Group 1 - The core announcement is regarding the transfer of trust beneficiary rights from Huaxin Trust to Anding Company, which officially commenced on August 14, 2025 [1] - As of September 24, 2025, a total of 3,004 individual investors have signed contracts for the transfer of trust beneficiary rights, resulting in an overall signing rate of 95.5% [2] - The signing window will close on September 25, 2025, at 16:30, after which Anding Company will no longer accept the transfer of trust beneficiary rights from individual investors [2] Group 2 - Anding Company was established on July 31, 2025, and is located in Dalian, Liaoning Province, primarily engaged in the financial industry with a registered capital of 1 million yuan [2] - The sole shareholder of Anding Company is Dalian State-owned Financial Capital Management and Operation Co., Ltd., which is fully owned by the Dalian Municipal Finance Bureau and has a registered capital of 10 billion yuan [2]

Group 1 - NIRAKU announced a trust beneficial interest transfer agreement for a total price of 600 million yen (approximately 31.8 million HKD) with SMFL MIRAI Partners Company, Limited [1] - The expected effective date of the transfer is September 30, 2025, and it involves the operation of a hot spring inn under the brand "Hotel Choeikan" [1] - The trust real estate includes land in Iwate Prefecture, Japan, covering approximately 7,192.21 square meters, and a 10-story hotel building with a total floor area of about 9,514.43 square meters [1] Group 2 - The group aims to enhance shareholder value by exploring strategic investment opportunities within its extensive hotel network [2] - On April 17, 2025, the group acquired land and buildings for 358 million yen to further expand its hotel business [2] - The board believes that the sale provides a good opportunity to realize the value of the trust real estate at a reasonable price, enhancing the group's financial position and increasing general working capital [2]

Core Viewpoint - Huaxin Trust has initiated the transfer of trust beneficiary rights through Anding Company, marking significant progress in risk resolution amid a stabilizing real estate sector [1][2] Group 1: Company Actions - On August 14, Anding Company officially started the trust beneficiary rights transfer process, with the signing work nearing completion [1] - Huaxin Trust has set a deadline for individual investors to sign agreements by September 25, 2025, with no extension available [1] - The company has utilized various communication methods to notify investors about the signing process [1] Group 2: Industry Context - Huaxin Trust has been involved in risk resolution for several years, with a recent announcement indicating a move towards payment and risk resolution [1] - The trust company was listed among six high-risk trust companies by the China Banking and Insurance Regulatory Commission at the end of 2019 [1] - The real estate sector is showing signs of stabilization, leading to more trust companies exploring market-oriented restructuring and introducing strategic investors [2]