GLONGHUI July 24 | Zhongjun Group Holdings (1966.HK) fell 4.65% intraday to HK$0.41. The stock price hit a new low since November 2022. According to a research report published by J.P. Morgan Chase, the State Council recently reviewed and approved the “Guiding Opinions on Actively and Steadily Promoting Urban Village Renovation in Megacities”. It said that the current stage policy was not specific enough, and did not mention implementation details such as cash compensation, scale, or financial support. Considering that many mainland cities have actively redeveloped urban villages, it believes that this introduction is not a new policy, or that it has failed to ease investors' liquidity concerns about private housing enterprises. The bank stressed that until the authorities announced more support measures, it was expected that the market would continue to have liquidity concerns about private enterprises, so it downgraded the rating of Zhongjun Group to “reduced holdings” and drastically reduced the target price from HK$0.77 to HK$0.35.