来源：搜狐财经 图源|网络 夏海钧再次出现在公众视野。 2026年1月2日，香港上诉法庭驳回了恒大集团前行政总裁夏海钧提出的上诉许可申请。针对他600亿港 元资产及豪宅出售收益的全球玛瑞瓦禁令将持续生效。 这位曾经年薪超2亿元、被称为"打工皇帝"的职业经理人，如今深陷司法漩涡，其个人命运与恒大集团 的崩塌紧紧捆绑在一起。 禁令背后的清算风暴 "打工皇帝"的天价薪酬 公开信息显示，夏海钧，1964年出生于哈尔滨，先后毕业于中南大学、暨南大学。 根据香港法院文件，他同时拥有中国香港特别行政区居民身份和加拿大籍。 凭借工科+经济学的复合背景和在中信的早期经验，他在2007年加入恒大后迅速成为核心。 作为"二号人物"，他主导上市、推行"高负债、高杠杆、高周转" 模式，是恒大从百亿跃升至数千亿规 模的关键操盘手。 清盘人之所以将夏海钧列为重点追责对象，与其在恒大期间获得的惊人报酬密不可分。 夏海钧此次申请撤销的禁令非同寻常。这是一种名为"全球玛瑞瓦禁令"的跨国资产冻结措施，旨在防止 被告在诉讼期间转移或处置资产，确保最终判决能够得到执行。 2024年6月24日，恒大清盘人为追讨约60亿美元股息，向香港法院申请针对夏海钧 ...

兼总裁，被视为时任董事局主席许家印的核心助手，深度参与了公司的运营和资本运作。在其主导下， 恒大曾在2008年上市失败后迅速恢复，并于2010年实现百亿营收，至2016年更是达到了3733亿元的高 峰，成为行业内"高负债、高周转、高杠杆"模式的主要推手之一。然而，这些表面的繁荣背后隐藏着巨 大的财务风险。 中国证监会已于2024年3月发布的行政处罚决定书中查明，夏海钧组织编制虚假财务报告，导致恒大地 产在2019年和2020年分别虚增利润超过400亿和500亿元人民币，并在债券发行中存在欺诈行为。因此， 他被处以1500万元罚款及终身证券市场禁入。官方措辞严厉，指其"手段特别恶劣，情节特别严重"。在 此之前，许家印已于2023年9月因涉嫌违法犯罪被采取强制措施。 除了上述资产冻结，恒大集团还计划追讨包括夏海钧在内的多名前任高管在2017至2020年间获得的薪 酬、奖金及分红，总额估计达60亿美元。数据显示，仅在2009年至2022年期间，夏海钧个人从恒大获取 的薪酬总额便高达约18.55亿元人民币。高额薪酬或许促使他为维持公司表面繁荣而进行违规操作，这 进一步揭示了"三高模式"背后的深层次问题。 （经济观察网 ...

万科"20亿债崩"背后的生死赌局：万亿房企如何沦为资本弃子？ 【前言】 "万科要塌了！" 2025年11月26日，当"22万科MTN004"债券展期公告弹出的瞬间，整个资本市场炸锅了。这只20亿规模的债券，像一颗投入深潭的巨石，激 起的不仅是万科股价的剧烈震荡——A股暴跌至11年新低、H股单日蒸发6%，更掀开了房地产行业"安全港"神话的残破幕布。 20亿，对于总资产1.3万亿的万科来说，不过是九牛一毛；但正是这笔"小钱"的展期请求，暴露了最致命的真相——它的现金流，早已枯竭到 连短期债务都扛不住了。 一、现金流断崖：万亿资产的"空壳危机" 三季度末，万科账面现金656亿的数字看似唬人，实则暗藏杀机。据内部人士透露，其中60%是"动不了的钱"——监管账户里的预售房款、抵 押资产保证金如同被封印的宝箱，真正能自由支配的现金仅剩300多亿。而它一年内要偿还的债务高达1347亿，资金缺口超过800亿，相当于 每天要烧掉2.2亿才能维持运转。 更令人心惊的是，这种"只出不进"的恶性循环已持续多个季度。2025年前三季度，万科销售额同比暴跌44.6%，经营活动现金流连续三个季度 为负，相当于"赚的钱连付利息都不够"。曾经 ...

Core Viewpoint - The company intends to acquire a 62.5% stake in Jiangsu Jingkai Semiconductor Technology Co., Ltd. for 300 million yuan, marking a significant move into the semiconductor storage business, despite facing financial challenges and declining performance [1][2]. Financial Performance - Jiangsu Jingkai reported a loss of 3.72 million yuan in the first four months of the year, with a full-year profit commitment of at least 1 million yuan, significantly lower than the previous year's net profit of 13.55 million yuan [2][3]. - The company's net profit for 2024 is projected to be 360 million yuan, a year-on-year decrease of 6.66%, with a further decline of 70.03% expected in the first half of 2025 [3]. Debt and Cash Flow - The company has experienced long-term negative cash flow, with a debt ratio exceeding 80% as of June 2025, marking a historical high [4]. - Following the acquisition, the company may incur an additional goodwill of 326 million yuan, increasing financial pressure [6]. Acquisition Details - The valuation of Jiangsu Jingkai's equity was assessed at 361 million yuan, representing a 930% increase compared to its book net assets of approximately 35.04 million yuan [5]. - This acquisition is the third external merger for the company this year, following the purchases of 60% of Zhejiang Suote for 696 million yuan and 80% of Jinko New Materials for 80 million yuan [6][7]. Market Concerns - The company faces scrutiny regarding the high premium paid for acquisitions, with concerns about potential asset impairment and the sustainability of its aggressive expansion strategy in both the photovoltaic and semiconductor sectors [10].

Core Viewpoint - The recent change in control of Aoyang Health has raised concerns regarding its financial stability, high debt levels, and the feasibility of future performance commitments following the transfer of ownership to a local state-owned platform [2][5][6]. Group 1: Control Change Details - Aoyang Health's stock was suspended on September 9 due to the planned change in control, with trading resuming on September 16 after a "limit-up" increase [2][3]. - The control change involved Aoyang Group transferring 153 million shares (20% of total shares) to Zhangjiagang Yuesheng Technology at a price of 3.87 yuan per share, totaling 593 million yuan, which represents a 10% discount from the last trading price before suspension [3][4]. - Following the transfer, Aoyang Group's shareholding will decrease from 30.74% to 10.74%, and the voting rights will drop to 5.74%, while Yuesheng Technology will become the new controlling shareholder with 20% ownership [4]. Group 2: Financial Performance and Challenges - Aoyang Health reported a 12.49% year-on-year decline in revenue for the first half of 2025, totaling 903 million yuan, and a 15.46% drop in net profit, amounting to 31.56 million yuan [6]. - The company is facing significant financial pressure, with a net cash flow from operating activities of -55.13 million yuan, indicating a tight cash flow situation [6]. - As of mid-2025, Aoyang Health's total assets were 1.968 billion yuan, with total liabilities reaching 1.822 billion yuan, resulting in a high debt ratio of 92.58%, which is well above the industry average [6]. - The performance commitment agreement stipulates that Aoyang Health must achieve a net profit of no less than 30 million yuan annually and maintain a net asset of at least 200 million yuan by the end of 2025, which appears challenging given the current financial situation [6]. Group 3: Historical Context - The change in control signifies the exit of Shen Xue Ru, the founder of the "Aoyang System," from the A-share capital platform he established, which has seen multiple ownership changes in recent years [7]. - Shen Xue Ru founded Aoyang Group in 1998, initially focusing on textile manufacturing and later diversifying into various sectors, including healthcare and real estate [7].

Core Viewpoint - China Evergrande officially delisted from the Hong Kong Stock Exchange on August 25, 2023, marking the end of its 16-year presence in the capital market [1][14]. Summary by Sections Delisting Announcement - On August 12, 2023, China Evergrande announced its decision to delist from the Hong Kong Stock Exchange, following a letter from the exchange stating that the company failed to meet the resumption criteria [2]. - The last trading day for its shares was August 22, 2023, with the delisting effective from 9 AM on August 25, 2023 [3]. Historical Context - China Evergrande was approved for listing in January 2008 but faced challenges due to the global financial crisis, leading to a temporary suspension of its IPO [4]. - The company officially listed on the Hong Kong Stock Exchange on November 5, 2009, with a market capitalization exceeding 700 billion HKD [4]. - In October 2017, the company's market value peaked at 4,144 billion HKD, making it the largest real estate company globally [4]. Financial Struggles - The company adopted a high-leverage, high-debt business model, which led to significant risks that materialized after 2020, resulting in a liquidity crisis in 2021 [6]. - In December 2021, China Evergrande initiated a debt restructuring process for its overseas debts [7]. Debt Restructuring Efforts - By March 2023, the company disclosed a debt restructuring plan involving the issuance of new bonds to replace existing ones, with terms including a 4-12 year maturity and interest rates between 2%-7.5% [8]. - However, by September 2023, the company announced a reassessment of the restructuring terms due to disappointing sales and ongoing negotiations with creditors [9]. Legal and Regulatory Issues - In January 2024, the Hong Kong High Court ordered the company to be liquidated, with the stock remaining suspended [9]. - The company's stock price plummeted from a peak of 28.74 HKD per share to 0.16 HKD per share by January 2024, representing a 99.43% decline [9]. - The company faced legal actions against its founder and former executives for alleged financial misconduct, including approval of misleading financial statements [11][13]. Conclusion - The delisting of China Evergrande signifies a dramatic fall from grace for a company that once dominated the real estate sector, now facing significant financial and legal challenges [14].

Core Viewpoint - China Evergrande officially delisted from the Hong Kong Stock Exchange on August 25, 2023, marking the end of its 16-year presence in the capital market due to failure to meet the resumption guidelines set by the exchange [1][2][12]. Summary by Sections Delisting Announcement - On August 12, 2023, China Evergrande announced its decision to delist from the Hong Kong Stock Exchange, following a letter from the exchange indicating that the company failed to meet any of the resumption requirements [2]. - The last trading day for the shares was August 22, 2023, with the delisting taking effect on August 25, 2023 [3]. Historical Context - China Evergrande was approved for listing in January 2008 but faced challenges due to the global financial crisis, leading to a delayed IPO until November 2009, when it became the largest private real estate company listed in Hong Kong [4]. - The company reached its peak market capitalization of HKD 414.4 billion in October 2017, making it the top global real estate firm [4]. Financial Struggles - The company adopted a high-leverage, high-debt business model, which led to significant financial difficulties starting in 2020, culminating in a liquidity crisis in 2021 [6][7]. - In December 2021, China Evergrande initiated a debt restructuring process, which faced multiple delays and challenges [7][8]. Legal and Regulatory Issues - In January 2024, the Hong Kong High Court ordered the company to enter liquidation, with appointed liquidators focusing on asset recovery for creditors [9][10]. - The company has faced legal actions against its former executives for alleged financial misconduct, including fraud and misrepresentation of financial statements [11][12]. Current Status - As of December 2023, the company has not disclosed a new debt restructuring plan, and its stock has been suspended from trading, reflecting a dramatic decline in market value from its peak [9][10].

Core Viewpoint - China Evergrande Group has announced that it will be delisted from the Hong Kong Stock Exchange due to failure to meet resumption guidelines, with trading suspended from January 29, 2024, until at least July 28, 2025, and has no intention to appeal the decision [1] Group 1 - China Evergrande was once valued at over 400 billion HKD and was considered a leading real estate company in China, with its founder Xu Jiayin becoming the richest man in China [1] - The company faced a liquidity crisis in 2021 due to its high leverage, debt, and aggressive expansion strategy, leading to a significant financial collapse in 2023 [1] - As of now, the liquidators have taken control of over 100 companies under Evergrande, managing to realize approximately 2 billion HKD [1] Group 2 - Legal actions have been initiated against Xu Jiayin and six other defendants for claims amounting to around 6 billion USD, equivalent to approximately 43.8 billion RMB, including the pursuit of dividends and compensation [1] - The Hong Kong court has ruled to freeze assets worth 60 billion HKD related to the case [1]

Core Viewpoint - The company, AUX Electric Co., Ltd., has submitted its IPO application to the Hong Kong Stock Exchange for the second time, facing challenges such as high debt, reliance on ODM, and shortcomings in R&D despite revenue growth and increased market share [1][2]. Company Development Path - AUX previously attempted to list on the New Third Board in 2016 but delisted in 2017 due to insufficient market liquidity. From 2018 to 2023, the company sought to list on the Shanghai Stock Exchange but did not submit an application after completing advisory services [2]. Market Position - AUX has been in the air conditioning industry for over 30 years but remains a latecomer compared to established giants [3]. Competitive Strategy - Initially, AUX adopted a low-price strategy to compete with much larger rivals, which boosted sales and brand recognition but also led to backlash from competitors, particularly Gree Electric Appliances [4]. Legal Battles - AUX has faced multiple lawsuits from Gree, resulting in significant financial penalties. Despite these challenges, AUX's performance has exceeded market expectations [5][7]. Financial Performance - AUX's revenue for 2022, 2023, and projected 2024 is RMB 19.53 billion, RMB 24.83 billion, and RMB 29.76 billion, respectively, with net profits of RMB 1.44 billion, RMB 2.49 billion, and RMB 2.91 billion [8][10]. Growth Comparison - AUX's revenue growth of 52.39% and net profit growth of 101.80% from 2022 to 2024 contrasts sharply with larger competitors like Midea, Haier, and Gree, which have significantly higher revenue and profit figures [10]. Profitability Challenges - AUX's gross margins are lower than those of its competitors, with figures of 21.3%, 21.8%, and 21.0% from 2022 to 2024, indicating limited pricing power and vulnerability to cost fluctuations [10][11]. R&D Investment - AUX's cumulative R&D expenses from 2022 to 2024 are less than RMB 2 billion, with a 2024 R&D expense of RMB 710 million, significantly lower than its competitors [11]. Debt Levels - AUX's debt ratio remains high, with figures of 88.3%, 78.8%, 84.1%, and 82.5% from 2022 to 2025 Q1, alongside substantial dividend payouts that raise concerns about financial sustainability [12][14]. Revenue Sources - The majority of AUX's revenue comes from overseas markets, with overseas sales contributing 42.9%, 41.9%, and 49.3% of total revenue from 2022 to 2024, primarily from ODM business [15]. Market Share Decline - AUX has lost its leading position in online sales, now ranking fifth, while competitors like Midea and Gree dominate the online market [16].