蒋嘉惠女士(蒋女士)已获委任为公司秘书及授权代表，自2026年1月31日起生效。 合景悠活(03913)发布公告，尤金泉先生(尤先生)已提出辞任本公司公司秘书，并已不再担任(i)香港联合 交易所有限公司(联交所)证券上市规则第3.05条项下的本公司授权代表;及(ii)上市规则第19.05(2)条及香 港法例第622章公司条例第16部项下代表本公司在香港接收法律程序文件及通知书的本公司授权代表(统 称为授权代表)，自2026年1月31日起生效。 ...

Core Viewpoint - The company, Qifu Life Services (03686), has executed a sale of 400,000 ounces of unallocated silver bars for approximately RMB 226 million, marking a strategic decision to liquidate part of its silver investments at a peak market price [1] Group 1 - The sale was initiated on January 7, 2026, and completed on January 9, 2026, with all proceeds settled [1] - The board of directors believes that the current market trend for unallocated silver bars, particularly with recent prices reaching a multi-year high, presents an opportune moment for the company to realize part of its investment [1] - The net proceeds from the sale are intended to be used for general working capital [1] Group 2 - The company has applied to the Stock Exchange for the resumption of trading of its shares starting from 9:00 AM on January 12, 2026 [1]

Group 1 - The core point of the article is that the mobile healthcare service platform, Chunyu Doctor, has been acquired for 269 million yuan [1] - The acquisition involves the purchase of 78.3% of Beijing Chunyu Tianxia Software Co., Ltd. by Guorui Life, a Hong Kong-listed property management service company [1] - The payment for the acquisition will be made through a combination of issuing consideration shares and cash [1] Group 2 - The acquisition is classified as a disclosable transaction, requiring shareholder approval and relevant regulatory permissions [1] - Guorui Life plans to acquire the remaining shares of Chunyu Doctor and is currently in discussions with relevant shareholders [1]

Group 1 - The well-known mobile healthcare service platform, Chunyu Doctor, has been acquired for 269 million yuan [1] - On December 5, the Hong Kong-listed property management company, Guorui Life (00108.HK), announced the acquisition of 78.3% of Beijing Chunyu Tianxia Software Co., Ltd. for 269 million yuan, primarily through the issuance of consideration shares and partial cash payment [1] - The acquisition is classified as a discloseable transaction that requires shareholder approval and relevant regulatory permissions [1] Group 2 - Guorui Life also plans to acquire the remaining shares of Chunyu Doctor and is currently in discussions with relevant shareholders [1]

Core Viewpoint - Kinko Service (09666) announced the resignation of its auditor, PricewaterhouseCoopers, effective November 28, 2025, due to a failure to reach an agreement on the audit fees for the year ending December 31, 2025 [1] Group 1 - The resignation of PricewaterhouseCoopers was initiated at the company's request [1] - The audit committee recommended the appointment of ShineWing (Hong Kong) CPA Limited as the new auditor to fill the vacancy left by PricewaterhouseCoopers [1] - The term for ShineWing will commence after the conclusion of the extraordinary general meeting and will last until the conclusion of the next annual general meeting, pending shareholder approval and completion of client acceptance procedures [1]

Core Viewpoint - CIFI Holdings has been making positive strides recently, including the restructuring of its domestic bond market and the announcement of a stake sale in Yongsheng Services to a London-based fund [1][5]. Group 1: Stake Sale Details - CIFI Holdings announced a commitment letter with LMR to sell 8.24% of Yongsheng Services, equating to approximately 142.39 million shares, with the sale price set at a minimum of HKD 1.936 per share, representing a 10% premium over the closing price on September 25, 2025 [1][2]. - The transaction aims to avoid significant discounts that could arise from a bulk sale, thereby preserving the value of Yongsheng Services and the interests of all stakeholders involved [2]. Group 2: Yongsheng Services Overview - Yongsheng Services, listed on the Hong Kong Stock Exchange, is a comprehensive property management service provider, having rebranded from CIFI Yongsheng Services in late 2023 to focus on independent transformation [3]. - As of June 30, 2025, Yongsheng Services operates in 100 cities across mainland China, managing a total contracted area of approximately 3.549 billion square meters, with around 2.537 billion square meters currently under management, serving over 112,000 households [3]. Group 3: Debt Restructuring Progress - CIFI Holdings' domestic bond restructuring plan has been approved by relevant bondholder meetings, involving seven company bonds with a total principal amount of approximately 10.061 billion yuan [6][7]. - The successful restructuring is expected to alleviate future liquidity pressures, reduce debt burdens, and improve the overall financial condition and balance sheet of the company, creating favorable conditions for a gradual return to healthy development [7].

Core Viewpoint - Aolian Service Group Co., Ltd. has submitted its Hong Kong IPO prospectus, which has now expired after six months, with Agricultural Bank of China International as the sole sponsor [1][2]. Company Overview - Aolian Service is an independent provider of business and urban space services as well as community living services, primarily focused in Guangdong Province, China [2]. - The company is headquartered in Guangzhou and has been providing community living services since 2010, expanding its services to business and urban space sectors in 2014, thereby diversifying its revenue sources [2]. - Aolian Service has extended its footprint to 25 provinces across China [2]. - According to data from the China Index Academy, Aolian Service ranks 16th in total revenue and 11th in net profit among the top 100 independent property management service providers in China for 2024 [2].

Core Insights - Aolian Service Group Co., Ltd. submitted its Hong Kong IPO prospectus on March 21, 2025, which became invalid after six months on September 21, 2025, with Agricultural Bank of China International as the sole sponsor [1] Company Overview - Aolian Service is an independent provider of business and urban space services as well as community living services, primarily focused in Guangdong Province, China [2] - The company is headquartered in Guangzhou and has been providing community living services to residential communities since 2010, expanding its services to business and urban space sectors in 2014, thereby diversifying its revenue sources [2] - Aolian Service has extended its footprint to 25 provinces in China and ranks 16th in total revenue and 11th in net profit among the top 100 independent property management service providers in China for 2024, according to data from the China Index Academy [2]

Core Insights - The overall property registration volume in Hong Kong for August was 6,459 cases, reflecting a month-on-month decrease of approximately 10%, but still showing a 3% increase compared to the average of 6,294 cases in the first seven months of the year, indicating robust property transactions [1][3] - Analysts suggest that the registration cases in August primarily reflect the market conditions of July, and despite rising interest rates, the market is expected to stabilize above 6,000 cases in September due to anticipated interest rate cuts in the U.S. and potential mortgage rate reductions in Hong Kong [3] Property Market Analysis - The secondary property market saw a weekly decline in transactions, with 67 cases recorded from August 25 to August 31, down approximately 18.3% from the previous week’s 82 cases, but still 8% higher than the year-to-date weekly average of about 62 cases [6] - In Kowloon, the transaction volume dropped significantly, with 19 cases recorded, a decrease of over 30% week-on-week, particularly affected by declines in specific estates such as Whampoa Garden and Ocean Park [6] - The Island district also experienced a decline, with 16 transactions, down about 11.1% week-on-week, despite some estates like Taikoo Shing seeing increases [7] - The New Territories recorded 32 transactions, also down approximately 11.1%, with notable decreases in estates like 嘉湖山庄 and 灏景湾, although some estates did see slight increases [7]

Core Viewpoint - The article discusses the ongoing challenges in the IPO market, particularly for venture capital exits, and highlights the unexpected rise of micro-cap stocks in the Nasdaq amidst a generally pessimistic market environment [4][6]. Group 1: IPO Market Challenges - Pitchbook's report indicates that the venture capital exit difficulties will persist until at least the first half of 2026, with a lack of suitable IPO windows [4]. - Companies like Klarna and Stubhub have postponed their IPO plans, reflecting the ongoing exit challenges faced by investors [4]. - Affirm, a competitor to Klarna, has seen its stock price drop over 40%, while Stubhub's competitor Vivid Seat's stock has fallen over 70% since its IPO in 2021 [5]. Group 2: Rise of Micro-Cap Stocks - Despite the overall market downturn, micro-cap stocks have experienced a boom, contributing significantly to Nasdaq's IPO activity [6][9]. - Micro-cap stocks are defined as those raising less than $50 million, with Nasdaq completing 75 IPOs by early May, half of which were micro-cap stocks [9]. - The average fundraising size for these micro-cap stocks was $9 million, with over 50 companies from mainland China and Hong Kong participating [9]. Group 3: Notable Performers - Diginex, a blockchain company from Hong Kong, saw its stock price rise over 1300% since its January listing, while EPWK, a crowdsourcing platform, experienced a peak increase of 470% [10]. - Companies like Diginex and EPWK have attracted significant attention, leading to increased investor interest in micro-cap stocks as a means to achieve high returns [13]. Group 4: Market Dynamics and Regulations - The Nasdaq is tightening regulations for companies with stock prices below $1, which could increase the survival difficulty for many micro-cap stocks [16][17]. - New rules require non-profitable companies to raise at least $15 million for IPOs, while profitable companies have a lower threshold of $5 million [17]. - The tightening of regulations indicates a shift towards favoring more established companies, which may further challenge smaller firms in the market [17]. Group 5: Investor Behavior and Sentiment - The rise of micro-cap stocks is partly driven by a wealth effect, as investors seek opportunities to replicate the success of high-performing stocks like Diginex [13]. - The involvement of notable figures, such as members of the Trump family in micro-cap trading, highlights the growing interest and speculative nature of this market segment [13][14]. - The article suggests that the current micro-cap frenzy may not yield long-term winners, as the underlying motivations are often tied to risk aversion and market uncertainty [18].