Core Viewpoint - Ding Shi Capital (00804.HK) announced the appointment of Li Zhentong as Co-Chairman and Lu Weixing as Co-Chairman, effective from October 23, 2025 [2] Group 1: Leadership Changes - Li Zhentong has been appointed as Co-Chairman of Ding Shi Capital [2] - Lu Weixing has also been appointed as Co-Chairman, effective from the same date [2] Group 2: Background of Lu Weixing - Lu Weixing, aged 46, graduated from Fudan University in 2002 and joined Alibaba Group in 2005 [4] - He previously served as Vice President of Alibaba Group and held managerial positions in Alibaba Auction and Alibaba Asset [4] Group 3: Achievements and Experience - Lu Weixing has over 15 years of experience in asset trading, operations, and services, being a pioneer in online auctions in China and globally [6] - Under his leadership, Alibaba Auction, founded in 2012, has become a leading global online auction platform, while Alibaba Asset, established in 2015, has grown into a leading asset trading network [7] - During his tenure, Lu Weixing's initiatives served over 300 million consumers annually and provided long-term services to 3,500 courts, 3,300 financial institutions, and 1,000 government agencies [7]

Core Viewpoint - The purchase of judicial auction properties is a combination of judicial procedures and market transactions, requiring careful navigation of official channels to mitigate potential risks [1][8]. Group 1: Platforms and Channels - The "People's Court Litigation Asset Network" is the core platform for judicial auction properties, covering over 95% of properties across 31 provinces, providing essential information such as auction announcements and evaluation reports [1]. - Provincial high court websites and government-designated platforms are directly connected to the court system, ensuring transparency in the auction process, with new regulations in 2023 mandating the disclosure of land nature and leasing conditions [3]. Group 2: Bidding Process - Participants must register on the platform, complete real-name verification, and pay a deposit of 5%-20% of the starting price to participate in the auction, which follows an ascending price model [3]. - Successful bidders must pay the remaining balance within a specified timeframe, typically through bank transfer to a court-designated account, and must handle the transfer of ownership at the real estate registration center [5]. Group 3: Due Diligence and Risks - It is crucial to conduct thorough due diligence, including verifying property status and potential liabilities, as judicial auction properties are sold "as-is," meaning buyers must address any existing issues such as unpaid fees or tenant occupancy [5][6]. - Special attention is required for properties with complex ownership, such as those owned by bankrupt companies, which may involve intricate debt disputes [6]. Group 4: Financial Considerations - Buyers should be aware of the tax implications associated with purchasing judicial auction properties, including transaction taxes and potential double transfer fees if the original owner has not completed property registration [5]. - The cost-effectiveness of judicial auction properties is not inherent but achieved through rigorous information screening and risk management [8].

Core Viewpoint - The auction of a low-priced property in Guigang City raises questions about its desirability due to its unique structural issues and shared facilities with a neighboring property [1][7]. Property Details - The property is a six-story private building located at 45, 16 Alley, Sanhe Twelve Community, on the west side of the Meteorological Bureau on Jinguang Avenue, with a starting auction price of 553,400 yuan [2][5]. - The land use area is 56 square meters, and the building area is 354.4 square meters, resulting in a starting price of only 1,561 yuan per square meter [2][5]. - The property is situated in a favorable location, close to major commercial complexes and the high-speed railway station, despite being primarily composed of self-built houses [5]. Auction Context - The auction is set to begin in 26 days, with a required deposit of 100,000 yuan [2]. - The property is classified as allocated land rather than state-owned land, which means no land transfer fees have been paid, contributing to its low starting price [2][5]. Structural Issues - The property is uniquely connected to an adjacent building, sharing a staircase and lacking its own bathroom, which complicates ownership and access for potential buyers [6][7]. - The shared facilities imply that any new owner would need permission from the neighboring property owner for access, which may deter external bidders [7].