Group 1 - China Overseas Development has submitted application materials for public fund registration and listing to the China Securities Regulatory Commission and Shenzhen Stock Exchange on June 25, 2025 [1] - The related asset for the infrastructure REIT is a shopping center located in Nanhai District, Foshan, China, owned by a wholly-owned subsidiary of the company [1] - The company has applied for a waiver from strict compliance with the application guidance regarding guarantee quota requirements, which has been granted by the Stock Exchange [1] Group 2 - Huaxia Fund will establish a closed-end publicly listed infrastructure securities investment fund and will be responsible for its daily operations, with an expected fundraising of RMB 1.355 billion [2] - Upon completion of the proposed listing, the public fund will use the proceeds to subscribe to all equity of the asset-backed special plan, which will then acquire all equity of the project company and repay its debts [2] - After the acquisition is completed, the project company will be 100% owned by the infrastructure REIT and will no longer be a subsidiary of the company [2]

Group 1: Regulatory and Industry News - The Financial Regulatory Bureau has issued a notice to the industry stating that the dividend levels of participating insurance must not engage in "involutionary" competition [3] - In the photovoltaic sector, a "production reduction order" is expected to be upgraded in the third quarter, with a 10% decrease in operating rates and low-price sales subject to audit [3] - A video conference was held by three departments to strengthen the safety management of new energy vehicles, emphasizing not to engage in "involutionary" competition and not to sacrifice product performance or quality for short-term cost reduction [3] Group 2: Company-Specific News - The Shenzhen Stock Exchange has included Heng Rui Pharmaceutical in the list of eligible securities for Hong Kong Stock Connect [3] - Sanhua Intelligent Control has set the offering price for its H-shares at HKD 22.53 per share [3] - Feifan Lingyue has acquired a total of 18.09 million shares of Li Ning [3] - Jin Jing New Energy has officially launched a global lithium battery recycling network platform in collaboration with Yiwei Lithium Energy [3] - Nanjing Panda Electronics is selling its ENC equity to optimize its asset structure [3] - HYPEBEAST reported an annual loss of HKD 21.031 million, transitioning from profit to loss year-on-year [3] - NIO is speculated to be seeking strategic investors for its chip business, although this remains unconfirmed [3] - OK Blockchain Chain expects its annual loss attributable to shareholders to be no more than HKD 20 million, narrowing year-on-year [3] - Huadian International Power has received approval from the China Securities Regulatory Commission for the registration of its infrastructure REIT [3] - Xunhe Group anticipates an annual net loss of approximately HKD 4 million to HKD 7 million, transitioning from profit to loss year-on-year [3] - Shandong Xinhua Pharmaceutical has completed the Phase II clinical trial for OAB-14, a treatment for mild to moderate Alzheimer's disease, with the first patient enrolled in China [3]