Core Viewpoint - The company Dalian City Real Estate has received approval for privatization and delisting from the Hong Kong Stock Exchange, aiming to streamline its governance structure and improve operational efficiency [2][5]. Group 1: Privatization and Delisting - On November 17, Dalian City Real Estate announced that its privatization and delisting proposal has been approved [2]. - The company plans to repurchase approximately 4.729 billion shares at a cash cancellation price of HKD 0.62 per share, totaling a maximum cash payment of about HKD 29.32 billion [5]. - After the transaction, the controlling shareholder will hold approximately 96.13% of the shares, and the company will apply for the cancellation of its listing status [5]. Group 2: Reasons for Delisting - The company cited complex governance structures and decision-making inefficiencies due to control by A-share listed company shareholders as reasons for the privatization [5]. - The aim is to simplify governance and corporate structure, allowing for more efficient management and reduced decision-making time [5]. Group 3: Financial Performance - Dalian City Real Estate reported a revenue of approximately HKD 81.24 billion for the first half of the year, a decrease of 5.8% year-on-year, with net profit declining by 26.6% to HKD 1.05 billion [5][11]. - The property development segment contributed HKD 54.81 billion in revenue, down 8.3% year-on-year, while rental income from investment properties was approximately HKD 20.38 billion, down 2.5% [11]. - The company’s operating cash flow decreased by nearly 53% to HKD 8.44 billion, and cash and cash equivalents fell by 15.24% to HKD 167.78 billion [11]. Group 4: Market Conditions - The company has faced challenges in the market, with its stock price consistently below net asset value and low liquidity affecting its ability to raise funds from capital markets [6][10]. - The average daily trading volume over the past five years was only about 0.045% of the total shares issued, indicating limited market activity [10].

Group 1 - The trading fee standard for lithium carbonate futures contracts on the Guangxi Futures Exchange will be adjusted to 0.12% of the transaction amount starting from November 20, 2025 [1] - The Chinese video cloud market is projected to reach a size of $5.23 billion in the first half of 2025, showing a year-on-year growth of 8.9% [2] - The sales revenue of San Yuan Dairy's dairy products segment decreased to 4.718 billion yuan in the first three quarters of 2025, down from 5.315 billion yuan in the same period last year, marking a decline of 5.97% [3] Group 2 - Wahaha Group's general manager stated that the company has maintained a stable performance over the past decade despite a challenging market environment [4] - The travel industry is witnessing a decline in interest for Japan as a travel destination, with many tourists opting for refunds on their bookings [5] - Joy City Property's privatization plan has been approved, and it is expected to delist from the Hong Kong Stock Exchange on November 27 [6] Group 3 - GlobalFoundries has acquired Advanced Micro Foundry in Singapore, positioning itself as the largest silicon photonics foundry by revenue [7] - Guangdong Boce Technology has completed over 200 million yuan in Series C financing to enhance its product development and market expansion [8] - Jinsheng New Materials was fined 5.5 million yuan for failing to disclose a 120 million yuan related party transaction in its 2022 annual report [9] Group 4 - Shanghai Jiubai announced the resignation of its deputy general manager due to work changes [10] - Tonglian Precision has set the share transfer price at 43.67 yuan per share for a transaction involving 484.19 million shares [11] - Xianhui Technology has signed daily operating contracts totaling approximately 796 million yuan with CATL and its subsidiaries [12] Group 5 - Samsung Medical is expected to win contracts worth approximately 125 million yuan from State Grid projects [13] - ST Songfa's subsidiary has signed shipbuilding contracts valued between 200 million to 300 million USD for two VLCCs [14] - Yunnan Energy Investment has obtained the development rights for a 25,000 kW wind power project [15] Group 6 - Jinko Power plans to transfer 51% of Tongying Thermal Power to a related party for 266 million yuan [16] - Jiemai Technology has signed a cooperation framework agreement with Ningde New Energy for lithium battery composite materials [17] - Shengxin Lithium Energy has entered into a framework agreement with Huayou Holding Group for the procurement of 221,400 tons of lithium salt products over five years [18] Group 7 - Wehua New Materials plans to acquire 70% of He Yu Tai for 154 million yuan [19] - Xiamen Tungsten plans to establish a wholly-owned subsidiary to invest in a project for producing 50,000 tons of high-performance battery materials [20] - Hailianxun's stock will resume trading on November 19 after the end of the share acquisition request period [21] Group 8 - The ChiNext index fell over 1% amid market fluctuations, with significant declines in the lithium battery sector [22]

Group 1 - The core point of the article is that COFCO Group's subsidiary, Joy City Property, has received shareholder approval for its privatization plan, marking the end of its 12-year listing on the Hong Kong Stock Exchange, reflecting significant changes in the capital market and the real estate industry during a period of cyclical adjustment [2][4] - Joy City Property's development trajectory is closely linked to the golden period of China's commercial real estate, having been established in 1992 and listed in 2013, during which it became a benchmark enterprise in the sector with strong rental income growth [2][3] - The "A-share red-chip" structure, initiated in 2019, aimed to leverage both A-share and Hong Kong markets for efficient resource allocation, but failed to deliver expected financing synergies, leading to increased operational complexity and costs [3][4] Group 2 - The decision to privatize was driven by significant operational pressures, with cumulative losses exceeding 7 billion yuan from 2022 to 2024, and negative cash flow for two consecutive years, making the Hong Kong listing a financial burden [4][8] - The privatization is seen as a strategic move to streamline decision-making and enhance operational efficiency, allowing the company to focus on its core business areas [4][5] - The capital market responded positively to the privatization news, with a 45.95% increase in stock price following the announcement, indicating investor optimism regarding asset integration and strategic development [8][9] Group 3 - The trend of privatization among real estate companies is increasing, with 23 listed firms exiting the capital market in the past three years, reflecting a shift from high-leverage growth models to a focus on quality development [8][9] - Analysts suggest that while the industry is undergoing a transformation, it does not signify a decline but rather a rationalization and structural optimization, with strong companies likely to gain competitive advantages [9][10] - For companies like Joy City, with a strong state-owned background and quality asset reserves, privatization may open new growth opportunities during the industry's high-quality development phase [10]

然而，理想与现实之间存在显著差距，中粮集团希望借此打通境内外融资通道的初衷未能如愿奏效。一方面，港股市场对内地商业地产企业的估值偏低，大 悦城地产股价长期徘徊在净资产下方，估值优势难以体现，再融资能力受到严重制约。另一方面，A股市场的大悦城控股同样面临经营压力，受房地产行业 整体下行、销售端承压以及资产减值等因素影响，公司连年陷入亏损境地，未能形成有效的盈利支撑。双重市场压力下，"A控红筹"架构不仅未能发挥预期 的融资协同效应，反而增加了企业治理的复杂性与运营成本。 登录新浪财经APP 搜索【信披】查看更多考评等级 转自：新华财经 新华财经上海11月18日电（谈瑞）11月17日，中粮集团旗下大悦城地产（00207.HK）宣布私有化决议案获计划股东通过，其在香港联交所的上市地位预计 将于11月27日正式撤销，标志着这家央企商业地产巨头12年的上市历程即将画上句号。在房地产行业周期性调整的背景下，这一举措不仅是企业应对经营压 力的现实选择，更是行业转型期房企战略重构的典型样本，折射出资本市场与房地产行业生态的深刻变化。 回溯其资本市场进程，作为中粮集团旗下核心的商业地产平台，大悦城地产的发展轨迹与中国商业地产的黄 ...

Core Viewpoint - Dalian Wanda's real estate subsidiary is set to go private, marking the end of its 12-year listing on the Hong Kong Stock Exchange, as part of a strategic optimization during a period of deep adjustment in the real estate industry [1][2][3] Company Summary - Dalian Wanda's real estate platform, under COFCO Group, has established a presence in five major city clusters across China, managing 32 commercial projects and luxury hotels [2] - The privatization plan involves a total buyback cost of approximately HKD 29.32 billion, with the company’s listing status expected to be officially revoked on November 27 [2][3] - Following the privatization, COFCO Group's ownership in Dalian Wanda will increase from 64.18% to 96.13%, achieving absolute control over the subsidiary [3] Industry Summary - The privatization of Dalian Wanda is seen as a response to market pressures, strategic needs, and changes in the industry environment, highlighting the limitations of the "A-share controlled red-chip" structure during industry adjustments [4] - The company has faced significant losses over the past three years, with total losses exceeding 7 billion yuan, but is projected to return to profitability by mid-2025 [4][5] - The trend of privatization among state-owned real estate companies is expected to continue, with 29 listed real estate firms already confirmed to delist between April 2023 and October 2025, indicating a shift from being a "capital springboard" to a "cost burden" [5][6]

智通财经APP获悉，大悦城地产(00207)现涨超3%，截至发稿，涨3.33%，报0.62港元，成交额5791.54万 港元。 消息面上，大悦城地产宣布，上市地位预期将于11月27日下午四时正起撤销。据悉，7月31日，大悦城 宣布，公司控股子公司大悦城地产拟向除公司和得茂以外的其他股东提出私有化建议，以协议安排方式 回购股份，每股对价0.62港元，总金额约29.32亿港元。 ...

Group 1 - The core point of the article is that Doyou City (大悦城) real estate has announced a privatization proposal, with its listing status expected to be revoked on November 27 at 4 PM [1] - Doyou City real estate's stock has increased by over 3%, currently up 3.33% at HKD 0.62, with a trading volume of HKD 57.9154 million [1] - The privatization proposal involves a buyback of shares at a price of HKD 0.62 per share, totaling approximately HKD 29.32 billion [1]

Core Viewpoint - Dalian Wanda Commercial Properties Co., Ltd. has received approval for its privatization plan, with the delisting from the Hong Kong Stock Exchange expected to take effect on November 27 [2][3]. Group 1: Privatization Details - The total number of shares issued by Dalian Wanda is 14,231,124,858, with 4,729,765,214 shares eligible for voting at the court meeting [3]. - A total of 30 representatives voted in favor of the privatization plan, representing 2,690,937,836 shares, while 4 representatives voted against it, representing 16,783,082 shares [3]. - The privatization proposal involves a cash payment of HKD 0.62 per share for the shares being canceled, totaling approximately HKD 2.932 billion [4]. Group 2: Shareholding Structure - Prior to the transaction, Dalian Wanda Group held 9,133,667,644 shares, accounting for approximately 64.18% of the total issued shares [4]. - After the privatization, Dalian Wanda Group's shareholding will increase to 96.13%, while the remaining shareholder, De Mao, will hold 3.87% [5]. Group 3: Financial Performance - For the first half of 2025, Dalian Wanda reported total revenue of RMB 8.124 billion, a decrease of 5.8% year-on-year [6]. - The net profit was RMB 105 million, down 26.6% year-on-year; however, the core net profit, excluding certain losses, was approximately RMB 244 million, an increase of 25.1% year-on-year [6].

Core Viewpoint - Dalian City Real Estate is set to privatize, ending its listing journey that began in 2013, with the delisting expected on November 27, 2023 [2] Company Overview - Dalian City Real Estate, a commercial real estate platform under COFCO Group, manages 32 projects across five major city clusters in China, including first-tier city investment properties and luxury hotels [2] - The company is a consolidated subsidiary of Dalian City Holdings, which is listed on the A-share market [2] Privatization Details - The privatization resolution was approved by shareholders during a court meeting on November 17, 2023 [2] - The total cost for the share buyback is approximately HKD 29.32 billion [2] Shareholding Structure - Before the agreement, COFCO Group held 64.18% of shares, while after the privatization, its stake will increase to 96.13% [3] - This change indicates that Dalian City Holdings will have almost complete control over Dalian City Real Estate post-privatization [3] Financial Performance - Dalian City Holdings has reported continuous losses over the past three years, with losses of CNY 2.882 billion in 2022, CNY 1.465 billion in 2023, and an estimated CNY 2.977 billion in 2024, totaling over CNY 7 billion [4] - The company anticipates turning a profit by the first half of 2025, aided by the privatization [4] Industry Trends - The trend of privatization among real estate companies has been increasing, with several firms, including China Hongtai Development and Huafa Property, announcing similar moves [4][5] - Key reasons for privatization include insufficient stock liquidity, loss of financing capabilities, and the need for strategic flexibility amid a challenging market environment [5] - The real estate industry is undergoing significant adjustments, with expectations of continued consolidation and restructuring in the next 2-3 years [5]

Core Viewpoint - Daxiyucheng Real Estate is set to privatize, ending its public listing after being established in 2013 and planning to delist by November 27, 2025, following shareholder approval at a court meeting [3][4]. Group 1: Company Overview - Daxiyucheng Real Estate, a commercial real estate platform under COFCO Group, manages 32 projects across five major city clusters in China, including luxury hotels and investment properties in first-tier cities [4]. - The company is a subsidiary of Daxiyucheng Holdings, which is listed on the A-share market, representing a less common "A-share controlled red chip" structure in the industry [4]. Group 2: Privatization Details - The total cost for the share buyback and delisting is approximately HKD 29.32 billion, driven by low stock liquidity, limited financing capabilities, and increased governance complexity [5]. - Post-privatization, Daxiyucheng Holdings' ownership in Daxiyucheng Real Estate will increase from 64.18% to 96.13%, significantly enhancing its control and potential profit margins [5]. Group 3: Financial Performance - Daxiyucheng Holdings has reported continuous losses over the past three years, with losses of CNY 2.882 billion in 2022, CNY 1.465 billion in 2023, and an estimated CNY 2.977 billion in 2024, totaling over CNY 7 billion [5]. - The company anticipates a turnaround to profitability by the first half of 2025, aided by the privatization plan which is expected to bolster its financial performance [5]. Group 4: Industry Trends - The trend of privatization among real estate companies has been increasing, with several firms like China Hongtai Development and Huafa Property also opting for delisting due to market pressures and operational challenges [6][7]. - Key reasons for this trend include insufficient stock liquidity, loss of financing capabilities, and the need for strategic flexibility amid a challenging real estate market environment [7].