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]

Group 1 - The company Dayuecheng (000031) successfully bid for land use rights in Chengdu for RMB 2.65 billion on November 19, 2025 [1] - Chengdu Chenyue, a wholly-owned subsidiary, has paid a deposit of RMB 532 million for the bidding process [1] - The land use rights contract is expected to be signed by December 3, 2025, or earlier [1] Group 2 - The project is located in Chengdu, a key hub in Western China known for its strong economic vitality and market potential [1] - The Qingyang District, where the project is situated, has a solid industrial base and growing consumer demand, presenting significant commercial investment opportunities [1] - The project will benefit from the developing aviation industry cluster and a vibrant "residential + commercial" environment [1] Group 3 - The company anticipates positive investment value upon completion of the development, which will generate cash flow and stable, satisfactory returns and profits [1] - The acquisition aligns with the company's business development strategy and planning [1]

格隆汇11月19日丨大悦城地产(00207.HK)公告，于2025年11月19日，成都辰悦(公司间接全资附属公司) 以人民币26.5亿元成功竞拍规划和自然资源局于网上公开挂牌要约出售该地块的土地使用权。收购事项 相关成交确认书已于同日取得，而收购事项相关土地使用权出让合同预计将于2025年12月3日或前订 立。成都辰悦已支付网上公开挂牌的竞买保证金人民币5.32亿元。成都辰悦将于收购事项完成后持有该 地块权益以进行该地块的未来开发。该地块位于中国成都市。 该项目位于成都市，而成都市作为中国西部的重要枢纽，以其强劲的经济活力与巨大的市场潜力着称。 项目所在的青羊区拥有稳健的产业基础、不断增长的消费需求而有效商业供应不足，为商业投资提供庞 大机遇。该项目位于青羊区行政中心外光华区，该项目将受惠于蓬勃发展的航空产业集群及充满活力 的"住宅+商业"环境。监于该地块的位置及规划用途，预期在完成发展后将实现正面投资价值，从而为 集团产生现金流及稳定且令人满意的收益及溢利。董事认为，收购事项符合集团的业务发展策略及规 划。 ...

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，概不對因本公告全部或任何部份內容 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。 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） 主要交易 收購位於中國成都市的土地使用權 收購位於中國成都市的土地使用權 董事會欣然宣佈，於2025年11月19日，成都辰悅（本公司之間接全資附屬公司）以人民幣 2,650,212,983元成功競拍規劃和自然資源局於網上公開掛牌要約出售該地塊的土地使用 權。收購事項相關成交確認書已於同日取得，而收購事項相關土地使用權出讓合同預 計將於2025年12月3日或之前訂立。成都辰悅已支付網上公開掛牌的競買保證金人民幣 532,000,000元。成都辰悅將於收購事項完成後持有該地塊之權益以進行該地塊的未來 開發。該地塊位於中國成都市。 上市規則涵義 由於有關收購事項的一項或多項適用百分比率超過25%但均低於100%，收購事項構成 本公司的主要交易。由於本集團的主 ...

Core Viewpoint - Daxiyucheng Real Estate is set to privatize, ending its listing journey that began in 2013, with the decision approved by shareholders on November 17, 2025 [3][5]. Company Overview - Daxiyucheng Real Estate, a commercial real estate platform under COFCO Group, has established a presence in five major city clusters across China, managing 32 projects including Daxiyucheng and Daxiyuhui, along with luxury hotels and investment properties in first-tier cities [4]. Privatization Details - The total cost for the share repurchase is approximately HKD 29.32 billion, with the aim to enhance shareholder value and provide an exit opportunity for investors due to low stock liquidity and governance complexities [5]. - Post-privatization, COFCO Group's ownership in Daxiyucheng Real Estate will increase from 64.18% to 96.13%, significantly consolidating control [5]. Financial Performance - Daxiyucheng Holdings has reported continuous losses over the past three years, with losses of CNY 28.82 billion in 2022, CNY 14.65 billion in 2023, and an estimated CNY 29.77 billion in 2024, totaling over CNY 70 billion [5]. - However, Daxiyucheng Holdings is projected to turn a profit by the first half of 2025, benefiting from the privatization of Daxiyucheng Real Estate [5]. Industry Trends - The trend of privatization among real estate companies has been increasing, with several firms like Shouchuang Real Estate and China Hongtai Development following suit since 2021 [6]. - Key reasons for this trend include insufficient stock liquidity, loss of financing capabilities, and the need for strategic flexibility amid a challenging market environment [7].

Core Viewpoint - Dalian Wanda Commercial Properties is set to privatize, with shareholders approving the buyout plan at HKD 0.62 per share, marking the end of its 12-year listing on the Hong Kong Stock Exchange [1][2]. Group 1: Company Overview - Dalian Wanda Commercial Properties, under COFCO Group, was listed in Hong Kong in 2013 and is now moving towards privatization in 2025 [2]. - The company plans to repurchase shares for a total consideration of approximately HKD 29.32 billion, funded by internal resources or external debt financing [1][2]. Group 2: Financial Performance - For the first half of 2025, Dalian Wanda reported total revenue of HKD 8.124 billion, a year-on-year decrease of 5.8%, and a net profit of HKD 105 million, down 26.6% [3]. - The company experienced a post-tax loss of approximately HKD 140 million due to changes in the fair value of investment properties and exchange rate fluctuations, while core net profit increased by 25.1% to HKD 244 million [3]. Group 3: Industry Context - The privatization of Dalian Wanda is part of a broader trend in the real estate sector, with several companies opting for privatization amid market challenges [4][5]. - Since September 2021, over 30 A-share and H-share listed real estate companies have delisted, with 28 being passive and 5 active delistings [5]. - Analysts suggest that companies choose to delist to reduce operational costs and enhance strategic flexibility, especially when facing low stock prices and regulatory pressures [5].

Group 1 - Xibei has raised the average salary of frontline employees by 500 yuan per person per month since September in response to negative public sentiment and online harassment [3][4] - Google has launched its latest AI model, Gemini 3, which aims to provide better answers to complex questions without requiring excessive prompts [4][5] - Gemini 3 Pro has achieved a groundbreaking Elo score of 1501, surpassing its predecessor in almost all major AI benchmarks [5] Group 2 - Xiaomi plans to release a new version of its end-to-end assisted driving system at the Guangzhou Auto Show on November 21 [8] - Meta's Chief Revenue Officer, John Hegeman, is leaving the company to start his own venture, marking a significant leadership change [10] - Meta has won a federal antitrust lawsuit regarding its acquisitions of Instagram and WhatsApp, as the court found no violation of antitrust laws [10] Group 3 - The U.S. stock market saw a collective decline, with the Dow Jones down by 1.07% and the Nasdaq down by 1.21% on November 18 [11] - Nvidia and Microsoft are set to invest up to $150 billion in Anthropic as part of a new strategic partnership [12] - ByteDance has integrated its engineering teams for e-commerce, life services, and advertising to enhance R&D efficiency [12] Group 4 - Weibo reported a total revenue of 3.456 billion yuan for Q3 2025, a decrease of 5% year-on-year [22] - iQIYI's total revenue for Q3 2025 was 6.68 billion yuan, down 8% year-on-year [23] - Baidu's Q3 2025 revenue reached 31.2 billion yuan, with AI business revenue growing over 50% [24] - Xiaomi's Q3 2025 revenue was 113.1 billion yuan, reflecting a year-on-year growth of 22.3% [25]

Group 1 - Xiaomi will release an upgraded version of its end-to-end assisted driving system, HAD Enhanced Version, at the Guangzhou Auto Show on November 21 [5] - Dazhong City, a state-owned real estate enterprise, has announced its plan to delist from the Hong Kong Stock Exchange, with the delisting expected to take effect on November 27 [3] - Wahaha's general manager represented the company at the 2025 sales meeting, while the founder, Zong Fuli, was absent [4] Group 2 - Google has launched its latest AI model, Gemini 3, which aims to compete with OpenAI's ChatGPT, boasting improved reasoning and multimodal capabilities [2] - Apple's designer Abidur Chowdhury has reportedly left the company to join an AI startup, causing a stir within Apple's design team [6] - The tax authorities are cracking down on tax evasion practices involving income splitting, with several cases exposed this year [11] Group 3 - Meta's Chief Revenue Officer, John Hegeman, announced his departure to start his own company, marking a significant leadership change for the social media giant [7] - Meta won a federal antitrust lawsuit regarding its acquisitions of Instagram and WhatsApp, with the court ruling that the transactions did not violate antitrust laws [7] - The U.S. stock market saw a collective decline, with major indices falling, and many large tech stocks also experienced drops [8] Group 4 - Amazon is set to issue bonds for the first time in three years, raising $15 billion to support AI development [18] - "Material Science Source Map" has completed a multi-million angel round of financing, which will focus on core technology development [19] - Weibo reported a 5% year-on-year decline in total revenue for Q3, amounting to approximately 3.156 billion yuan [20]