Core Viewpoint - Huayang International (002949.SZ) has signed a partnership agreement with Shenzhen Tianzhibao Technology Co., Ltd. and other limited partners to establish the Shenzhen Zhongtou Xinyao No.1 Technology Investment Partnership, with a total subscription amount of 600.2 million RMB, where the company contributes 66 million RMB, accounting for 10.9963% of the partnership [1] Group 1 - The partnership aims to enhance Huayang International's operational expansion and improve capital operation efficiency, thereby increasing overall competitiveness and profitability [1] - Shenzhen Tianzhibao, the general partner, was established in June 2014 and is wholly owned by Shenzhen Major Industry Investment Group Co., Ltd., which is a state-owned enterprise focused on optimizing state capital layout and investing in strategic emerging industries [1] - The investment areas of Shenzhen Major Industry Investment Group include integrated circuits, third-generation semiconductors, artificial intelligence, new energy, and biomedicine, aligning with the goal of promoting high-quality economic development in Shenzhen [1]

Core Viewpoint - The company has signed a partnership agreement with Shenzhen Tianzhibao Technology Co., Ltd. and other limited partners to jointly invest in Shenzhen Zhongtou Xinyao No. 1 Technology Investment Partnership, indicating a strategic move towards enhancing its investment capabilities and long-term returns [1] Investment Details - The total subscribed capital of the partnership is RMB 600.20 million, with the company contributing RMB 66 million, representing a 10.9963% stake [1] - The partnership focuses primarily on equity investment projects, which aligns with the company's strategy for external business development and capital operation efficiency [1] Strategic Implications - Collaborating with professional investment institutions allows the company to leverage their resources and advantages in the equity investment sector, potentially leading to improved competitive strength and profitability [1] - The investment is expected to facilitate the company's long-term investment returns and enhance its overall operational capabilities [1]

Core Viewpoint - Huayang International announced an investment of 66 million yuan to establish a partnership with a professional investment institution, indicating a strategic move to expand its investment activities in the technology sector [1] Group 1: Investment Details - The company will contribute 66 million yuan, representing a 10.9963% stake in the newly formed Shenzhen Zhongtou Xinyao No.1 Technology Investment Partnership (Limited Partnership) [1] - The total capital commitment for the partnership is 600.2 million yuan, focusing on information technology consulting services and investment activities [1] Group 2: Approval Process - The investment decision falls within the general manager's approval authority, thus bypassing the need for board and shareholder meetings [1]

Core Viewpoint - Anning Holdings (00128.HK) is expected to report a significant turnaround with a projected profit of approximately HKD 21 million for the nine months ending September 30, 2025, compared to a loss of HKD 7.9 million for the year ending December 31, 2024 [1] Financial Performance - The improvement in financial performance is attributed to several factors: - The fashion retail business recorded a slight profit of approximately HKD 2.1 million, primarily due to the sale of a large amount of impaired old inventory and reduced operating expenses, compared to a loss of HKD 3.9 million for the year ending December 31, 2024 [1] - The vacation center and club business ceased operations in mid-June 2024, incurring a loss of HKD 6.1 million during the nine months ending September 30, 2024 [1] - The net gains from the group's investment portfolio, both realized and unrealized, increased, mainly due to the appreciation in fair value of private equity fund investments, benefiting from the recovery in the stock market where some of the funds' investments are located [1]

Group 1 - The company expects to achieve a shareholder profit of approximately HKD 21 million for the nine months ending September 30, 2025, a significant turnaround from a loss of HKD 7.9 million for the year ending December 31, 2024 [1] - The improvement in financial performance is attributed to a slight profit of approximately HKD 2.1 million from the fashion retail business, primarily due to the sale of impaired old inventory and reduced operating expenses [1] - The holiday center and club business ceased operations in mid-June 2024, incurring a loss of HKD 6.1 million during the nine months ending September 30, 2024 [1] Group 2 - The company, through its subsidiary, has faced increasing operational challenges in the luxury fashion retail business, exacerbated by the COVID-19 pandemic and weak consumer demand in Hong Kong [2] - The board has decided not to renew the lease for the flagship store in Central after monitoring the performance and feasibility of the fashion retail business over the past 12 months [2] - Due to the lack of sustainable profitability in the fashion retail business and current market rental levels, the board has resolved to terminate the last store lease in Ap Lei Chau by November 30, 2025, or shortly thereafter [2]

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 佈 之內容概不負 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 就 本 公 佈 全部或任 何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 ENM HOLDINGS LIMITED 安寧控股有限公司 （於香港成立之有限公司） （股份代號： 00128） 內幕消息 (1) 盈利預告 (2) 終 止 時裝零售業務 本公 佈 乃根 據 香港 聯合 交 易所 有 限公 司證 券 上市 規 則（「 上市規則 」）第13.09(2)(a) 條以及香港法例第 571章證券及期貨條例（「證券及期貨條例 」）第 XIVA部項下 之內幕消息條文（定義見上市規則）而刊發。 安寧 控 股有 限 公司（「本公司 」，連 同 其附 屬 公司 統 稱「 本集團 」）董事 會（「董 事 會 」）謹此通知本公司股東（「股 東 」）及潛 在 投資者以下盈利預告及 有關 終 止時裝零售業務之 業務最新情況。 根 據 董事會 對 本 集 團 截至二零二五年 九 月三十日止 九 個 月 之 未經審 核 綜合管理 賬目（「二零二五 ...

Group 1 - SoftBank Group is attracting market attention with its high-yield dollar bonds, particularly a $2.9 billion hybrid bond that may face significant pressure due to its lower priority compared to senior bonds, necessitating a higher yield to attract investors [1] - The hybrid bond set a yield of 8.25% for bonds maturing in 2065, while ordinary bonds maturing in 2035 yield only 6.8%, highlighting the cost pressure associated with the hybrid bonds [1] Group 2 - SoftBank is accelerating its investment in AI unicorn OpenAI, having led a funding round in April that valued OpenAI at $300 billion, with a commitment to invest $30 billion by year-end, though only $7.5 billion has been invested so far [5] - To address funding gaps, SoftBank is diversifying its financing strategies, including negotiating margin loans secured by Arm Holdings shares and selling T-Mobile US stock, while issuing a record $4.1 billion yen bond in Japan [5][8] - Traditional bank loans are largely absent in SoftBank's financing efforts, with its bond holdings exceeding bank loans by more than double as of June [8] Group 3 - The Vision Fund's poor performance is exacerbating funding pressures, limiting SoftBank's ability to attract large institutional investors, and its complex corporate structure puts it at a disadvantage in the AI race [8] - Rating agencies are closely monitoring SoftBank's loan-to-value (LTV) ratio, with S&P indicating a potential downgrade if LTV exceeds 25%, which could happen if OpenAI equity and other investments are included [9] - In contrast, Oracle, a partner in SoftBank's "Stargate" initiative, maintains an investment-grade rating despite rising leverage and negative free cash flow, supported by its leading position in enterprise software and cloud infrastructure [9]

Core Insights - Zhejiang Zhezi Kechuang Industry Integration Development Co., Ltd. has been established with a registered capital of 4 billion yuan [1] - The company is involved in technology services, development, consulting, exchange, transfer, promotion, and investment activities [1] - Shareholders include Zhejiang State-owned Capital Operation Co., Ltd., Zheneng Capital Holdings Co., Ltd., Zhejiang Economic Construction Investment Co., Ltd., and Zhejiang International Trade Group Co., Ltd. [1]

消息面上，10月22日，深圳市发布推动并购重组高质量发展行动方案，力争到2027年底，辖区上市公司 质量全面提升，境内外上市公司总市值突破20万亿元，培育形成千亿级市值企业20家。并购重组市场量 质齐升，累计完成并购项目超200单、交易总额超1000亿元，落地一批行业示范案例。 公开资料显示，大众公用早在2002年入股深圳市创新投资集团有限公司（简称"深创投"）成为其第二大 股东。半年报显示，大众公用持有深创投10.80%股权。简历显示，大众公用董事长杨国平还担任深创 投副董事长。此外，近期，摩尔线程极速过会。企查查信息显示，深创投曾在2021年Pre-A轮领投摩尔 线程。深创投还在2022年B轮以及2024年B+轮追投了宇树科技。 智通财经APP获悉，大众公用(01635)高开近4%，截至发稿，涨3.75%，报4.15港元，成交额591.79万港 元。 ...

Core Viewpoint - The stock of China Vanke (01635) opened nearly 4% higher and is currently up 3.75%, trading at HKD 4.15, with a transaction volume of HKD 5.9179 million. This increase is influenced by the recent announcement from Shenzhen City regarding a plan to promote high-quality development in mergers and acquisitions [1]. Group 1: Mergers and Acquisitions - Shenzhen City aims to enhance the quality of listed companies by the end of 2027, targeting a total market capitalization of over RMB 20 trillion for domestic and foreign listed companies, and to cultivate 20 companies with a market value of over RMB 100 billion [1]. - The merger and acquisition market is expected to see both quantity and quality improvements, with over 200 completed projects and a total transaction value exceeding RMB 100 billion, alongside the establishment of several industry demonstration cases [1]. Group 2: Company Background - China Vanke has been a significant shareholder in Shenzhen Innovation Investment Group Co., Ltd. (referred to as "Shenzhen Innovation") since 2002, holding a 10.80% stake as per the latest half-year report [1]. - The chairman of China Vanke, Yang Guoping, also serves as the vice chairman of Shenzhen Innovation, indicating a close relationship between the two entities [1]. Group 3: Investment Activities - Shenzhen Innovation has been actively involved in funding technology companies, having led the Pre-A round investment in Moore Threads in 2021, and participated in subsequent funding rounds for Yushu Technology in 2022 and 2024 [1].