Core Viewpoint - Dalian Wanda Group announced a share buyback plan for its subsidiary Dalian Wanda Commercial Properties, intending to delist from the Hong Kong Stock Exchange, which aims to optimize corporate governance and enhance operational efficiency [2][3]. Group 1: Share Buyback and Delisting - Dalian Wanda Commercial Properties will repurchase shares from all shareholders except for Dalian Wanda Group and its subsidiary, with a total cash payout of approximately HKD 29.32 billion at a price of HKD 0.62 per share [2]. - Following the buyback, Dalian Wanda Group's ownership will increase from 64.18% to 96.13%, while the stake of its subsidiary will rise to 3.87% [2]. Group 2: Strategic Purpose and Impact - The buyback is a strategic response to market fluctuations and aims to improve the company's governance framework and organizational structure [3]. - The transaction is expected to enhance Dalian Wanda Group's equity in Dalian Wanda Commercial Properties, leading to an increase in net profit attributable to the parent company [3]. - The move will also improve the company's ability to allocate resources across different business segments, thereby enhancing overall operational efficiency and market competitiveness [3]. Group 3: Company Financials - As of the end of 2024, Dalian Wanda Commercial Properties reported revenues of CNY 19.831 billion, a net profit of CNY 779 million, total assets of CNY 106.771 billion, total liabilities of CNY 73.578 billion, and net assets attributable to the parent company of CNY 16.242 billion [5]. - The stock price reacted positively to the announcement, with a rise of over 40% following the news, reflecting a premium of approximately 67.57% compared to the closing price of HKD 0.37 on July 17 [5].

Core Viewpoint - The privatization of Joy City Property Limited is seen as a strategic move by Joy City Holdings to optimize its long-term value during a period of deep adjustment in the real estate industry [1][3]. Group 1: Privatization Details - Joy City Holdings announced that its subsidiary, Joy City Property, will repurchase shares for approximately HKD 29.32 billion and plans to delist from the Hong Kong Stock Exchange, ending its 12-year listing history [1][2]. - The share repurchase will allow Joy City Holdings to increase its ownership from 64.18% to 96.13%, effectively gaining almost complete control over Joy City Property [2][3]. - Joy City Property has faced liquidity issues and limited financing capabilities, with its stock price remaining below HKD 1 since May 2018, and an average daily trading volume of less than HKD 3 million prior to suspension [2][3]. Group 2: Financial Performance - Joy City Holdings has reported consecutive losses over the past three years, with total losses amounting to CNY 73.25 billion from 2022 to 2024 [3]. - The company anticipates a turnaround in its financial performance, projecting a net profit of CNY 80 million to CNY 120 million for the first half of 2025, compared to a loss of CNY 364 million in the same period last year [3]. Group 3: Strategic Implications - The privatization is expected to enhance resource allocation and operational efficiency, allowing for better integration of business segments and projects [4][5]. - Joy City Property's delisting will eliminate restrictions imposed by the board or shareholders, thereby shortening decision-making cycles and reducing operational costs [5]. - The move is also anticipated to resolve existing competition issues between Joy City Holdings and Joy City Property, allowing for a more unified operational strategy [5][6]. Group 4: Future Outlook - Post-privatization, Joy City Property aims to focus on improving the operational quality and asset value of its 32 commercial projects across 24 cities [6]. - The integration of resources is expected to unleash the synergistic potential of core business segments, contributing to the long-term development of the company [6].

Core Viewpoint - Dalian Wanda Group plans to repurchase shares of its subsidiary Dalian Wanda Commercial Properties for approximately HKD 29.32 billion and intends to delist from the Hong Kong Stock Exchange, ending a 12-year listing history [2][4]. Group 1: Share Repurchase and Delisting - Dalian Wanda Commercial Properties will repurchase shares from all shareholders except for Dalian Wanda Group and its indirect wholly-owned subsidiary [3]. - The repurchase price is set at HKD 0.62 per share, totaling around HKD 29.32 billion for the cancellation of 4.73 billion shares [3]. - Following the transaction, Dalian Wanda Group's ownership in Dalian Wanda Commercial Properties will increase to 96.13% [4]. Group 2: Financial Performance - Dalian Wanda Commercial Properties reported a revenue of RMB 19.83 billion for 2024, a year-on-year increase of 49.4%, with a net profit of RMB 779 million [5]. - In contrast, Dalian Wanda Group's revenue for 2024 was approximately RMB 35.79 billion, a decrease of 2.7% from 2023, with a net loss of RMB 2.977 billion, an increase of 103.14% compared to the previous year [5]. - The total loss for Dalian Wanda Group over the past three years exceeds RMB 7 billion [5]. Group 3: Strategic Implications - The delisting is seen as a strategic move to simplify the corporate structure and enhance operational efficiency, allowing for more agile responses to market changes [6][4]. - Both companies believe that the transaction will optimize resource allocation and improve overall operational efficiency, enhancing competitive strength [6]. - The removal of the listing is expected to resolve existing competition issues between the two entities, streamlining decision-making processes [7][6].

Core Viewpoint - Dalian Wanda Group announced a share buyback plan for its subsidiary Dalian Wanda Commercial Properties, intending to delist from the Hong Kong Stock Exchange, with a total cash payout of approximately HKD 29.32 billion [1]. Group 1: Company Overview - Dalian Wanda Commercial Properties was established in 1992 and listed on the Hong Kong Stock Exchange in 2013, focusing on the development, operation, and management of urban complexes under the Wanda brand [3]. - The company operates four main business segments: investment properties, property development, hotel operations, and management services [3]. Group 2: Financial Performance - For the year 2024, Dalian Wanda reported revenues of approximately CNY 35.79 billion, a decrease of 2.70% from 2023; the net loss attributable to shareholders was about CNY 2.98 billion, a decrease of 103.14% from 2023; net cash flow from operating activities was approximately CNY 6.62 billion, down 37.82%; total assets were around CNY 178.58 billion, a decline of 9.84%; and net assets attributable to shareholders were about CNY 10.60 billion, down 23.46% [4]. - However, in the first half of 2025, the company expects to achieve a net profit attributable to shareholders of between CNY 80 million and CNY 120 million, indicating a turnaround from previous losses [5]. Group 3: Strategic Moves - The share buyback and delisting plan is described as a strategic response to changing market conditions, aimed at enhancing the company's equity in Dalian Wanda Commercial Properties and improving overall operational efficiency and market competitiveness [5].

Core Viewpoint - Dalian City Real Estate plans to privatize and delist, with a proposed buyback of shares for a maximum cash consideration of HKD 29.32 billion, following a two-week suspension of trading [1] Group 1: Company Actions - Dalian City Real Estate resumed trading on August 1, with a closing price of HKD 0.54, reflecting a single-day increase of 45.95%, resulting in a total market capitalization of HKD 76.85 billion [1] - The company intends to repurchase shares through an agreement, leading to its delisting from the Hong Kong Stock Exchange [1] Group 2: Background and Rationale - The privatization decision is influenced by the broader context of COFCO Group's real estate business integration, where Dalian City (A-share listed) holds a 64.18% stake in Dalian City Real Estate, creating a unique "A-share controlled red chip" structure [1] - Key reasons for the privatization include low stock liquidity, limited financing capabilities, and increased complexity in corporate governance due to the current structure [1] - The move is expected to enhance the equity value of Dalian City Real Estate for the A-share platform, potentially improving the company's profit performance [1]

Core Viewpoint - Dalian Wanda Commercial Properties (00207.HK) is planning to privatize and delist from the Hong Kong Stock Exchange, with a proposed share buyback at a maximum cash consideration of HKD 29.32 billion, following a two-week trading suspension [1][3]. Group 1: Privatization Plan - The company aims to simplify its governance structure and improve decision-making efficiency by privatizing, as the current structure complicates governance and hinders decision-making [5][6]. - The buyback price of HKD 0.62 per share represents a premium of 67.57% over the last closing price and significantly higher premiums over the average prices of the previous trading days [5][6]. - The privatization is expected to enhance the parent company's equity in Dalian Wanda Commercial Properties, potentially improving its net profit [3][6]. Group 2: Background and Structure - Dalian Wanda Commercial Properties is a subsidiary of COFCO Group, which has a unique "A-share controlled red chip" structure, with COFCO holding 64.18% of the shares prior to the buyback [1][2]. - The company has undergone significant restructuring in the past, including a merger with COFCO's real estate arm in 2019, which aimed to consolidate its real estate operations [2][3]. Group 3: Financial Performance - Dalian Wanda Commercial Properties has faced financial challenges, with significant losses reported over the past three years, totaling over HKD 70 billion [8][9]. - The company’s revenue from property sales remains its primary income source, accounting for 79.31% of total revenue, while investment properties contribute 14.65% [9]. - Despite recent losses, the company projects a return to profitability by mid-2025, with expected net profits ranging from HKD 0.80 billion to HKD 1.20 billion [9].

港股8月开局不利，三大指数继续承压走低，尾盘跌幅有所扩大。截止收盘，恒生指数跌1.07%或265.52 点，报24507.81点，大市交投缩减，全日成交额为2546.74亿港元；恒生国企指数跌0.88%，报8804.42 点；恒生科技指数跌1.02%，报5397.4点。全周来看，恒指累跌3.47%，国指累跌3.78%，恒科指累跌 4.94%。 东吴证券指出，往后看，市场担心海外风险上行。一是，美元资产继续上涨，或会导致全球资金减少对 中国资产的关注；二是，对等关税截止日临近，市场预期关税博弈更偏向税率"缓"+"降"。交银国际认 为，港股市场当前流动性状态仍较为充裕，估值水平保持合理，适度的市场拥挤度也为投资者提供了较 为理想的配置窗口。 蓝筹股表现 5.71港元。 1.个别快递股逆市走高。截至收盘，中通快递-W(02057)涨7.44%，报163.2港元；极兔速递-W(01519)涨 2.52%，报10.58港元。 7月29日，国家邮政局召开快递企业座谈会，就依法依规治理行业"内卷式"竞争，强化农村地区领取快 件违规收费等突出问题整治，促进行业高质量发展进行座谈交流。据现代物流报，7月17日义乌邮管局 已率先 ...

Core Viewpoint - The privatization of Joy City Property by Joy City Holdings aims to optimize its real estate business strategy and enhance operational efficiency through resource integration and improved decision-making processes [1][4]. Group 1: Privatization Details - Joy City Holdings announced a cash offer of HKD 0.62 per share for the privatization of Joy City Property, totaling approximately HKD 29.32 billion [1][2]. - Following the privatization, Joy City Holdings will own 96.13% of Joy City Property, while its parent company, COFCO Group, will hold the remaining 3.87% [2]. - Joy City Property plans to apply for the cancellation of its listing status on the Hong Kong Stock Exchange after the privatization [3]. Group 2: Financial Performance - As of the end of 2024, Joy City Property is projected to achieve revenues of CNY 19.831 billion and a net profit attributable to shareholders of CNY 779 million, with total assets of CNY 106.771 billion and net assets of CNY 16.242 billion [3]. Group 3: Strategic Implications - The privatization is seen as a critical optimization of Joy City Holdings' overall strategic layout during a period of deep adjustment in the real estate industry [3]. - The move is intended to enhance asset coordination capabilities and unlock synergies across various business segments, thereby injecting new momentum into the company's long-term development [3][4]. - The privatization plan is subject to several conditions, including approvals from Joy City Property's special shareholders' meeting and relevant regulatory authorities [4].

Investment Rating - The industry investment rating is "Positive" [3] Core Viewpoints - The proposed privatization of Dayuecheng Real Estate is expected to lead to a significant revaluation of quality commercial properties, enhancing the ownership concentration of Dayuecheng in premium shopping centers [3][4] - The privatization transaction is valued at a price-to-book (PB) ratio of only 0.27 times, which is considered low, and is anticipated to increase Dayuecheng's net assets by approximately 25% [3][4] - The transaction is seen as a recognition of the value of quality commercial assets by industrial capital, potentially leading to a revaluation of premium consumer-related assets in the market [3][4] Summary by Sections Privatization Details - Dayuecheng's shareholding in Dayuecheng Real Estate will increase from 64% to 96.1% post-privatization, significantly enhancing its stake in quality commercial properties [3] - The total share capital of Dayuecheng Real Estate is 15.33 billion shares, with Dayuecheng holding 9.13 billion shares (64.2%) and market shareholders holding 4.73 billion shares (33.2%) [3] Financial Projections - Dayuecheng Real Estate's rental and related service income for 2024 is projected to be 4.18 billion RMB, primarily from shopping centers, with an average occupancy rate of 95% [3] - The privatization is expected to increase Dayuecheng's net assets by 2.62 billion RMB, representing 24.7% of the projected net assets for 2024 [3] Market Implications - The privatization is likely to attract attention to the valuation of quality commercial real estate assets in China, with potential implications for companies like China Resources Land, Longfor Group, and New Town Holdings [3] - The report maintains a "Positive" rating for the real estate and property management sectors, recommending companies with strong product capabilities and those with undervalued recovery potential [3][4]

Focus Events - Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. has become the first company to have its IPO application accepted under the reactivated fifth listing standard of the Sci-Tech Innovation Board, focusing on innovative biopharmaceuticals for blood product alternatives [1] - Joy City Property plans to repurchase shares at HKD 0.62 per share, with a total amount of approximately HKD 29.32 billion, and will apply for the cancellation of its listing status on the Hong Kong Stock Exchange [3] - Microsoft has surpassed a market capitalization of USD 4 trillion, becoming the second company globally to achieve this milestone [3] Macro News - The National Development and Reform Commission emphasizes the need to deepen the construction of a unified national market and eliminate "involution" competition [8] - The Ministry of Commerce states that China and the U.S. will continue to promote the extension of previously suspended tariffs and countermeasures for 90 days, aiming to stabilize economic relations [10] Industry Dynamics - The domestic gaming market in China achieved a sales revenue of RMB 168 billion in the first half of 2025, marking a year-on-year growth of 14.08% and setting a historical record [10] - The National Medical Insurance Administration supports high-level innovative drugs by establishing a price stability period to ensure reasonable returns during the initial market phase [10] Company Focus - Sanhui Electric has signed a framework sales contract for robot products with Zibo Blue Ribbon Health Management Co., Ltd., with a commitment to sell at least 50 units in 2025 and 450 units by 2027 [12] - Henan Shuanghui Investment Development Co., Ltd. has signed a cooperation agreement with Henan Huirun Food Co., Ltd., expecting an annual output value of RMB 1.7 billion from the project [12] - Wukuang Securities has appointed Zheng Yu as the new chairman, who will also serve as the general manager, consolidating leadership roles [13] - Sinopec expects a net profit of RMB 20.1 billion to RMB 21.6 billion for the first half of 2025, impacted by falling international oil prices and competitive market conditions [14] - Shanying International plans to establish a partnership enterprise with a capital contribution of RMB 2.977 billion, aiming to attract long-term investors [15] - Shima Holdings intends to acquire a 10.27% stake in Nylon Chemical for RMB 952 million, increasing its ownership from 61.79% to 72.06% [18] - Ju Yi Technology has successfully won a bid for the Xiaopeng Huitian flying car factory project, applying innovative technologies for production [20]