云南城投置业股份有限公司
2022年重大资产重组进展公告深度解读

一、公告要点概览

• 重大资产重组无实质性新进展：截至公告披露日，云南城投置业2022年度涉及的重大资产重组尚未出现新的实质进展。
• 已完成主体部分资产转让及资金回收：公司已收回昆明城海等12家标的公司的全部股权款和债权款，合计约52.02亿元，并与受让方完成股权交割。
• 工商变更进度披露：10家公司已完成工商变更登记手续，4家公司暂未完成，其中2家公司尚未完成股权交割。
• 资产出售涉及关联交易：受让方部分为公司控股股东下属公司，构成关联交易。
• 未来进展及风险提示：剩余资产的变更及交割工作仍在推进过程中，相关事项可能影响公司财务状况及股价走势。

二、重大资产重组详细情况

本次重大资产重组，公司（包括全资子公司天津银润投资有限公司）通过公开挂牌方式对外出售旗下多家子公司股权，涉及范围广泛。主要出售资产包括：
昆明城海房地产开发有限公司（100%股权）、西安东智房地产有限公司（100%）、海南天联华投资有限公司（75%）、海南天利投资发展有限公司（75%）、昆明云城尊龙房地产开发有限公司（74%）、台州银泰商业有限公司（70%）、杭州西溪银盛置地有限公司（70%）、杭州萧山银城置业有限公司（67%）、云南东方柏丰投资有限责任公司（51%）、陕西西咸新区秦汉新城秦迎实业有限公司（51%）、西安国际港务区海荣实业有限公司（51%）、西安海荣青东村房地产开发有限公司（51%）、云尚发展（淄博）有限公司（51%）、宁波奉化银泰置业有限公司（70%）等14家企业的部分或全部股权。

受让方方面，云南东方柏丰投资有限责任公司51%股权转让给云南柏丰企业管理（集团）有限公司，其他13家公司股权受让方为公司控股股东云南省康旅控股集团有限公司下属全资子公司云南城投康源投资有限公司。

三、重大资产重组进展回顾

• 2022年4月，公司首次披露重大资产重组意向及相关提示公告。
• 2022年6月，公司董事会及监事会审议通过资产出售相关议案，并披露重组预案。
• 2022年7月，收到上交所关于重组预案的信息披露问询函，随后公司及中介机构逐项落实并回复。
• 2022年9月及10月，公司进一步完善重组草案，并再次收到上交所问询，随后两次发布补充回复公告。
• 2022年12月，公司临时股东大会通过最终资产出售方案并明确受让方。

截至公告日，公司已收回12家标的公司的全部股权、债权款项并完成交割，金额合计约52.02亿元。其中10家公司完成工商变更登记，4家公司（台州商业、海南天利发展、杭州西溪、宁波奉化）尚未完成工商变更，海南天利发展与宁波奉化尚未完成股权交割。

四、潜在影响及需关注的重要事项

• 资产转让进度与管理权变化：公司已将台州商业、杭州西溪的股权管理权转移给资产受让方，运营管理权已完全转移，公司不再是上述两家公司的控股股东，尽管工商变更手续尚未完成。
• 资产出售对公司财务的影响：大规模资产出售回笼资金52.02亿元，可能对公司资产结构、财务健康状况、未来盈利能力产生重要影响。
• 剩余资产交割及工商变更不确定性：部分资产尚未完成全部法律手续，相关进展及潜在风险需持续关注，可能对公司业绩及估值带来波动。
• 信息披露合规风险：公司重申所有公告以指定信息披露媒体为准，投资者需警惕信息来源的权威性与时效性。

五、结论与投资建议

本次重大资产重组标志着云南城投加速资产处置、优化资产结构的重要进程，短期内极大改善了公司现金流与偿债能力。但部分资产交割及工商变更尚未完成，存在一定后续不确定性。投资者应持续关注公司后续公告，密切留意相关进展可能对公司估值和股价带来的影响。

本次公告内容对公司未来业绩、资产结构等具有较大影响，属于可能影响股价的重要信息，建议投资者高度关注。

六、免责声明

以上内容仅为根据公司公告整理的新闻解读，不构成任何投资建议。投资者据此操作，风险自负。请以公司指定信息披露媒体发布的公告为准。

English Version

Yunnan Cheng Tou Real Estate Co., Ltd.
2022 Major Asset Restructuring Progress Report—In-Depth Analysis

1. Key Takeaways

• No substantial new progress in restructuring: As of the disclosure date, there have been no substantial new developments in the 2022 major asset restructuring of Yunnan Cheng Tou Real Estate.
• Main asset transfers and fund recovery completed: The company has recovered a total of approximately RMB 5.202 billion from 12 target companies, and completed the equity transfer with the buyers.
• Registration status update: 10 companies have completed their business registration changes; 4 companies have not yet completed registration, with 2 companies still pending equity delivery.
• Related party transaction: Some asset buyers are subsidiaries of the company’s controlling shareholder, constituting a related party transaction.
• Ongoing developments and risk warning: The remaining asset transfers and registration are still being processed, which may impact the company’s finances and share price.

2. Major Asset Restructuring Details

The company (including wholly-owned subsidiary Tianjin Yinrun Investment Co., Ltd.) has publicly listed equity of several subsidiaries for sale. Key assets involved include:
Kunming Chenghai Real Estate (100% equity), Xi’an Dongzhi Real Estate (100%), Hainan Tianlianhua Investment (75%), Hainan Tianli Development (75%), Kunming Yuncheng Zunlong Real Estate (74%), Taizhou Yintai Commercial (70%), Hangzhou Xixi Yinsheng Land (70%), Hangzhou Xiaoshan Yincheng Real Estate (67%), Yunnan Dongfang Baifeng Investment (51%), Shaanxi Xixian New District Qinhan New City Qinying Industrial (51%), Xi’an International Port Area Hairong Industrial (51%), Xi’an Hairong Qingdongcun Real Estate (51%), Yunshang Development (Zibo) (51%), Ningbo Fenghua Yintai Real Estate (70%), totaling 14 companies.

Among the buyers, Yunnan Baifeng Enterprise Management (Group) acquired 51% of Dongfang Baifeng, while the remaining 13 companies’ equities were acquired by Yunnan Cheng Tou Kangyuan Investment, a wholly-owned subsidiary of the controlling shareholder, Yunnan Province Kanglv Holdings.

3. Restructuring Timeline

• April 2022: First disclosure of restructuring intentions.
• June 2022: Board and supervisory meetings approved asset sale plan and announced the preliminary plan.
• July 2022: Received and responded to Shanghai Stock Exchange’s information disclosure inquiry letter on the restructuring plan.
• September–October 2022: Further refined the plan and responded to additional inquiries from the exchange.
• December 2022: Extraordinary shareholders’ meeting approved the final plan and confirmed the buyers.

To date, 12 companies have completed equity and debt payment recovery and transfers (RMB 5.202 billion), with 10 companies completing business registration changes. Four companies (Taizhou Commercial, Hainan Tianli Development, Hangzhou Xixi, Ningbo Fenghua) have not finished all legal procedures; Hainan Tianli Development and Ningbo Fenghua have not yet completed equity delivery.

4. Potential Impacts and Key Issues for Shareholders

• Transfer of management rights: The company has already transferred management rights for Taizhou Commercial and Hangzhou Xixi to the buyers and is no longer their controlling shareholder, even though registration is pending.
• Impact on company finances: The large-scale asset sale and recovery of RMB 5.202 billion will significantly affect the company’s asset structure, financial health, and future profitability.
• Uncertainty in remaining asset changes: Some assets are still pending legal completion, which may introduce volatility in performance and valuation.
• Disclosure compliance risks: Investors are reminded to rely only on designated disclosure media for official information.

5. Conclusion and Investor Guidance

This restructuring marks a significant step in Yunnan Cheng Tou’s asset optimization and cash flow improvement. However, with some transactions not yet fully closed, uncertainties remain. Investors should closely monitor further announcements and be aware of potential impacts on the company’s valuation and share price.

This disclosure may have a meaningful impact on future earnings, asset structure, and stock price. Investors should pay close attention.

6. Disclaimer

The above content is a journalistic interpretation based on the company’s official announcement and does not constitute investment advice. Investors act at their own risk. Please rely on official disclosures for definitive information.

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