Park as part of its strategy to enhance supply chain management through technology research and development. The board proposes changing the English name from "China Supply Chain Holdings Limited" to "World Digital Economy Asset Group Limited" and adopting the Chinese name "世界数字经济产业集团有限公司" to replace the current name [5].

Core Viewpoint - The company proposes a capital restructuring involving share consolidation, an increase in authorized share capital, a change in trading unit, and a change of company name to enhance its strategic initiatives in supply chain management and digital economy [1][5]. Group 1: Share Consolidation - The board of directors recommends a share consolidation where every 10 existing shares with a par value of HKD 0.002 will be consolidated into 1 share with a par value of HKD 0.02 [2]. Group 2: Increase in Authorized Share Capital - Following the share consolidation, the company's authorized share capital will increase from HKD 20 million (divided into 1 billion shares at HKD 0.02 each) to HKD 200 million (divided into 10 billion shares at HKD 0.02 each), adding 9 billion consolidated shares [3]. Group 3: Change in Trading Unit - It is proposed that, contingent upon the share consolidation, the trading unit on the Hong Kong Stock Exchange will change from 5,000 existing shares to 10,000 consolidated shares [4]. Group 4: Change of Company Name - The company plans to establish its headquarters in Shenzhen Huqiang Cloud Industrial Park and aims to enhance supply chain management through technology research and development. The board suggests changing the English name from "China Supply Chain Holdings Limited" to "World Digital Economy Asset Group Limited" and adopting the Chinese name "世界数字经济产业集团有限公司" [5].

Core Viewpoint - Macau Legend Development Limited (01680) proposes to cancel the entire amount of the premium account and transfer the proceeds to the paid-up surplus account before the change of registered office takes effect, followed by a capital restructuring plan after the change is effective [1] Group 1: Capital Restructuring Details - The company plans to reduce its share capital by canceling HKD 0.99 of the paid-up capital for each issued share, reducing the nominal value of each issued share from HKD 1.00 to HKD 0.01 [1] - Following the capital reduction, the company intends to split the shares, converting each unissued share with a nominal value of HKD 1.00 into 100 new shares with a nominal value of HKD 0.01 each [1] - The proceeds from the capital reduction will be transferred to the company's paid-up surplus account [1] - The amount in the paid-up surplus account will be used to offset accumulated losses in a manner permitted by applicable laws and new company regulations deemed appropriate by the board [1]

Core Insights - OpenAI has completed a capital restructuring, establishing a structure that positions it as a nonprofit organization controlling a for-profit business [1] - The nonprofit organization is now called OpenAI Foundation, which holds approximately $130 billion in equity of its for-profit division [1] - The for-profit division has been rebranded as OpenAI Group PBC, which is now classified as a public benefit corporation [1] - Microsoft supports this restructuring and estimates its investment in OpenAI Group PBC to be valued at around $135 billion, representing 27% of the diluted shares [1]

Core Insights - OpenAI has completed a capital restructuring to establish a structure where a non-profit organization holds the for-profit business [1] - The non-profit organization is now called OpenAI Foundation, which holds approximately $130 billion in equity of the for-profit division [1] - The for-profit division has been restructured into a public benefit corporation named OpenAI Group PBC [1] Ownership Structure - Under the new structure, OpenAI Foundation will own 26% of the for-profit division [1] - Current and former employees, along with investors, collectively hold 47% of the for-profit division [1] Valuation and Investment - Microsoft has expressed support for the restructuring and estimates its investment in OpenAI Group PBC to be valued at approximately $135 billion [1] - This valuation corresponds to 27% of the diluted shares of the company [1]