格隆汇12月19日丨*ST星光(002076.SZ)公布，公司及全资子公司佛山雪莱特光电科技有限公司中标"佛 山市南海区金盾电子工程有限公司设备采购项目"，中标金额合计约2,295.55万元，并分别签订了《合同 书》。 ...

Group 1 - China Jinmao plans to sell 100% equity of its subsidiary holding the Ritz-Carlton Hotel in Sanya for a base price of 2.265 billion RMB as part of asset securitization efforts [1] - Huafa Group's subsidiary acquired 51% equity of Shenzhen Ronghua Land from Sunac Cultural Tourism, with a conditional buyback option for Sunac by November 2025 [1] Group 2 - Tongcheng Travel reported Q3 2025 revenue of 5.509 billion RMB, a year-on-year increase of 10.4%, with transportation revenue growing by 9% and accommodation revenue by 14.7% [2] Group 3 - Joy City Property announced the withdrawal of its listing status on the Hong Kong Stock Exchange effective November 27, 2025, following a buyback of shares from minority shareholders [3] Group 4 - Atour Group achieved Q3 2025 revenue of 2.628 billion RMB, reflecting a 38.4% year-on-year growth, with adjusted net profit increasing by 27% and adjusted EBITDA by 28.7% [4] Group 5 - The Ministry of Culture and Tourism supports seasonal tourism products and services, promoting activities that enhance cultural and tourism consumption, including rural tourism initiatives and night-time consumption events [5]

Core Viewpoint - The privatization plan of Joy City Property is a strategic response to cyclical changes in the industry, aimed at optimizing governance and enhancing decision-making efficiency [2] Company Summary - Joy City Property's privatization transaction is valued at approximately HKD 29.32 billion, effective from November 25, with all conditions met [1] - The company, listed on the Hong Kong Stock Exchange since 2013, focuses on the development and operation of urban complexes under the Joy City brand, including investment properties and hotel management [1] - Following the privatization, Joy City will only have its A-share listed entity remaining, with a market value of approximately CNY 13.42 billion [1] Financial Performance - For the first half of 2025, Joy City Property reported revenue of approximately CNY 8.12 billion, a year-on-year decrease of about 5.78%, primarily due to reduced area for property development [2] - The overall gross profit margin improved by 2.9 percentage points to 34.43% [2] - Specific revenue breakdown includes CNY 5.48 billion from property development (down 8.3% year-on-year) and CNY 2.04 billion from investment properties (down 2.5% year-on-year) [2] Project Performance - New projects have shown strong performance, with Nanchang Joy City achieving 240,000 visitors and sales of CNY 16.3 million on its opening day [3] - The hotel business maintained revenue of CNY 466 million, with an occupancy rate rising to 84% [3] - Management output revenue increased by 47% year-on-year to CNY 107 million, benefiting from new income from COFCO Joy City Commercial REIT [3] Industry Perspective - The privatization is seen as a way for the company to maintain strategic focus during industry adjustments, enhancing its competitive advantage in the mid-to-high-end commercial real estate sector [3] - Since 2022, over 30 A-share and H-share listed real estate companies have delisted, with five opting for voluntary delisting, including Joy City Property [3]

Group 1 - The Hong Kong fire in Tai Po has resulted in 83 fatalities, prompting the government to provide emergency relief funds of 10,000 HKD per household and establish a 300 million HKD aid fund [6][13][14] - Over 40 companies and organizations have pledged donations exceeding 600 million HKD for rescue and recovery efforts following the fire [13][14][15][16][17] Group 2 - The Chinese Ministry of Commerce held a video conference with Germany's Federal Minister of Economics to discuss issues related to semiconductor supply chains, emphasizing the need for constructive solutions to stabilize the global semiconductor market [5][8] - The National Development and Reform Commission announced measures to enhance credit repair, including simplifying application processes and improving efficiency [9] Group 3 - Anta Sports has been rumored to consider bidding for Puma, with potential collaboration with a private equity firm, reflecting ongoing industry merger and acquisition dynamics [21] - The resignation of Zong Fuli as chairman of Wahaha Group may lead to strategic adjustments within the company, impacting the competitive landscape of the industry [22] Group 4 - Joy City Property officially delisted from the Hong Kong Stock Exchange after 12 years, as part of a privatization plan valued at approximately 2.932 billion HKD [24] - Avita Technology has submitted an IPO application to the Hong Kong Stock Exchange, marking a significant move for a state-owned enterprise in the new energy vehicle sector [28] Group 5 - The release of the white paper on China's military control and disarmament reflects the country's commitment to global security governance and multilateral arms control processes [7] - The recent increase in open-source AI model downloads from China surpassing that of the US indicates a significant advancement in China's AI technology capabilities [32]

Core Viewpoint - The privatization of Joy City Property is a strategic response to cyclical changes in the real estate industry, aimed at optimizing governance and enhancing management efficiency [2]. Company Summary - Joy City Property's privatization plan was effective from November 25, with a total transaction value of approximately HKD 29.32 billion, leaving only the A-share listed Joy City [1]. - The company, part of COFCO Group, focuses on the development and operation of urban complexes under the Joy City brand, including investment properties and hotel operations [1]. - Joy City Property's last interim performance report indicated a revenue of approximately CNY 8.12 billion for the first half of 2025, a year-on-year decrease of about 5.78%, primarily due to reduced property development area [2]. Industry Summary - The privatization is seen as a way to maintain strategic focus during industry adjustments, allowing for more flexible asset disposal and broader financial planning [4]. - Since 2022, over 30 listed real estate companies have delisted, with five opting for voluntary delisting, including Joy City Property [4].

上市12年后，11月27日下午4时，大悦城地产（00207.HK，股价0.62港元，市值88.23亿港元）正式挥别港交所。 每经记者｜陈荣浩 每经编辑｜何小桃 陈梦妤 新增项目表现亮眼，其中，南昌大悦城（5月开业，投资超30亿元、体量13万平方米）首日客流24万、销售额1630万元，出租率约94%；厦门、三亚大悦 城出租率维持100%。此外，酒店业务收入4.66亿元，与去年同期持平，入住率升至84%；管理输出收入1.07亿元，同比大增47%，受益于中粮大悦城商业 REIT带来的新增收入。 在产业观察家洪仕斌看来，在地产调整背景下，私有化有助于公司在行业调整期保持战略定力，通过持有优质商业资产强化差异化竞争优势。 "在应对行业周期波动方面，地产企业私有化将获得三方面优势：更灵活的资产处置节奏、更广阔的资金规划视野、更从容的存量改造周期。这些优势将 巩固其在中高端商业地产领域的领先地位，并为行业复苏储备优质资产。"洪仕斌称。 | 今开 | - | 最高 | - | 成交量 | i | | --- | --- | --- | --- | --- | --- | | 昨收 | 0.620 | 最低 | - | 成交额 ...

Core Viewpoint - Dalian Wanda Commercial Properties officially delisted from the Hong Kong Stock Exchange on November 27, 2023, after 12 years of listing, due to its privatization plan which became effective on November 25, 2023 [1][2]. Company Summary - The total consideration for the privatization transaction is approximately HKD 29.32 billion, leaving only the A-share listed Dalian Wanda (000031.SZ) under COFCO Group's real estate platform [2]. - Dalian Wanda Commercial Properties was listed in 2013 and focused on the development and operation of urban complexes under the Dalian Wanda brand, including investment properties, property development, and hotel operations [2][3]. - The company underwent a significant asset restructuring in 2019, acquiring 64.18% of the Hong Kong-listed Dalian Wanda Commercial Properties, forming a dual-platform structure [3]. Industry Perspective - The privatization is viewed as a strategic response to cyclical changes in the industry, with Dalian Wanda stating that market performance has shown periodic fluctuations and liquidity pressures [3]. - The privatization is expected to optimize the company's governance framework, integrate organizational and equity structures, and enhance management decision-making efficiency [3]. - Following the transaction, Dalian Wanda's equity in Dalian Wanda Commercial Properties will be further strengthened, benefiting net profit attributable to the parent company and enhancing asset allocation capabilities [3]. Financial Performance - For the first half of 2025, Dalian Wanda Commercial Properties reported revenue of approximately HKD 8.12 billion, a year-on-year decrease of about 5.78%, primarily due to a reduction in the area of property development recognized [4]. - The overall gross profit margin improved by 2.9 percentage points to 34.43% [3]. - Specific revenue breakdown includes: - Property development revenue of HKD 5.48 billion (down 8.3% year-on-year) with a 32% decrease in settlement area but a 33% increase in average price, leading to a gross margin of 18% [4]. - Investment property rental and related income of HKD 2.04 billion (down 2.5% year-on-year) with a gross margin of 78% [4]. - Hotel business revenue remained stable at HKD 466 million with an occupancy rate of 84% [4]. Market Trends - The privatization trend is noted among real estate companies, with over 30 A-share and H-share listed real estate firms delisting since 2022, including five actively choosing to delist [5].

Core Viewpoint - The company has approved a plan for its subsidiary, Joy City Property Limited, to repurchase shares and apply for the delisting of its shares from the Hong Kong Stock Exchange [1] Group 1 - The board meeting was held on July 31, 2025, where the proposal was reviewed and approved [1] - The repurchase will exclude shares held by the company and De Mao Limited [1] - The plan is set to take effect on November 25, 2025, and all conditions for the proposal have been met [1] Group 2 - The delisting of Joy City Property's shares from the Hong Kong Stock Exchange is expected to occur on November 27, 2025, at 4 PM Bermuda time [1]

Group 1 - The company announced that its subsidiary, Joy City Property Limited, will repurchase shares through an agreement and apply for the withdrawal of its listing status on the Hong Kong Stock Exchange [1] - The proposal's conditions have been met, and the listing status of Joy City Property shares is expected to be withdrawn on November 27, 2025, at 4 PM [1]

Core Viewpoint - The valuation logic of the capital market for real estate is shifting from "cyclical stocks" to "value stocks" [1][14]. Group 1: Company Developments - Joy City (大悦城) has received court approval for its privatization plan, which will take effect on November 27, marking its official delisting after 12 years of being publicly traded [1][2]. - Joy City plans to repurchase shares at a total cost of approximately HKD 29.32 billion, citing market performance fluctuations and liquidity pressures as reasons for its delisting [2][5]. - Minmetals Land (五矿地产) also announced its delisting due to limited capital financing capabilities and loss of advantages from being listed [5][8]. Group 2: Market Trends - Since 2022, over 30 listed real estate companies in A-shares and H-shares have delisted, with most delistings being passive due to market shocks and debt defaults, while some have chosen active privatization [5][7]. - Among the recent delistings, Upkun Real Estate (上坤地产) faced passive delisting after failing to meet listing requirements, including a prolonged suspension of trading [6][7]. - The capital market's role in supporting real estate companies has weakened, as evidenced by the declining market valuations and the loss of financing platform value [11][14]. Group 3: Shifts in Valuation Logic - The previous era of high growth and high profit for real estate companies is over, with new evaluation criteria focusing on financial safety, liquidity, profitability quality, sustainability of business models, and corporate governance [15][16]. - The transition from "cyclical stocks" to "value stocks" indicates that companies must adapt to new market expectations or consider delisting as a fresh start [15][16]. - Several companies have begun to divest traditional real estate operations and shift towards lighter asset models or other asset classes to maintain their presence in the capital market [15][16].