Core Viewpoint - Evergrande Property's stock has experienced a decline of over 3% during trading, marking a cumulative drop of 10% over three consecutive days, with the current price at 1.25 HKD and a trading volume of 58.95 million HKD [1] Group 1 - On November 14, Evergrande Property announced that the liquidator has invited selected bidders to review further information about the company [1] - The liquidator has requested updated non-binding offers to be submitted by the end of November 2025, while also reviewing any other potential offers received [1] - The company stated that potential transactions are still in the preliminary stage, and the timeline for moving to the next phase and submitting final proposals has not been determined [1]

Core Viewpoint - Tianjin Jintou Urban Development Co., Ltd. plans to exit the real estate business by transferring related assets and liabilities valued at -239 million yuan for a nominal price of 1 yuan, aiming to focus on property management and asset operation [1][4][5]. Group 1: Company Strategy and Restructuring - The company has undergone multiple changes in its restructuring plans, initially proposing an asset swap to divest from existing assets and introduce new businesses [2][3]. - The focus of the asset swap has shifted to urban centralized heating, indicating a strategic pivot towards the heating industry [4]. - The company aims to improve asset quality and profitability by shedding loss-making assets, thereby mitigating delisting risks and ensuring sustainable development [4][9]. Group 2: Financial Performance and Challenges - The company has faced continuous losses since 2020, with net profits of -2.517 billion yuan in 2020, -1.844 billion yuan in 2021, and -296 million yuan in 2022, followed by a projected loss of -210 million yuan in 2024 [9]. - As of mid-2025, the company reported a debt-to-asset ratio of 100.36% and a negative net asset value of -501 million yuan, highlighting significant financial distress [9]. Group 3: Regulatory Scrutiny - The Shanghai Stock Exchange has issued an inquiry regarding the company's ongoing viability, asset evaluation, guarantees, and debt situation, necessitating further clarification from the company [1][6]. - The inquiry specifically questions the core competitiveness of the remaining business post-transaction and the rationale behind the significant asset impairment [7][8].

Core Viewpoint - Evergrande Property has announced that the liquidator has invited selected bidders to review further information and submit updated non-binding proposals by the end of November 2025, indicating that the potential transaction is still in the preliminary stage [2] Group 1 - The liquidator has not yet determined the timeline for moving to the next stage of the process or for submitting a final proposal [2] - No negotiations have taken place between the liquidator and potential bidders regarding the potential transaction [2] - There are no formal or legally binding agreements reached concerning the potential transaction at this stage [2]

Core Viewpoint - Evergrande Property (6666.HK) is currently in the preliminary stages of a potential transaction, with the liquidator inviting selected bidders to review further information and submit updated non-binding offers by the end of November 2025 [1] Group 1 - The liquidator has informed that selected bidders are invited to review additional information and submit updated non-binding proposals by the end of November 2025 [1] - The potential transaction remains in the initial phase, and the liquidator has not determined the timeline for moving to the next stage or for submitting final proposals [1] - No negotiations or formal agreements have been reached between the liquidator and potential bidders regarding the potential transaction [1]

Group 1 - The company has conditionally agreed to acquire approximately 99.999995% and 0.000005% of the shares of a securities company for a consideration not exceeding 20 million HKD [1] - The securities company is a limited liability company registered in Hong Kong, primarily engaged in brokerage and trading of listed securities and is licensed by the Hong Kong Securities and Futures Commission [1] - As of June 30, 2025, the net assets of the securities company were approximately 5.3 million HKD [1] Group 2 - The company operates in Hong Kong and mainland China, engaging in machinery and spare parts trading, machinery leasing, transportation services, and lending [2] - The company's performance has been adversely affected by the slowdown in the real estate market in both Hong Kong and mainland China, prompting the board to seek business diversification [2] - The board believes that the acquisition of the securities company provides a low-cost entry point into the financial services sector, aligning with the overall interests of the company and its shareholders [2]

Core Viewpoint - The company has adopted a stock option plan for 2025, aiming to enhance employee incentives and align their interests with shareholders [1] Group 1: Stock Option Plan - The board has resolved to grant a total of 32.8 million stock options to three executive directors under the 2025 stock option plan [1] - Additionally, 27.8 million stock options will be granted to 29 other employees who are not directors, major executives, or significant shareholders, pending the plan's effectiveness [1] Group 2: Share Buyback - The board believes that the current trading price of the shares does not fully reflect the company's value [1] - Depending on market conditions and the company's actual needs, the board may repurchase up to 172,855,400 shares, which represents 10% of the total shares issued as of the annual general meeting date [1] - The cost of the repurchased shares will be funded from the company's existing cash reserves, and the repurchased shares will either be used as treasury shares for the stock option plan or canceled [1]

Core Viewpoint - Poly Property (06049) announced the resignation of its current domestic and overseas auditors, Tianzhi International Accounting Firm and Tianzhi Hong Kong Accounting Firm, effective from November 13, 2025 [1] Group 1 - The board plans to appoint Lixin Accounting Firm and Hong Kong Lixin Dehao Accounting Firm as the new domestic and overseas auditors, effective from November 13, 2025 [1] - The term of the new auditors will last until the conclusion of the extraordinary general meeting where the formal appointment of the auditing firm will be reviewed [1]

Core Viewpoint - Poly Property (06049.HK) announced the resignation of its current auditing firms, Tianzhi International and Tianzhi Hong Kong, effective from November 13, 2025, to enhance audit service efficiency and align with governance standards [1] Group 1 - The company aims to maintain good corporate governance practices and ensure proper development [1] - The resignation of the auditing firms is part of a coordinated effort with the company's ultimate holding company regarding audit arrangements [1] - The board plans to appoint Lixin Certified Public Accountants and Hong Kong Lixin Dehao Certified Public Accountants as the new auditing firms, effective from November 13, 2025, until the conclusion of the extraordinary general meeting [1]

Core Viewpoint - Poly Property (06049) announced the resignation of its current domestic and overseas auditors, Tianzhi International Accounting Firm and Tianzhi Hong Kong Accounting Firm, effective from November 13, 2025 [1] Group 1 - The board intends to appoint Lixin Accounting Firm and Hong Kong Lixin Dehao Accounting Firm as the new domestic and overseas auditors, effective from November 13, 2025 [1] - The term of the new auditors will last until the conclusion of the extraordinary general meeting where the formal appointment of the auditing firm is reviewed [1]

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