◎记者 胡嘉树 每逢四季度，A股市场便会掀起一波出售资产小高潮。相比往年，今年上市公司出售资产的主动性、积 极性、紧迫性更强。据记者初步统计，10月以来，已有近250家公司发布出售资产相关公告，同比倍 增。从出售目的看，有的公司剥离非核心资产，加快践行主业聚焦战略；有的公司希望通过出售资产， 加速年底资金回笼；有的公司前三季度业绩不尽如人意，迫切希望年底创收冲刺全年业绩。 上海证券报记者采访了解到，"出售资产潮"的背后，一方面凸显上市公司加快业务转型升级的现实需 求，另一方面反映出退市新规对公司财务数据达标的压力。不过，交易急、时间紧、任务重，上市公司 年底前完成出售资产也存在较大不确定性。近期，不少公司就出现挂牌资产长期无人问津，最终导致多 次流标；另有公司出售资产相关事项，因关联交易、估值定价合理性等问题，而受到监管关注。 战略聚焦：精耕核心主业 在产业升级与市场竞争的双重驱动下，多家公司通过出售非核心资产，主动优化业务布局，强化主业竞 争力。 陕西黑猫近日公告称，拟将持有的宏能煤业100%股权、宏能昌盛100%股权及对宏能煤业的债权转让给 恒源煤电。其中，股权转让价格暂定为4.40亿元，债权转让价格为1 ...

Core Viewpoint - The company is undergoing a significant asset sale and related party transaction, transferring real estate development assets and liabilities to its controlling shareholder, the Real Estate Group, for a cash payment [5][6][7]. Group 1: Transaction Overview - The transaction involves the transfer of real estate development-related assets and liabilities from the company to its controlling shareholder, the Real Estate Group, with the payment made in cash [5]. - The net asset book value of the transferred assets as of December 31, 2024, is -391,881.75 million RMB, with an assessed value of -297,604.13 million RMB, resulting in an appraisal increment of 94,277.62 million RMB, or an increase rate of 24.06% [5]. - The transaction is classified as a major asset restructuring and constitutes a related party transaction, as the Real Estate Group is the company's controlling shareholder [6][7]. Group 2: Implementation Status - The asset transfer has been confirmed, and all rights and risks associated with the transferred assets have been assumed by the Real Estate Group as of August 31, 2025 [8][9]. - The company has completed the necessary decision-making processes and approvals for the transaction, including independent director reviews and board resolutions [8][9]. - The payment for the transaction has been made, with the Real Estate Group completing the payment of 1 RMB as of the report's signing date [12]. Group 3: Compliance and Legal Opinions - The independent financial advisor and legal counsel have confirmed that the transaction complies with relevant laws and regulations, and all necessary approvals have been obtained [16][17]. - There have been no significant discrepancies between the actual situation during the transaction and previously disclosed information [16]. - The company has not engaged in any non-operational occupation of funds or assets by its controlling shareholder or related parties during the transaction [12][14].

Group 1 - The core point of the article is that China Communications Real Estate Company is undergoing a significant asset restructuring by transferring its real estate development assets and liabilities to its controlling shareholder, China Communications Real Estate Group, through a cash transaction, which does not involve issuing shares or changing the control of the company [2][4][6] - The transaction is classified as a major asset restructuring according to the regulations and involves related party transactions due to the counterparty being the controlling shareholder [2][3] - The issuer has disclosed multiple announcements regarding the progress of the transaction, including a major asset sale and related party transaction report draft, indicating ongoing communication with stakeholders [3][5] Group 2 - The restructuring aims to improve the company's asset quality and enhance its sustainable operating capability and profitability by shifting focus to property service asset management and operations [4][6] - The transaction is expected to transfer the debt repayment obligations of the financing instruments, and the controlling shareholder will continue to fulfill the debt repayment and information disclosure obligations to protect investors' rights [6] - The company will continue to monitor the situation closely and provide timely updates on the progress of the transaction and its impact on bondholders [2][6]

Core Viewpoint - The report discusses the significant asset restructuring progress of China Communications Real Estate Group Co., Ltd. (中交地产), involving the transfer of real estate development assets and liabilities to its controlling shareholder, China Communications Real Estate Group Limited (中交房地产集团) [2][5]. Group 1: Transaction Overview - The transaction will be conducted in cash and will not involve the issuance of shares, nor will it change the controlling shareholder or actual controller of the company [2]. - This transaction is classified as a major asset restructuring under the regulations of the Shenzhen Stock Exchange and constitutes a related party transaction [2][5]. Group 2: Progress of the Transaction - The issuer has disclosed several announcements regarding the transaction, including a notice on major asset sales and related party transactions, and progress updates on the restructuring [3][4]. - The issuer plans to submit relevant proposals to the shareholders' meeting for approval after completing the necessary preparations [5]. Group 3: Impact Analysis and Response Measures - The restructuring is expected to improve the asset quality of 中交地产 and enhance its sustainable operating and profitability capabilities by shifting focus to property services and asset management [6]. - The transaction will lead to the transfer of debt repayment obligations, with 中交房地产集团 continuing to fulfill its bond repayment and disclosure obligations post-restructuring [6].

Group 1 - The company plans to transfer its real estate development-related assets and liabilities to its controlling shareholder, China Communications Real Estate Group Co., Ltd. [1] - The company has passed relevant proposals regarding the major asset sale and related party transactions and has fulfilled its information disclosure obligations [1] - The company will not hold a shareholders' meeting to review the relevant matters in the board meeting for the time being, and will notify shareholders once the related work is completed [2]