Core Viewpoint - Lishin International announced a significant sale involving the disposal of equity in the SPL property entity, indicating a strategic shift in its asset management approach [1][2]. Group 1: Transaction Details - Lishin Development's wholly-owned subsidiary will sell all issued shares of Surearn Profits to Jasmine Investment Development IV Limited for a total consideration of HKD 34.98 billion, plus the net value of Surearn Profits' liquid assets at the time of completion [1]. - The SPL property, located in Hong Kong's commercial center, has a total construction area of approximately 229,200 square meters, including various office floors and parking spaces [1]. - The expected net cash flow from the transaction is approximately HKD 2.4 billion, which will be used for general working capital of Lishin Development Group [2]. Group 2: Financial Impact - Upon completion of the sale, Lishin Garment Group is expected to incur a loss of approximately HKD 269 million, while Lishin Development Group anticipates a loss of about HKD 261 million [2]. - The transaction is subject to conditions including shareholder approvals, with meetings scheduled for December 21 and December 31, 2025 [2]. Group 3: Market Context - The acquisition by Jasmine Investment Development IV Limited is linked to JD.com's investment strategy in Hong Kong, focusing on integrating retail, logistics, and technology development [2]. - The Hong Kong market has seen increased activity in large transactions, with notable deals such as Alibaba and Ant Group's purchase of One Causeway Bay for approximately HKD 7 billion, marking the largest office transaction in five years [3]. - The overall market for large transactions in Hong Kong is recovering, driven by demand from financial institutions, tech giants, and private investors, indicating a return of both self-use and investment demand [4].