Core Viewpoint - Schroder Capital's real estate investment division has announced a strategic partnership with Chinese private enterprise Xizi International to jointly launch an investment management plan, focusing on private real estate equity investment funds with a total scale of approximately 3 billion RMB in the first phase [1] Group 1: Strategic Partnership - The strategic cooperation will focus on high-quality office buildings and consumer infrastructure investment opportunities in core cities of Shanghai and the Yangtze River Delta region [1] - Both parties will jointly select and emphasize discovering core stable and high-quality projects with renovation and upgrade potential [1] Group 2: Company Background - Schroder Investment Group has been deeply engaged in the Chinese market for over 30 years and continues to expand its business in China [1] - In 2019, Schroder Capital established a wholly-owned subsidiary in China to conduct RMB fund business and completed the private fund manager registration with the Asset Management Association of China in early 2020 [1] - Currently, Schroder Capital has initiated and managed a total of 7 RMB private equity funds in China [1] Group 3: Management Insights - Andrew Moore, Head of Real Estate Investment for Asia Pacific at Schroder Capital, emphasized the importance of partnering with local excellent partners to expand in major markets [1] - Huang Jingwei, Head of Real Estate Investment in China at Schroder Capital, highlighted the complementary advantages of the partnership, which will provide more real estate investment opportunities for institutional investors [1]

Core Viewpoint - Weifang Bincheng Investment Development Co., Ltd. is undergoing a significant ownership change, with its 60% state-owned equity being transferred to the Weifang City Hanting District State-owned Assets Operation Center without compensation [4]. Group 1: Ownership Change - The announcement states that the 180 million yuan (approximately 27 million USD) equity held by Weifang San Nong Innovation Development Group Co., Ltd. will be transferred entirely to the Weifang City Hanting District State-owned Assets Operation Center, resulting in the latter holding 100% of the company [4]. - Prior to this change, Weifang San Nong held 60% of the shares, while the Hanting District State-owned Assets Operation Center held 40% [4]. Group 2: Company Background - Established in August 2005, Bincheng Investment has a registered capital of 3 billion yuan (approximately 450 million USD) and has developed into a large group company covering seven major sectors: finance, urban construction, cultural tourism, agriculture, energy, urban services, and intelligence [9]. - The company currently manages four state-owned enterprises and has over 140 subsidiaries, including one listed company on the Shenzhen A-share market, with total assets amounting to 65 billion yuan (approximately 9.75 billion USD) [9]. Group 3: Legal Issues - Bincheng Investment is involved in a property share transfer dispute, with a court hearing scheduled for June 27, 2025, where the plaintiff is Shandong New Kinetic Energy Fund Management Co., Ltd. [5]. - Recently, *ST Gauss received a notice from its controlling shareholder, Bincheng Investment, regarding a court ruling that mandates the transfer of 39,851,030 shares (23.84% of total shares) to Weifang Guojin Industrial Development Co., Ltd. as compensation for debts, reducing Bincheng Investment's stake from 25.84% to 1.99% [9].

近期，由申万宏源作为分销商的"上海国际汽车城（集团）有限公司2025年面向专业投 资者非公开发行公司债券（第一期）"成功发行，本期债券发行规模9亿元，发行期限5年，票 面利率2.09%，全场倍数3.71倍，创上海地区同期限同主体评级私募债历史最低利率！ 免责 声 明 上海国际汽车城（集团）有限公司是上海市嘉定区汽车城区域的投资开发主体，致力于 将嘉定区汽车城区域建设成为世界级汽车产业中心核心承载区，区域地位突出。 本期债券是我司与发行人的再次合作，本次成功发行彰显了我司强大的资本市场销售实 力，各部门积极协调配合，助力发行人票面利率创历史新低，得到了发行人的高度评价和充 分认可，也是我司深耕上海区域的又一丰硕成果，对于我司持续深耕长三角地区债券市场、 加强重点区域覆盖力度具有重要意义。未来申万宏源证券将聚焦上海"四大功能"、"五个中 心"和"五型经济"建设，持续发挥资本中介和综合金融服务优势，坚守金融服务实体经济根本 宗旨，提升金融央企服务国家战略能级，助力实体经济高质量发展。 本内容最终解释权归申万宏源证券有限公司所有。 ...