格隆汇11月25日丨永义国际(01218.HK)公布，于2025年11月25日，卖方(公司间接全资附属公司)与买方 订立有关出售事项之协议。根据协议，卖方同意向买方出售由卖方持有之2023年可换股票据未偿还本金 金额约47.17%，而买方同意以总代价2500万港元购买前述2023年可换股票据未偿还本金金额约 47.17%，溢价为312.5万港元。 ...

下一步，江西股交中心将紧密围绕区域经济发展需求，深耕不良资产交易、认股权等创新业务领域，持续丰富"金融工具 箱"，完善"科技—产业—金融"服务体系，通过整合银行、资产管理公司、产业资本等多方资源，为更多企业提供全周期、定 制化的金融服务，助力区域实体经济高质量发展，为江西金融生态优化和经济结构转型贡献更大力量。 （编辑 郭之宸） 依托区域性股权市场的专业服务能力，江西股交中心搭建起透明、规范的交易流程，为不良资产打造高效流转平台，助力 资金向优质资产聚集，推动"问题资产"转化为"价值资产"，为区域经济结构调整和产业升级注入金融活水，更以最优处置周 期、最高处置效率及较低手续费用，树立了区域性股权市场服务不良资产处置的标杆，进一步凸显了自身在提升资产处置效 率、降低交易成本方面的核心优势。 近年来，江西股交中心持续创新服务模式，从传统的股权登记托管向多元化金融服务拓展。继此前落地首单"担保+认股 权"业务后，此次金融不良资产交易业务的落地，再次彰显了服务实体经济的深度与广度。江西股交中心将以此为契机，进一 步探索"债权转让+资产重整""不良资产+产业导入""银行+AMC+股交中心"等创新模式，打通不良资产处置与 ...

来源：南光（集团）有限公司[中国南光集团有限公司] 11月7日，沛县城市建设投资发展集团有限公司（以下简称沛县城投）20亿元人民币境外债券在中华（澳门）金融 资产交易股份有限公司（以下简称MOX）上市仪式成功举行，本次上市的债券为3年期固定利率人民币债券，息 票率3.70%，是沛县城投首次亮相国际债券市场，也是江苏省、澳门两地金融市场深度联动的又一新成果。 沛县城投董事长杜长春表示，本次债券在MOX上市，不仅彰显了沛县城投在市场中的实力和影响力，更吸引了全 球发行人和投资者的关注，为公司、徐州市及沛县的高质量发展提供了更多的资金支持。希望以本次债券在MOX 上市为契机，与工商金融界建立起长期、稳定、良好的合作关系，为澳门债券市场和澳门"中葡金融服务平台"建 设添砖加瓦。 MOX执行总裁杨广辉表示，本次沛县城投20亿元人民币境外债券选择在MOX上市，彰显了沛县城投对澳门金融 市场发展潜力的认可，体现了其积极参与区域金融合作、助力澳门经济适度多元化的战略眼光。MOX将积极统筹 境内外资源、创新金融服务，持续深化内地与澳门在国际资本市场的金融合作，助力澳门加快融入国家发展大 局。 展望未来，双方将持续深化合作，共同 ...

Core Viewpoint - Shanghai United Assets and Equity Exchange (Shanghai United Exchange) and China (Macau) Financial Assets Exchange Co., Ltd. (Macau Exchange) signed a strategic cooperation framework agreement to enhance collaboration in cross-border transaction resource integration, technology innovation achievement transformation, and international cooperation mechanism construction [1] Group 1 - The agreement aims to leverage Shanghai United Exchange's expertise in asset trading and Macau Exchange's international platform advantages [1] - The collaboration will promote full lifecycle services for cross-border asset transactions and information sharing on technology projects [1]

Core Insights - As of October 2025, the total scale of bond issuance and listing by China (Macau) Financial Assets Exchange Co., Ltd. (MOX) has reached approximately 10,361.91 billion MOP [1] - The issuance of RMB-denominated bonds has been particularly notable, with a cumulative scale of about 4,531.08 billion MOP, indicating steady progress in the internationalization of the RMB in the Macau market [1] - The issuance of green bonds has reached approximately 1,740.32 billion MOP, highlighting the growing importance of green finance in the local capital market [1] Bond Market Developments - The scale of free trade zone bonds listed is approximately 1,143.45 billion MOP, while the issuance of land bonds is about 315.28 billion MOP, further enriching the product structure of the MOX bond market and enhancing market vitality [1] - In October 2025, MOX welcomed 10 new bonds with a total scale of approximately 141.22 billion MOP [1] - From January to October 2025, MOX has undertaken a total of 287 bond listing transactions, with a cumulative scale of about 2,362.14 billion MOP [1] Market Positioning - Industry insiders indicate that with the successful listing and continuous expansion of various bond products, MOX is gradually becoming an important bond financing platform in the Guangdong-Hong Kong-Macau Greater Bay Area and even in the international capital market, injecting new momentum into the development of Macau's modern financial industry [1]

Core Insights - The Beijing Financial Assets Exchange (北金所) launched an upgraded digital financing platform called "FinLink" during the "2025 Financial Street Forum Annual Meeting" [1][2] - The platform aims to enhance direct financing services, improve information matching between investors and enterprises, and reduce financing costs [1][2] Group 1: Platform Features - FinLink has three core capabilities: precise matching ability, professional empowerment, and efficient collaboration [2] - The precise matching ability includes early insight into issuance intentions and smart roadshow centers to break communication barriers [2] - Professional empowerment provides digital assistants for financing, investment banking, and investment roles, transitioning from experience-driven to data-driven approaches [2] - Efficient collaboration leverages advanced data analysis and smart matching technology for quick identification of key individuals and secure multi-party collaboration [2] Group 2: Future Directions - The Beijing Financial Assets Exchange plans to increase financial support for the real economy and enhance its financing service levels [2] - The goal is to guide financial resources to flow accurately towards real enterprises, contributing to high-quality development of the real economy [2]

Core Insights - The financial asset trading venues, known as "金交所," are being phased out due to regulatory policies that have led to the cancellation of their business qualifications [2][14][15] - Many of these venues are seeking to transform their business models, exploring new areas such as waste steel recycling, traditional Chinese medicine trading, supply chain management, and auction services [2][5][14] Transformation Progress - Some venues have successfully transitioned and rebranded, such as the Nanning Financial Asset Trading Center, which has become a recycling center focused on waste steel trading [5][6] - The Qingdao Guofeng Financial Asset Trading Center has shifted to providing solutions for supply chain and trade enterprises, establishing client relationships in Shandong Province [5][7] - The Shenzhen Yintong Qianhai Financial Asset Trading Center has transformed into a platform for auctioning non-performing assets and equity assets [9][10] Ongoing Exploration - Certain venues are still in the exploratory phase of their transformation, having identified potential models but lacking specific business details and timelines [3][8] - The Zhongyuan Financial Asset Trading Center has announced its intention to become an auction platform but has not yet provided further details [11] - The Jilin Northeast Asia Innovation Financial Asset Trading Center is considering an online platform for traditional Chinese medicine trading, but implementation is pending [12] Regulatory Context - The transformation of these venues is largely driven by regulatory clean-up efforts, which have intensified since March 2024, leading to the cancellation of many financial asset trading qualifications [14][15] - Regulatory bodies have emphasized that trading venues must not engage in unauthorized financial activities and have warned against entities that misrepresent themselves as legitimate trading platforms [15]

Core Insights - Yuhong Group's subsidiary, CMTAF, has successfully obtained dual licenses for gold and precious metals trading and international currency exchange in Burkina Faso, marking a significant step in the company's global expansion strategy [1][3]. Group 1: Licensing Achievements - The approval process for the licenses involved a rigorous multi-department review, assessing the company's financial compliance, operational capacity, safety measures, and the sources of metals [3]. - The gold and precious metals trading license allows Yuhong Group to operate legally in Burkina Faso and globally, enhancing its strategic positioning [1][3]. - In March, CMTAF also received an international currency exchange license from the Central Bank of West African States (BCEAO), enabling it to operate within the West African Economic and Monetary Union (UEMOA) [3]. Group 2: Strategic Implications - The acquisition of these high-value licenses reflects Yuhong Group's long-term commitment to the African market and signifies a new phase in its global supply chain integration capabilities [5]. - This development indicates the formal establishment of the company's strategy that combines resource development, financial support, and global sales, creating a complete operational loop [5].

Core Insights - Yuhong Group's subsidiary, the World Financial Asset Trading Center (CMTAF), has successfully obtained dual licenses for gold and other precious metals trading, as well as international currency exchange in Burkina Faso, marking a significant step in the company's global expansion strategy [1][8]. Group 1: Licensing Achievements - The licenses were granted by multiple departments of the Burkina Faso government, including the Ministry of Economy and Finance, the Ministry of Energy, Mines and Quarries, and the Ministry of Industry, Commerce, and Handicrafts, indicating a high level of recognition for the company's compliance and operational capabilities [8]. - The approval process involved rigorous assessments of the company's financial compliance, operational capacity, security measures, and the sources of mining and metals [8]. Group 2: Strategic Implications - The acquisition of these high-value licenses reflects Yuhong Group's long-term commitment to the African market and signifies a new phase in its global supply chain integration capabilities [8][14]. - The licenses enable the company to establish a complete strategic loop of "resource development + financial support + global sales," enhancing its operational framework [14]. Group 3: Regional Impact - Earlier in March, CMTAF also received an international currency exchange license from the Central Bank of West African States (BCEAO), allowing it to operate as a compliant international entity within the West African Economic and Monetary Union (UEMOA) [8]. - This currency exchange license will support the company's cross-border payment, international settlement, and currency conversion operations in West Africa, significantly improving its capital flow efficiency and international settlement capabilities [8].

Group 1 - The core viewpoint emphasizes the steady reduction of risks in key areas of the financial industry during the "14th Five-Year Plan" period, with a focus on controlling new risks and stabilizing existing ones [1] - The bond default rate in the exchange market remains low at around 1%, indicating effective risk management [1] - Approximately 7,000 zombie institutions have been cleared out as part of the private equity fund risk rectification efforts, and the growth of "pseudo-private equity" risks has been effectively curbed [1] Group 2 - The closure of gold exchanges and "pseudo-gold exchanges" has shown significant results, with all 27 identified exchanges having their qualifications revoked [1] - Over a hundred identified "pseudo-gold exchanges" have been completely cleaned up, further enhancing the integrity of the financial market [1]