Core Viewpoint - Maoye Commercial Co., Ltd. has announced the initiation of a public offering for real estate investment trusts (REITs) focused on commercial properties [1] Group 1: REITs Announcement - The public REITs will utilize part of the buildings at Chengdu Maoye Center, located at No. 28 Tianfu Avenue North, Chengdu, as the underlying assets, subject to regulatory approval [1] - The product is tentatively named Huaxia Maoye Closed-end Commercial Real Estate Securities Investment Fund and will be issued on the Shanghai Stock Exchange [1] - Huaxia Fund will serve as the fund manager, while CITIC Securities will act as the special plan manager and financial advisor [1] Group 2: Expected Benefits - The issuance of the public REITs is expected to increase the company's net profit upon completion [1] - As an equity financing tool, the REITs will effectively activate existing assets, uncover the intrinsic value of mature commercial properties, optimize the capital structure, improve financial conditions, and reduce financial leverage [1]

Core Viewpoint - The company announced plans to initiate the public offering of commercial real estate REITs, aiming to enhance net profit and optimize capital structure through asset revitalization [1] Group 1: Announcement Details - The board meeting is scheduled for January 22, 2026, to review the proposal for the public offering of commercial real estate REITs [1] - The underlying assets will include certain buildings from Chengdu Maoye Center, held by the wholly-owned subsidiary Chengshang Holdings and related party Chongde Investment [1] - The product is named Huaxia Maoye Closed-end Commercial Real Estate Investment Fund, with the issuance venue at the Shanghai Stock Exchange and a term of approximately 20 years [1] Group 2: Strategic Allocation and Transactions - The company and related parties plan to strategically allocate 34% of the shares, which constitutes a related party transaction but does not qualify as a major asset restructuring [1] - The proposal will require approval from the shareholders' meeting [1] Group 3: Financial Implications - If the issuance is successful, it is expected to increase net profit and revitalize existing assets while optimizing the capital structure [1] - However, the project faces potential tax burdens and issuance risks [1]