Core Viewpoint - China Minmetals Corporation's real estate platform, Minmetals Land, has announced its privatization and delisting from the Hong Kong Stock Exchange, reflecting a broader trend of real estate companies exiting the market amid industry adjustments and capital restructuring [2][3][4]. Company Summary - Minmetals Land is being privatized by June Glory International Limited, a subsidiary of China Minmetals, with a proposed cash offer of HKD 1 per share, representing a premium of approximately 185.71% over the last unaffected trading price [3]. - The company has issued 3.347 billion shares, with June Glory holding 2.071 billion shares (approximately 61.88%) and other shareholders holding 1.276 billion shares (approximately 38.12%) [3]. - Minmetals Land's trading volume has been low, averaging about 440,000 shares per day, which is only 0.03% of the total shares held by non-related shareholders [5]. - The company has faced significant financial challenges, reporting revenues of HKD 100.65 billion, HKD 126.31 billion, and HKD 98.83 billion for the years 2022 to 2024, with shareholder losses of HKD 13.62 billion, HKD 10.16 billion, and HKD 35.21 billion respectively [6]. Industry Summary - A number of real estate companies have announced their delisting from the Hong Kong Stock Exchange this year, categorized into voluntary privatization and involuntary delisting due to prolonged trading suspension [7][11]. - The Hong Kong Stock Exchange was previously a preferred platform for real estate financing, but the current market conditions have led to a loss of value and functionality for many listed companies [8][9]. - The ongoing deep adjustment in the real estate market has prompted companies to accelerate their exit from the capital market, as they face liquidity issues and diminished financing capabilities [10][11]. - The trend of delisting is expected to continue as companies seek to improve operational efficiency and reduce costs in a challenging market environment [11].

Core Viewpoint - China Minmetals Corporation's real estate platform, Minmetals Land, has announced its privatization and delisting from the Hong Kong Stock Exchange, reflecting a broader trend of real estate companies exiting the market amid industry adjustments and capital restructuring [1][3][5]. Company Summary - Minmetals Land is being privatized by June Glory International Limited, a subsidiary of China Minmetals, with a proposed cash offer of HKD 1 per share, representing a premium of approximately 185.71% over the unaffected share price and 104.08% over the last trading day [2][3]. - The company has issued 3.347 billion shares, with June Glory holding 2.071 billion shares (approximately 61.88%) and other shareholders holding 1.276 billion shares (approximately 38.12%) [2]. - Minmetals Land has faced limited capital raising capabilities and has lost the advantages of being a listed company, with average daily trading volume of only 440,000 shares, representing about 0.03% of the total shares [3][4]. Industry Summary - The Hong Kong Stock Exchange was once the preferred financing platform for mainland real estate companies, but many have announced their delisting this year due to performance pressures and the loss of financing value [5][6]. - The real estate sector is undergoing a deep adjustment, with companies facing low liquidity and the loss of capital market value, leading to a trend of privatization and delisting [7][8]. - The current market environment has resulted in many companies experiencing continuous losses and a lack of new land reserves, prompting strategic contractions and resource consolidation opportunities for parent companies [4][5][8].

港股私有化退市是指一家上市公司通过收购、合并或其他方式，使其股票从港交所摘牌，转为非上市公司。 私有化通常涉及公司控股股东或关联方提出以现金或其他对价收购公司所有已发行股份，从而使公司退市。 私有化价格普遍高于市场价，显示出股东对中小股东的补偿意愿。 今年私有化除了小市值公司之外，也有大盘股。10月9日，汇丰控股宣布计划以协议安排方式，作价每股155 港元现金私有化其持股约63%的恒生银行，较恒生银行前一交易日收市价溢价约30%。 漫画 王建明 【深圳商报讯】（记者 陈燕青）再有港股拟私有化，五矿地产宣布将私有化退市。根据统计，截至10月24 日，年内已有21家港股公司完成私有化退市，包括北京建设、复星旅游文化、粤丰环保、中粮包装等。在公 布私有化方案后，绝大多数公司股价大涨。业内认为，港股私有化退市大多和成交低迷、丧失融资能力、战 略转型等原因有关。 恒生银行 恒生银行-R 五矿地产 迪生创建 分时图 日K线 周K线 月K线 151.70 -0.10 -0.07% 0.33% 0.22% 0.11% 0.00% 0.11% 0.22% 0.33% 151.30 151.47 151.63 151.80 15 ...

Core Viewpoint - The company, Wuzhou International (00230), reported a significant decline in contract sales for the first nine months of 2025, with a total of approximately 3.22 billion RMB, reflecting a year-on-year decrease of about 24.2% [1] Group 1 - The total contract sales amount for the first nine months was approximately 3.22 billion RMB [1] - The total floor area of the contracts was about 190,000 square meters, which represents a year-on-year decrease of approximately 14.4% [1]

Core Viewpoint - The company reported a significant decline in contract sales for the first nine months of 2025, indicating potential challenges in the real estate market [1] Group 1: Financial Performance - The company, along with its subsidiaries, joint ventures, and associates, recorded a contract sales amount of approximately 3.22 billion RMB for the first nine months of 2025 [1] - The total contracted floor area associated with these sales was about 190,000 square meters [1] - Year-on-year, the contract sales amount and total floor area decreased by approximately 24.2% and 14.4%, respectively [1]

五矿地产(00230)发布公告，公司连同其附属公司、合营公司及联营公司的2025年首9个月取得合约销售 额约32.2亿元人民币，相应合约总楼面面积约19.0万平方米，分别按年下降约24.2%及约14.4%。 ...

本公司公佈，本公司連同其附屬公司、合營公司及聯營公司之二零二五年首九個 月錄得合約銷售額約 32.2 億元人民幣，相應合約總樓面面積約 19.0 萬平方米， 分別按年下降約 24.2%及約 14.4%。 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之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不會就本公告全部或任何部分內容而產生或因倚賴該 等內容而引致之任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） (股份代號：230) 截至二零二五年九月三十日止九個月物業銷售簡報 五礦地產有限公司（「本公司」）根據香港法例第571章證券及期貨條例第XIVA 部項下內幕消息條文(定義見香港聯合交易所有限公司證券上市規則（「上市規 則」））及上市規則第13.09(2)(a)條發出本公告。 免責聲明 上述銷售數據未經審核，乃根據初步內部資料編製，鑒於收集及整理該等銷售資 料過程中存在各種不確定因素，該等銷售數據與本公司按年度或半年度刊發的經 審核或未經審核綜合財務報表中披露的數字可能存在差異。因此，該等數據僅供 投資者參考，它們並不能成為或被視為出售或購買本公司任何證券或金融產品的 邀請 ...

Core Viewpoint - China Minmetals Corporation's subsidiary, Minmetals Land Co., Ltd., plans to privatize due to the loss of its listing platform advantage and has applied to delist from the Hong Kong Stock Exchange [2][4] Group 1: Privatization Details - The privatization offer is made by June Glory International Limited, a non-wholly owned subsidiary of China Minmetals, proposing to buy shares at HKD 1.000 each, representing a premium of approximately 185.71% over the undisturbed closing price of HKD 0.350 [3][6] - As of the announcement date, Minmetals Land has issued 3,346,908,037 shares, with June Glory holding 2,071,095,506 shares (approximately 61.88%) [3] Group 2: Financial Performance - Minmetals Land has reported cumulative losses exceeding HKD 5.8 billion over the past three years, with significant declines in revenue and increasing net losses [7][8] - The company’s revenue for 2022, 2023, and 2024 is projected at HKD 100.65 million, HKD 126.31 million, and HKD 98.83 million, respectively, with net losses of HKD 13.60 million, HKD 5.26 million, and HKD 37.48 million [7] Group 3: Market Reactions and Future Strategies - Following the announcement, Minmetals Land's stock surged by 91.84% on October 24, indicating strong market interest and speculation regarding its future direction, particularly the potential integration with another subsidiary, China Metallurgical Group [2][8] - The company aims to enhance operational flexibility and focus on long-term strategic planning post-privatization, adapting to the ongoing challenges in the real estate sector [8][9]

Core Insights - *ST Yunwang (002306.SZ) released its Q3 2025 financial report on October 25, 2025, indicating the current status of institutional investors' holdings [1] Summary by Categories Institutional Holdings - As of October 24, 2025, there are 2 institutional investors disclosing their holdings in *ST Yunwang A-shares, with a total holding of 155 million shares, representing 17.88% of the total share capital [1] - The institutional investors include Shanghai Zhenxi Enterprise Management Consulting Partnership (Limited Partnership) and Hangzhou Noke Longen Enterprise Management Consulting Partnership (Limited Partnership) [1] - The total holding percentage by institutional investors remains unchanged at 17.88% [1]

Core Viewpoint - Wuzhou Real Estate has announced a privatization plan at a price of HKD 1 per share, following three consecutive years of losses and a significant increase in net debt ratio, indicating a strategic shift due to the loss of financing capabilities and low trading volume [2][4][7]. Group 1: Financial Performance - Wuzhou Real Estate has reported losses of HKD 13.62 billion, HKD 10.16 billion, and HKD 35.21 billion from 2022 to 2024, totaling over HKD 58 billion in cumulative losses [7]. - As of mid-2025, the company's total liabilities reached HKD 304.02 billion, with a net debt ratio of 215.4% and cash equivalents of HKD 19.83 billion [7]. - The average daily trading volume over the past 12 months was approximately 440,000 shares, indicating severely diminished liquidity [4]. Group 2: Privatization and Strategic Shift - The privatization is driven by the controlling shareholder, China Minmetals, which holds 61.88% of Wuzhou Real Estate's shares through June Glory International Limited, with a total cost of approximately HKD 12.76 billion, representing a 104.08% premium over the stock price before suspension [4]. - The company has not raised capital through the market since 2009, and the announcement of privatization marks the end of its public listing journey [3][4]. - The strategic focus of China Minmetals has shifted towards core businesses in metal mining and metallurgy, leading to a reduction in resources allocated to Wuzhou Real Estate [4]. Group 3: Business Operations and Challenges - Wuzhou Real Estate's contract sales have plummeted from a peak of HKD 26 billion in 2021 to HKD 2.29 billion in the first half of 2025 [3]. - The company has faced challenges in its urban integration projects, which have long payback periods and have not alleviated current financial pressures [4][5]. - Despite some growth in property management and construction services, these segments contributed only 11.8% to total revenue, insufficient to counteract the decline in real estate development [5]. Group 4: Debt Management and Future Outlook - To alleviate liquidity pressures, Wuzhou Real Estate has not acquired new land for two consecutive years and has focused on cost-cutting measures, reducing marketing expenses by 49.2% in the first half of 2025 [8]. - The company is restructuring its borrowing framework, increasing the proportion of RMB loans while reducing foreign loans, and has signed a three-year loan agreement for HKD 1 billion to replace maturing debts [8][9]. - Post-privatization, common strategies for debt management may include debt-to-equity swaps, project sales, and attracting strategic investors [9].