Core Viewpoint - *ST Zhongdi has made significant progress in mitigating delisting risks by restructuring its assets and turning its net assets from negative to positive, allowing it to meet the core financial conditions for potential delisting risk removal [1][2][3] Financial Performance - As of the end of 2025, the company's equity attributable to shareholders is expected to be approximately 1.25 billion yuan, a turnaround from a negative 3.579 billion yuan at the end of 2024 [2] - The improvement in net assets is primarily due to the completion of a major asset sale and related transactions, which involved divesting real estate-related heavy assets and liabilities [2] - The company anticipates a net loss of approximately 1.7 billion yuan for 2025, a significant reduction from a loss of 5.179 billion yuan in 2024, representing a decrease of over 67% [4] Strategic Shift - Following the asset divestiture, the company has shifted its focus towards light asset businesses such as property services, asset management, and operations, marking a strategic pivot towards sustainable business models [1][5] - This transition is seen as a proactive measure to align with industry trends and reduce financial pressure while enhancing operational efficiency [5][6] Regulatory Considerations - The removal of the delisting risk warning is not automatic and requires the approval of the Shenzhen Stock Exchange based on the audited annual report for 2025 [3] - The company has indicated that if the 2025 annual report reveals any conditions that could lead to termination of listing, the stock may still face delisting risks [3] Market Outlook - Industry experts suggest that the shift to a light asset strategy is crucial for real estate companies to mitigate risks and achieve sustainable development, with future prospects depending on the execution capabilities of the light asset business [6]

具体来看： 中指院分析师表示，根据供应计划，北京商品住宅用地供应量已连续四年缩减，且地块进一步向五环内核心区域集中，未来新房供应将更倾斜于城 市核心区。 海淀区蓝景丽家收储项目综合性商业金融服务业用地，被字节跳动以28亿元的价格斩获； 石景山首钢地块由首钢地产以13.9亿元摘得； 通州宋庄地块以15.62亿元成交； 顺义新国展地块被中国铁工投资以28.1亿元获取。 北京今日完成2026年首场土地拍卖，四宗地均以底价成交，合计成交金额85.6亿元。 ...

证券研究报告：房地产|行业周报 发布时间：2026-02-03 | 行业基本情况 | | --- | | 收盘点位 | | 2213.49 | | --- | --- | --- | | 52 | 周最高 | 2436.17 | | 52 | 周最低 | 1870.99 | 行业相对指数表现 -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 23% 26% 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 房地产 沪深300 资料来源：聚源，中邮证券研究所 研究所 行业投资评级 强于大市|维持 分析师:高丁卉 SAC 登记编号:S1340524080001 Email:gaodinghui@cnpsec.com 近期研究报告 《小阳春提前 关注度提升》 - 2026.01.27 房地产行业报告 （2026.1.26-2026.2.1） 房企融资环境边际改善 拿地主力仍为央企 ⚫ 投资要点 根据中指院数据，2026 年 1 月 TOP100 企业拿地总额 579.9 亿元， 同比下降 52.1%，央企仍为拿地主力。1 月百城二手住宅均价为 1 ...

于2026年2月3日，自2025年6月30日起计114个月到期的零息强制性可转换债券(强制性可转换债券(B))获 转换而发行49.3万股。 碧桂园(02007)发布公告，于2026年2月3日，自2025年6月30日起计78个月到期的零息强制性可转换债券 (强制性可转换债券(A))获转换而发行425.87万股。 ...

Core Viewpoint - Zhongjun Group Holdings (01966) has announced a default event regarding its February 2026 notes, leading to the suspension of trading for these notes since October 5, 2023 [1] Group 1: Default and Financial Situation - The outstanding principal amount of the February 2026 notes is $350 million [1] - The company is actively seeking a comprehensive solution to ensure sustainable operations, in light of tight liquidity and ongoing communication with overseas creditors [1] - It is anticipated that the principal and accrued unpaid interest on the February 2026 notes will remain unpaid at maturity on February 4, 2026, and will not be settled [1] Group 2: Market Impact - The February 2026 notes will be delisted from the stock exchange after their maturity date [1]

Core Viewpoint - Zhongjun Group Holdings has announced a default event regarding its February 2026 notes, leading to the suspension of trading for these notes since October 5, 2023 [1] Group 1: Default and Financial Status - The outstanding principal amount of the February 2026 notes is $350 million [1] - The company is facing liquidity issues and is in ongoing discussions with overseas creditors to seek a comprehensive solution [1] - It is expected that the principal and accrued unpaid interest on the February 2026 notes will remain unpaid at maturity on February 4, 2026 [1] Group 2: Future Implications - The February 2026 notes will be delisted from the stock exchange after their maturity date [1]

Core Viewpoint - Zhongjun Group Holdings (01966.HK) has announced a default event regarding its February 2026 notes, leading to the suspension of trading since October 5, 2023 [1] Group 1: Default and Financial Situation - The outstanding principal amount of the February 2026 notes is $350 million [1] - Due to tight liquidity and ongoing discussions with overseas creditors, the company expects that the principal and accrued unpaid interest on the February 2026 notes will remain unpaid at maturity [1] - The February 2026 notes are set to mature on February 4, 2026, after which they will be delisted from the Hong Kong Stock Exchange [1] Group 2: Communication and Solutions - The company is working with its advisors to seek an overall solution that considers the interests of all stakeholders to ensure sustainable operations [1] - Following the delisting, the company will maintain active communication with noteholders [1]

格隆汇2月3日丨华联控股(000036.SZ)在投资者互动平台表示，公司拟收购Arizaro项目涉及跨境跨界投 资，尚存在不确定性。 ...

Core Viewpoint - The company announced a share buyback plan to reduce capital, with a total budget of 250 million to 500 million yuan, at a price not exceeding 4.95 yuan per share, over a period of 12 months [1] Group 1 - The shareholders' meeting approved the buyback plan on February 12, 2025 [1] - As of a certain date in 2026, the company had repurchased a total of 37.2791 million shares, accounting for 1.56% of total shares, with an expenditure of 152.8029 million yuan [1] - At another time point, the cumulative repurchase reached 50.2791 million shares, representing 2.10% of total shares, with a total transaction amount of 206.2693 million yuan [1] Group 2 - The company will continue to implement the buyback plan and disclose information in accordance with regulations [1]

华侨城A公告称，公司管理层将全资子公司重庆华侨城1.7555亿元未使用担保额度，调剂至控股子公司 深圳城更，调剂金额占最近一期经审计净资产的0.33%。调剂后，为重庆华侨城担保额度由9.168亿元调 至7.4125亿元，为深圳城更由3.628亿元调至5.3835亿元。深圳城更由华侨城A持股51%，2025年营收 0.06亿元，净利润-0.2亿元。截至2026年1月末，公司及控股子公司担保余额264.26亿元，占净资产 49.68%，无逾期担保。 ...