股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華興資本控股有限公司 (「本公司」) （於開曼群島註冊成立的有限公司） FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01911 | 說明 | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 573,347,776 | | 0 | | 573,347,776 | | 增加 / 減少 (-) | | | 0 | | | | | | 本月底結存 | | | 573,347,776 | | 0 | | 573,347,776 | 足夠公眾持股量的確認(註4) 呈交日期: 2026 ...

来源: 财融圈 2025年8月8日，据财新消息，近期华兴资本创始人包凡"出来了"。当时，华兴资本官方就包凡回归事宜回应称，包凡不再参与集团日常管理与营运，其个 人生活动态属于私人事务范畴，公司不再予以回应。 此次包凡在年会上的公开亮相，是其回归后的重要公开活动。 近日，华兴资本举行公司年会，创始人包凡出席活动并以"老大讲话"环节登台发言。 公开资料显示，包凡，男，中国香港居民，汉族，1970年10月18日出生，毕业于上海复旦大学，经济学硕士，华兴资本集团创始人。 根据年会流程安排，活动于当晚18:00开始，包凡的讲话被安排在19:18-19:28进行，时长10分钟。董事长许彦清通过远程连线方式在19:08-19:18发表讲 话。现任CEO王力行未安排单独讲话环节，其在年会中主要负责抽奖环节。 | | | | | 2026年华兴资本年会 | | | --- | --- | --- | --- | --- | --- | | | | | | 活动流程 | | | 篇章 | 时间 | 时长 | 环节 | 内容 | 备注 | | | 18:00-19:00 | 60. | 签到入场 | 序厅签到及拍照打卡互动/鸡尾酒 ...

Group 1 - The core theme of the article revolves around the organizational evolution within Huaxing Capital, highlighted during its 2026 annual meeting, indicating a potential shift in leadership dynamics and strategic direction [4][6]. - The event featured key presentations, including a remote speech by Chairman Xu Yanqing and a central address by Bao Fan, marking his return to a prominent role, while CEO Wang Lihang's absence from public speaking suggests a change in his influence [5][6]. - Huaxing Capital's stock has been on a downward trend, with a cumulative decline of 5.70% over the past five days and 11.78% over the past twenty days, closing at 3.97 HKD, down 3.4% on the day of the meeting [6]. Group 2 - The fourth Davos Global FOF Summit was successfully held on January 21, 2026, where the Global FOF Association released the list of the world's best investment institutions for 2025 [8][10]. - The event included an awards ceremony recognizing top investment institutions, emphasizing the importance of global investment strategies and collaborations [12][13].

Core Viewpoint - Huaxing Capital, known for major mergers and acquisitions, is entering the distressed asset disposal market by acquiring a personal consumer loan bad debt package worth 7.429 billion yuan for 308 million yuan, marking a significant shift in its business strategy [1][2][3][5]. Group 1: Acquisition Details - The acquisition involves two bad debt packages from Qifu Technology, with a total principal amount of 7.429 billion yuan, purchased at an average discount rate of approximately 4.15% [5]. - The first package has an outstanding principal of 6.677 billion yuan with an average overdue period of 854 days, while the second package has an outstanding principal of 752 million yuan with an average overdue period of 439 days [7]. - Payment for the acquisition will be made in two installments: 74% within 25 business days after signing the transfer agreement, and the remaining 26% within 15 business days after the first payment [7]. Group 2: Market Context - The personal consumer loan bad debt market has seen a significant decline in prices, with the average discount rate dropping to 3.8% in Q1 2025, indicating a challenging environment for asset recovery [8]. - The market has witnessed extreme cases where consumer finance companies listed bad debt packages at significantly low starting prices, reflecting the tough conditions in the sector [8]. Group 3: Strategic Shift - Huaxing Capital is transitioning from a traditional investment bank to a technology-driven financial services firm, responding to declining revenues and seeking new growth avenues [10][11]. - The company reported a revenue drop from 1.58 billion yuan in 2022 to 780 million yuan in 2024, with a cumulative loss exceeding 1 billion yuan over three years [10]. - The entry into the distressed asset market is seen as a strategic move to establish capabilities in asset management and capitalize on potential returns as the market recovers [11]. Group 4: Industry Dynamics - The distressed asset disposal market is becoming increasingly competitive, with major players, including internet giants, actively participating and employing various operational models [13][14]. - The current market conditions, characterized by a high volume of non-performing loans, provide a substantial opportunity for new entrants like Huaxing Capital [13]. - The collaboration between strong financial backers and specialized asset management companies is enhancing asset recovery efficiency, addressing challenges faced by larger institutions [14].

记者｜郭聪聪 编辑｜周炎炎 2025年12月31日，曾以主导滴滴与快的合并、美团与大众点评合并等重磅交易闻名的"并购之 王"华兴资本，宣布 将通过全资子公司以3.08亿元的代价，收购奇富科技旗下本息总额高达 74.29亿元的个人消费贷不良资产包。 这一举动，标志着这家以撮合交易闻名的投行，正式挺进不良资产处置这一"重资产"战场。 21世纪经济报道记者了解到， 除早年已布局的互联网平台外，近年来包括大型产业资本在内 的诸多巨头也纷纷入场不良资产处置。 其中采用的一种常见的模式是： 由实力雄厚的投资方 作为资金提供方，委托具备专业尽调、竞价和处置能力的地方资产管理公司作为运营方在前端 市场筛选、竞逐资产包，并按约定共享收益。 而此次华兴资本的入局，成为市场变化中的又一个关键注脚。 一笔"划算"的买卖：3亿换7 4亿债权 此次华兴资本收购的 两笔不良资产包均来自奇富科技旗下、本息总额高达74.29亿元，而总对 价仅为3.08亿元，相当于以约4.15%的平均折扣率购入。 这两个资产包均属于典型的个人消费 信贷不良债权，具备此类资产普遍的特征：逾期时间长、无抵押、回收高度依赖催收与司法处 置。 具体来看，第一个资产包未 ...

这一举动，标志着这家以撮合交易闻名的投行，正式挺进不良资产处置这一"重资产"战场。 21世纪经济报道 记者郭聪聪 2025年12月31日，曾以主导滴滴与快的合并、美团与大众点评合并等重磅交易闻名的"并购之王"华兴资本，宣布将通 过全资子公司以3.08亿元的代价，收购奇富科技旗下本息总额高达74.29亿元的个人消费贷不良资产包。 一笔"划算"的买卖：3亿换74亿债权 此次华兴资本收购的两笔不良资产包均来自奇富科技旗下、本息总额高达74.29亿元，而总对价仅为3.08亿元，相当于 以约4.15%的平均折扣率购入。这两个资产包均属于典型的个人消费信贷不良债权，具备此类资产普遍的特征：逾期 时间长、无抵押、回收高度依赖催收与司法处置。 21世纪经济报道记者了解到，除早年已布局的互联网平台外，近年来包括大型产业资本在内的诸多巨头也纷纷入场不 良资产处置。其中采用的一种常见的模式是：由实力雄厚的投资方作为资金提供方，委托具备专业尽调、竞价和处置 能力的地方资产管理公司作为运营方在前端市场筛选、竞逐资产包，并按约定共享收益。 而此次华兴资本的入局，成为市场变化中的又一个关键注脚。 具体来看，第一个资产包未偿本金66.77亿 ...

21世纪经济报道 记者郭聪聪 2025年12月31日，曾以主导滴滴与快的合并、美团与大众点评合并等重磅交易闻名的"并购之王"华兴资 本，宣布将通过全资子公司以3.08亿元的代价，收购奇富科技旗下本息总额高达74.29亿元的个人消费贷 不良资产包。 这一举动，标志着这家以撮合交易闻名的投行，正式挺进不良资产处置这一"重资产"战场。 21世纪经济报道记者了解到，除早年已布局的互联网平台外，近年来包括大型产业资本在内的诸多巨头 也纷纷入场不良资产处置。其中采用的一种常见的模式是：由实力雄厚的投资方作为资金提供方，委托 具备专业尽调、竞价和处置能力的地方资产管理公司作为运营方在前端市场筛选、竞逐资产包，并按约 定共享收益。 而此次华兴资本的入局，成为市场变化中的又一个关键注脚。 成立于2004年的华兴资本，凭借在新经济领域的深耕细作，曾主导了滴滴与快的合并、美团与大众点评 合并、58同城与赶集网合并等多个重塑行业格局的重大并购交易，被业内称为"并购之王"。 然而，近年来随着市场环境变化，这家老牌投行的日子并不好过。其传统业务遭遇严峻挑战。财务数据 清晰地揭示了这一困境：2022年至2024年，公司总收入从15.8亿元 ...

这不仅是一笔简单的"捡漏"交易，更预示着个贷不良行业游戏规则的彻底改变。投行背景的玩家带着资 本运作的思路闯入，正在颠覆传统以催收能力论英雄的行业生态。 编者按：一笔3亿元的交易背后，是投行巨头华兴资本对万亿不良资产市场的重新定义。传统"催收为 王"的个贷不良行业，正在被资产重构的投行思维颠覆。 华兴资本在2025年末以3.08亿元收购奇富科技74.29亿元个人消费不良资产包，相当于0.4折的折扣率， 在不良资产界引发震动。 华兴资本跨界收购的背后，是个贷不良市场供给的爆发式增长。2024年全年个人不良贷款转让规模已达 2861.9亿元，而2025年一季度个人消费贷不良挂牌规模就达到268.2亿元，同比激增761%。 一、行业现象：市场供给爆发，价格持续探底 个贷不良市场正经历"量增价跌"的历史性转折。华兴资本收购的资产包平均逾期时间分别长达854天和 439天，属于典型的"沉睡坏账"。 此类高逾期资产包的大规模出现，反映了当前个贷不良市场的供给特点。银登中心数据显示，2025年一 季度个人消费贷不良转让平均折扣率已跌至3.8%，甚至出现过0.19折的极端案例。 不良资产价格持续探底背后，是银行和助贷机构为了 ...

Core Viewpoint - The transaction between Huaxing Capital and Qifu Technology marks a significant entry of an investment bank into the distressed asset market, acquiring non-performing personal consumer debt assets at a substantial discount, raising questions about the motivations behind this strategic shift [1][4]. Group 1: Transaction Details - Huaxing Capital acquired two non-performing personal consumer debt asset packages for a total consideration of approximately 308 million yuan, against an unpaid principal balance of about 7.429 billion yuan, reflecting a discount of approximately 4.15% [2][3]. - The average overdue periods for the two asset packages are 854 days and 439 days, with a significant portion of the overdue loans falling within the one to two-year range [2][3]. - The average discount rate for personal consumer loans has decreased from 32.9% in 2021 to 7.3% in 2024, indicating a trend of declining prices in the distressed asset market [2][3]. Group 2: Strategic Implications - Huaxing Capital's move into the distressed asset sector is seen as a response to the slowing growth in traditional VC/PE markets, seeking new revenue growth points through low-cost asset acquisitions [4][5]. - The firm aims to leverage its investment capabilities to transition from growth premium investments to distressed asset investments, potentially achieving high internal rates of return (IRR) [5]. - The entry into the distressed asset market allows Huaxing to diversify its income sources and enhance cash flow through the recovery of these assets over time [7]. Group 3: Market Context - The personal loan non-performing asset transfer market is rapidly expanding, with a cumulative transaction volume of approximately 277.214 billion yuan since the pilot program began, indicating a growing supply of distressed assets [7][8]. - Despite Huaxing's entry, the market remains dominated by local Asset Management Companies (AMCs), which account for about 72% of the transfer volume, suggesting that Huaxing's impact on the overall market may be limited in the short term [8]. - The transaction highlights Huaxing's strategic positioning as a potential disruptor in the distressed asset space, utilizing its strengths in pricing, structuring, and capital organization to achieve superior returns [8].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華興資本控股有限公司 (「本公司」) （於開曼群島註冊成立的有限公司） 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01911 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | 0.000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,000,000,000 | USD | 0.000025 | USD | | 50, ...