Core Viewpoint - Dalian Wanda's subsidiary, Dalian Wanda Commercial Properties, will officially delist from the Hong Kong Stock Exchange after 12 years of listing, as part of a strategic move to optimize its corporate governance and structure [1][2]. Group 1: Company Overview - Dalian Wanda Commercial Properties was listed on the Hong Kong Stock Exchange in 2013 and is a commercial real estate platform under COFCO Group, focusing on the development, operation, and management of urban complexes branded as "Dalian Wanda" [2]. - The company operates four main business segments: investment properties, property development, hotel operations, and management services [2]. Group 2: Transaction Details - On July 31, 2025, Dalian Wanda announced plans to repurchase shares of Dalian Wanda Commercial Properties through an agreement, with a total repurchase cost of approximately HKD 29.32 billion [2]. - The shareholding structure before the agreement was 64.18% for Dalian Wanda, 2.58% for De Mao, and 33.24% for other shareholders. Post-agreement, Dalian Wanda's stake will increase to 96.13%, while De Mao's will decrease to 3.87% [1]. Group 3: Financial Performance - In 2024, Dalian Wanda Commercial Properties reported a revenue of CNY 19.831 billion, a net profit attributable to shareholders of CNY 779 million, total assets of CNY 106.771 billion, and total liabilities of CNY 73.578 billion [2]. Group 4: Strategic Rationale - The transaction is seen as a strategic response to market fluctuations and aims to enhance the company's governance framework and integrate its organizational and shareholding structure [2]. - The completion of this transaction is expected to increase the company's equity in Dalian Wanda Commercial Properties, benefiting its net profit attributable to shareholders [2].

Core Viewpoint - Dalian Wanda Commercial Properties will officially delist from the Hong Kong Stock Exchange after 12 years of listing, as part of a strategic move to optimize its corporate governance and ownership structure [1][2]. Group 1: Company Overview - Dalian Wanda Commercial Properties, a subsidiary of COFCO Group, focuses on the development, operation, and management of urban complexes branded as "Wanda Plaza" [2]. - The company plans to repurchase shares at a total cost of approximately HKD 29.32 billion and apply for the delisting from the Hong Kong Stock Exchange [2]. Group 2: Financial Performance - In 2024, Dalian Wanda Commercial Properties reported a revenue of CNY 19.831 billion and a net profit attributable to shareholders of CNY 0.779 billion, with total assets of CNY 106.771 billion and total liabilities of CNY 73.578 billion [2]. Group 3: Strategic Implications - The transaction aims to address market fluctuations and liquidity pressures, enhancing the company's equity in Dalian Wanda Commercial Properties and improving net profit attributable to shareholders [2]. - Following the privatization, COFCO Group will retain only the A-share listed Dalian Wanda, consolidating its real estate platform [3].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約，亦非在任何司 法管轄區招攬任何投票或批准。 本公告不得於任何會構成違反適用法律或法規的司法管轄區內全部或部分發佈、刊發或 派發。 JOY CITY PROPERTY LIMITED 大悅城地產有限公司 （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （股份代號：207） 公告 (1) 根據公司法第99條以計劃安排方式建議 對大悅城地產有限公司進行股份回購； 及 (2) 建議撤銷大悅城地產有限公司上市地位 計劃的生效日期 撤銷大悅城地產有限公司上市地位 及 計劃項下付款 — 1 — 本公司獨家財務顧問 無利害關係股東之獨立財務顧問 SOMERLEY CAPITAL LIMITED 緒言 茲提述(i)大悅城地產有限公司（「本公司」）於2025年10月24日發佈的計劃文件，內容有關（其 中包括）根據公司法第99條以計劃安排方式建議對本 ...

Core Viewpoint - *ST Xingguang (002076.SZ) announced that its director and board secretary, Zhang Taohua, currently holds 2,286,271 shares, representing 0.21% of the company's total share capital, and plans to reduce his holdings by up to 570,000 shares, or 0.05% of the total share capital, within three months after a 15 trading day period from the announcement date [1] Summary by Sections - Current Shareholding: Zhang Taohua holds 2,286,271 shares, which is 0.21% of the total share capital [1] - Planned Reduction: The planned reduction is up to 570,000 shares, equating to 0.05% of the total share capital [1] - Timeline: The reduction will occur within three months after a 15 trading day period following the announcement [1]

大悦城地产将结束12年的上市历程。11月24日，大悦城地产（00207.HK）发布公告称，其退市相关计 划已于11月21日获法院认可，公司退市相关计划将于11月27日生效。 今年7月，大悦城地产发布退市方案公告。方案显示，大悦城地产将会通过回购股份的方式实现退市， 回购股价为0.62港元/股，总规模约为29.32亿港元。 退市后，大悦城地产控股股东大悦城（000031.SH）所持股份比例将会提高。退市前大悦城持股比例为 64.18%，退市后大悦城持股比例变为96.13%。 退市方案公告显示，大悦城地产退市原因为精简公司的管治框架、企业架构及股权，从而提升管理效 率。过去数年，大悦城地产股价一直较每股资产净值折让，整体流动性偏低，限制了从资本市场筹集资 金的能力。鉴于市场环境充满挑战且复杂，大悦城地产的上市地位难以提供足够的境外融资支持，在可 预见的将来亦不会有实质性改善。 近年来，大悦城地产仅在2024年出现亏损。据其财报，2024年，大悦城地产净利润为-2.94亿元。大悦 城地产未出现过债务问题，但其股价一直较为低迷，2019年5月至今，大悦城地产股价一直低于1港元。 汇生国际资本总裁黄立冲向时代周报记者表 ...

Group 1: Shanghai Land Auction - Shanghai successfully sold 9 land parcels for a total of 173.33 billion yuan, with a total land area of 289,200 square meters and a planned construction area of 552,600 square meters [2] - The auction attracted major developers such as China Overseas Land & Investment, China Jinmao, and others, indicating strong competition among private enterprises for quality land [2] - The results reflect a shift towards "precise investment and value prioritization" in the land market, signaling a more rational investment approach by real estate companies [2] Group 2: Joy City Property Privatization - Joy City Property announced its application to delist from the Hong Kong Stock Exchange, aiming for a strategic transformation during the industry's deep adjustment period [3] - The company plans to repurchase shares and sacrifice some market liquidity for more flexible decision-making and efficient resource allocation [3] Group 3: Oceanwide Holdings Debt Issues - Oceanwide Holdings announced a delay in the repayment of two USD bonds totaling 3.56 billion yuan, reflecting the ongoing debt crisis faced by the company [4] - The company plans to extend the repayment deadline to May 23, 2026, but the fundamental issues remain unresolved, leading to high uncertainty in its future development [4] Group 4: China Green Development Asset Transfer - China Green Development is offering a 99% stake in Hangzhou Green Development Center for a base price of 3.58 billion yuan, as part of its strategic asset restructuring [5] - The project, originally acquired for 6.35 billion yuan, has undergone significant adjustments, including a reduction in the height of its main tower [5] - This move is indicative of state-owned enterprises accelerating strategic transformation and optimizing asset structures amid industry adjustments [5] Group 5: Guangzhou Hanjian Holdings Regulatory Warning - Guangzhou Hanjian Holdings received a warning from the Guangdong Securities Regulatory Commission for failing to disclose significant information regarding overdue debts and being listed as a dishonest executor [7] - The company and its executives have committed to adhering to disclosure requirements and improving governance and risk management practices [7] - This incident highlights the regulatory body's strict stance on information disclosure violations, particularly concerning matters that could significantly impact investor decisions [7]

Group 1: Company Listings and Developments - Innovation Industries officially listed on the Hong Kong Stock Exchange on November 24, closing at HKD 14.59 per share, a rise of 32.76%, focusing on upstream aluminum industry with plans to use funds for overseas capacity expansion and green energy projects [1] - Sany Heavy Industry and Cambridge Technology have been added to the Hong Kong Stock Connect, enhancing cross-border investment opportunities for mainland investors [2] - Joy City Property announced plans to withdraw its listing status on the Hong Kong Stock Exchange, aiming to streamline operations and improve decision-making efficiency in response to industry challenges [3] - JD Industrial has passed the listing hearing on the Hong Kong Stock Exchange, potentially becoming the sixth company under JD Group to go public, which could enhance its financing channels and support the digitalization of the industrial supply chain [4] Group 2: Market Performance - The Hang Seng Index closed at 25,716.50, with a gain of 1.97% on November 24 [5] - The Hang Seng Tech Index reached 5,545.56, increasing by 2.78% [5] - The National Enterprises Index stood at 9,079.42, up by 1.79% [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約，亦非在任何司 法管轄區招攬任何投票或批准。 本公告不得於任何會構成違反適用法律或法規的司法管轄區內全部或部分發佈、刊發或 派發。 JOY CITY PROPERTY LIMITED 大悅城地產有限公司 （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （股份代號：207） 公告 (1)根據公司法第99條以計劃安排方式建議 對大悅城地產有限公司進行股份回購； 及 (2)建議撤銷大悅城地產有限公司上市地位 法院對計劃的認可 計劃的預計生效日期 及 股份撤銷上市地位之預期日期 本公司獨家財務顧問 無利害關係股東之獨立財務顧問 SOMERLEY CAPITAL LIMITED — 1 — 緒言 茲提述(i)大悅城地產有限公司（「本公司」）於2025年10月24日發佈的計劃文件，內容有關（其 中包括）根據公司法第99條以計劃安排方式建議對本 ...

Core Points - Dalian Wanda Commercial Properties has announced the approval of its privatization plan, which is expected to lead to its delisting from the Hong Kong Stock Exchange on November 27 [2][5] - Dalian Wanda Holdings will increase its stake in Dalian Wanda Commercial Properties to 96.13% following the privatization [2][6] - The company aims to simplify its corporate structure and improve operational efficiency in response to market challenges [2][6] Company Overview - Dalian Wanda Commercial Properties, a subsidiary of COFCO Group, is engaged in the development, operation, sale, leasing, and management of mixed-use and commercial properties [4] - The company has established a presence in 24 cities across mainland China and Hong Kong, managing 32 commercial projects [4] - The company was listed in Hong Kong in 2013 and underwent significant restructuring in 2019, aiming to leverage both A-share and H-share markets for financing [4] Financial Performance - For the first half of 2025, Dalian Wanda Commercial Properties reported total revenue of 8.124 billion RMB, a decrease of 5.8% year-on-year, and a net profit of 105 million RMB, down 26.6% [5] - The company experienced a post-tax loss of approximately 140 million RMB due to changes in the fair value of investment properties and exchange rate fluctuations, while core net profit increased by 25.1% to 244 million RMB [5] - Rental income from investment properties totaled approximately 2.038 billion RMB, a decline of 2.5% year-on-year, with a gross margin of 78% [5] Market Context - The decision to privatize is attributed to the company's low stock price relative to net asset value and limited liquidity, which hindered its ability to raise capital [5][6] - The trend of privatization among listed real estate companies is increasing, with approximately 23 companies exiting the capital market in the past three years [9][10] - The ongoing trend of both passive and active delistings is expected to continue, driven by low stock prices and the need for strategic flexibility [10]

Core Viewpoint - Dalian Wanda Group's subsidiary Chengdu Chenyue successfully bid for land use rights in Chengdu for RMB 2.65 billion, indicating a strategic investment in a high-potential area [1] Group 1: Acquisition Details - The land use rights were successfully auctioned on November 19, 2025, with the confirmation of the transaction received on the same day [1] - Chengdu Chenyue has paid a bidding deposit of RMB 532 million for the auction [1] - The land use rights transfer contract is expected to be signed by December 3, 2025, or earlier [1] Group 2: Project Location and Market Potential - The project is located in Chengdu, a key hub in Western China known for its strong economic vitality and market potential [1] - The site is situated in the Qingyang District, which has a robust industrial base and growing consumer demand, presenting significant commercial investment opportunities due to insufficient supply [1] - The project will benefit from the developing aviation industry cluster and a vibrant "residential + commercial" environment [1] Group 3: Expected Outcomes - The anticipated development of the site is expected to generate positive investment value, leading to cash flow and stable, satisfactory returns and profits for the group [1] - The acquisition aligns with the company's business development strategy and planning [1]