此次举措是旭辉化解境内债务风险的关键一步，其通过多元选项兼顾不同债权人诉求，为自身"二次创 业"、转型轻资产模式创造了债务层面的稳定条件。而资金派付的顺利落地，以及后续各重组选项的推 进，将直接影响其资产负债表修复进度和市场信心重建。 12月2日，旭辉集团发布公告，宣布7只公司债券自12月3日开市起停牌，涉及HPR旭辉1、H20旭辉2、 H20旭辉3、H21旭辉1、H21旭辉2、H21旭辉3以及H22旭辉1。根据公告，此次停牌原因为公司全部公 司债券均已经持有人会议表决通过了债券重组方案的相关议案。公司计划在会议表决通过后3个月内启 动债券要约购回，并承诺在债券购回申报结果公告日后1个自然月内完成购回资金派付。 ...

Core Points - CIFI Group's bond restructuring plan has been approved by all bondholders as of September 12 [1] - The company will redeem and cancel 0.2% of all outstanding bonds within 30 trading days starting from September 12, 2025 [1] - A suspension of trading for specific bonds will commence on September 16, 2025, to ensure fair information disclosure and protect bond investors [1] Summary by Category Bond Restructuring - CIFI Group's bond restructuring proposal has received unanimous approval from bondholders [1] - The redemption of 0.2% of outstanding bonds will occur within 30 trading days after the approval date [1] Trading Suspension - Trading for the following bonds will be suspended starting September 16, 2025: "HPR CIFI 1", "H20 CIFI 2", "H20 CIFI 3", "H21 CIFI 1", "H21 CIFI 2", and "H21 CIFI 3" [1] - The bond codes for the suspended bonds are 163539.SH, 163540.SH, 175259.SH, 175762.SH, 188454.SH, and 188745.SH [1]

Core Viewpoint - CIFI Group is facing challenges in restructuring its domestic bonds, particularly the "20 CIFI 01" bond, as it has not reached a new repayment arrangement with bondholders and has failed to secure sufficient funds for repayment by the original due date [1][8] Group 1: Restructuring Progress - As of July 22, 2025, CIFI has not reached a new repayment arrangement with bondholders for the "20 CIFI 01" bond, necessitating continued negotiations [1] - The initial restructuring proposal was announced on May 23, 2025, and was subsequently optimized on July 8, 2025, but bondholders have not approved the proposal [1][5] - Out of seven bonds involved in the restructuring, four have had their proposals approved by investors, while the "20 CIFI 01" bond proposal was rejected [1][5] Group 2: Investor Meetings - The first investor meeting for "20 CIFI 01" held on June 3, 2025, was declared invalid, leading to the organization of a second meeting by Zhejiang Rongpeng Investment Co., Ltd. [2] - The second investor meeting took place from July 11 to July 15, 2025, where six proposals were put to vote, including adjustments to repayment arrangements [3][5] - Legal opinions were provided for the second investor meeting, confirming that 70 investors participated, representing 50.46% of the bond's outstanding balance [5][6] Group 3: Voting Dynamics - The restructuring proposal for "20 CIFI 01" has faced strong opposition from bondholders, with multiple voting sessions failing to reach consensus [1][6] - The voting rules for "20 CIFI 01" require a "double 50%" approval, meaning both 50% attendance and 50% agreement from attendees are necessary for passage [6] - The restructuring proposals have led to a division among investors, with some accepting the revised terms while others remain opposed [7][10] Group 4: Default Concerns - The maturity date for "20 CIFI 01" was July 22, 2025, and there is a disagreement on whether this constitutes a substantive default, as CIFI believes there is a five-day buffer period for voting on the restructuring proposal [8] - CIFI has not announced a default for "20 CIFI 01," arguing that if the proposal is approved during the buffer period, it should not be considered a default [8] - Investors have expressed concerns that the failure to approve the restructuring could impact the overall restructuring process for other bonds [10]

Group 1 - CIFI Group has successfully passed the restructuring of four bonds totaling 6.07 billion yuan, which accounts for over 60% of the overall restructuring scale [1] - The restructuring plan was optimized after the initial proposal for the seven company bonds exceeding 10 billion yuan [1] - The consent fee of 8.3 million yuan for the aforementioned bonds has been fully transferred to the designated account of China Securities Depository and Clearing Corporation [1]