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[1] - The proposal's conditions have been met, and the listing status of Joy City Property shares is expected to be withdrawn on November 27, 2025, at 4 PM [1]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].

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]

Core Viewpoint - Dalian Wanda Commercial Properties will end its 12-year listing journey, with the delisting plan approved by the court and set to take effect on November 27, 2023 [1] Group 1: Delisting Plan - The delisting plan involves a share buyback at a price of HKD 0.62 per share, with a total scale of approximately HKD 29.32 billion [1] - After delisting, the controlling shareholder, Dalian Wanda (000031.SH), will increase its shareholding from 64.18% to 96.13% [1] - The rationale for delisting includes streamlining governance and corporate structure to enhance management efficiency [1][2] Group 2: Financial Performance - Dalian Wanda Commercial Properties reported a net profit of -CNY 294 million for 2024, marking its first loss since listing [4] - The company has not faced debt issues but has experienced a consistently low stock price, remaining below HKD 1 since May 2019 [1] - In the first half of the year, the company reported revenue of CNY 8.124 billion, a year-on-year decline of 5.78%, and a net profit of CNY 105 million, down 26.60% [5] Group 3: Rental Income and Business Operations - Rental income from Dalian Wanda shopping centers has shown steady growth, with revenues of CNY 2.998 billion in 2023 and CNY 3.023 billion in 2024 [4] - Despite growth in rental income, the gross margin for residential sales has declined due to the downturn in the real estate sector, with a gross margin of approximately 28.4% in 2024, down 14 percentage points year-on-year [4] Group 4: Impact on Parent Company - The delisting is expected to enhance the profitability of the parent company, Dalian Wanda, by concentrating profits and assets in its financial statements [6][7] - Dalian Wanda has faced significant losses in recent years, with cumulative losses of CNY 73.25 billion from 2022 to 2024 [6] - The delisting will simplify the corporate structure and potentially improve financing capabilities for Dalian Wanda [2][7]

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]