Core Viewpoint - On October 24, Minmetals Land's stock surged over 90% upon resuming trading after the announcement of its privatization plan and delisting from the Hong Kong Stock Exchange [1] Company Summary - Minmetals Land announced its intention to privatize and apply for the cancellation of its listing status on the Hong Kong Stock Exchange, with shares to be canceled at a price of HKD 1 per share [1] - The company is a subsidiary of China Minmetals Corporation and is one of the first 16 state-owned enterprises designated by the State-owned Assets Supervision and Administration Commission (SASAC) to focus on real estate [1]

Core Viewpoint - Wuzhou International Holdings (0230.HK) resumed trading with a significant increase of 91.84%, opening at HKD 0.94, following the announcement of a privatization proposal by its major shareholder, Wuzhou Hong Kong [1] Group 1 - The major shareholder has proposed to privatize the company through a scheme arrangement, offering a cash price of HKD 1 per share, which represents a premium of 104.08% compared to the last closing price before suspension [1] - The total consideration for the privatization could amount to a maximum of HKD 1.276 billion [1] - Currently, the offeror holds 61.88% of the company's equity [1]

Core Viewpoint - US stock markets saw all three major indices rise, with Chinese concept stocks increasing by 1.66% [1] Group 1: Market Performance - Hong Kong's three major indices opened higher, with the Hang Seng Index up by 0.81%, the National Index up by 0.86%, and the Hang Seng Tech Index up by 1.36% [1] - Large technology stocks experienced a broad increase, including Alibaba rising by 2%, Meituan by 1.3%, and Tencent, Baidu, JD.com, and Xiaomi each rising by approximately 1% [1] Group 2: Commodity and Sector Movements - Spot gold prices surpassed $4,140, leading to a collective rebound in gold stocks [1] - Non-ferrous metal stocks, including Luoyang Molybdenum rising over 4%, Jiangxi Copper increasing nearly 3%, and China Aluminum rising over 2%, also saw gains [1] - Semiconductor, robotics, and photovoltaic stocks experienced increases, while real estate and property management stocks mostly declined [1] Group 3: Notable Stock Movements - Wuzhou International's stock resumed trading with a significant opening increase of over 91% [1] - Apple-related stocks rebounded after previous declines [1]

Core Viewpoint - Minmetals Land (00230) has resumed trading with a significant increase of nearly 92%, following the announcement of a privatization proposal by its major shareholder, Minmetals Hong Kong, offering HKD 1 per share, representing a premium of 104.08% over the last closing price before suspension [1]. Group 1 - Minmetals Land's stock opened high at nearly 92% and is currently trading at HKD 0.94, with a trading volume of HKD 1.87 million [1]. - The privatization proposal involves a cash offer of HKD 1 per share, which totals a maximum of HKD 1.276 billion [1]. - The offeror currently holds 61.88% of the company's equity [1]. Group 2 - Following the successful completion of the privatization, the company plans to apply for the withdrawal of its listing status on the Hong Kong Stock Exchange [1].

Core Points - Wuzhou International (00230) resumed trading with a nearly 92% increase, reaching HKD 0.94, with a trading volume of HKD 1.87 million [1] - The major shareholder, Wuzhou Hong Kong, proposed a privatization plan at a cash price of HKD 1 per share, representing a premium of 104.08% over the last closing price before suspension [1] - The total consideration for the privatization could amount to up to HKD 1.276 billion, with the offeror currently holding 61.88% of the company's equity [1] - Following the completion of the privatization, the company will apply to the Stock Exchange for the withdrawal of its listing status [1]

Core Viewpoint - Minmetals Land (00230.HK) announced that its shares will resume trading today, October 24, 2025 [1] Company Summary - Minmetals Land's shares will resume trading at 9:00 AM on October 24, 2025 [1]

Core Viewpoint - Wuhuan Real Estate (00230.HK) is moving towards privatization and delisting from the Hong Kong Stock Exchange due to continuous financial losses and low stock liquidity, with a proposed buyout price of HKD 1 per share, representing a significant premium over recent trading prices [1][2][5]. Group 1: Privatization Reasons - The privatization proposal aims to provide an exit opportunity for shareholders, as the stock has low liquidity with an average daily trading volume of only 440,000 shares over the past year, which is about 0.03% of the non-related plan shares [5]. - The buyout price offers shareholders a chance to realize their investments at a premium, with a 185.71% premium over the unaffected closing price and a 104.08% premium over the last trading day [2]. - The company has limited capital raising capabilities and has not raised funds through public markets since 2009 due to low trading volumes and undervaluation [6]. - Privatization will allow the company to focus on long-term strategies and resource integration without the pressures of short-term market fluctuations and compliance [6]. - The move is expected to streamline the corporate structure and enhance management efficiency by reducing the complexities associated with being a publicly listed company [6]. Group 2: Financial Performance - Wuhuan Real Estate reported a revenue of HKD 9.883 billion for the fiscal year 2024, a decrease of 21.8% year-on-year, with a net loss of HKD 3.748 billion [8]. - For the first half of 2025, the company’s revenue was HKD 1.976 billion, down 60.7% year-on-year, with a net loss of HKD 580 million [9]. - The company's total assets were HKD 39.372 billion, with a net asset value of HKD 8.969 billion, and cash and bank deposits of HKD 1.983 billion as of mid-2025 [9]. - The debt ratio increased to 77.2%, with a net debt ratio rising to 215.4%, indicating worsening financial health [10]. Group 3: Industry Context - Wuhuan Real Estate is a subsidiary of China Minmetals Corporation, which has a diverse portfolio including nine listed companies and a total revenue of nearly HKD 400 billion [11]. - The real estate sector within China Minmetals is relatively conservative, with Wuhuan Real Estate and China Metallurgical Group as the main platforms for property development [11]. - The performance of another real estate platform, China Metallurgical Group, also shows signs of struggle, with a reported net loss of HKD 1.777 billion for the first half of 2025 [12].

Core Viewpoint - Wuzhou Real Estate (00230.HK) is moving towards privatization and delisting from the Hong Kong Stock Exchange due to continuous losses and low stock liquidity, with a proposed buyout price of HKD 1 per share, representing a significant premium over previous trading prices [2][5][8]. Group 1: Reasons for Privatization - The privatization plan is initiated by June Glory International Limited, a subsidiary of China Minmetals, to provide an exit opportunity for shareholders due to low stock liquidity, with an average daily trading volume of only 440,000 shares over the past year [4][8]. - The buyout price offers shareholders a chance to realize their investments at a premium, with a 185.71% premium over the unaffected closing price and a 104.08% premium over the last trading day [5][8]. - Wuzhou Real Estate has lost its ability to raise capital through public markets, having not issued shares since 2009, which has limited its financing capabilities [10][8]. - Privatization will allow the company to focus on long-term strategies and resource integration without the pressures of short-term market fluctuations and compliance [10][8]. - The move will simplify the corporate structure and enhance management efficiency by reducing compliance complexities associated with being a publicly listed company [10][8]. Group 2: Financial Performance - Wuzhou Real Estate reported a revenue of HKD 9.883 billion for 2024, a decrease of 21.8%, with a net loss of HKD 3.748 billion, indicating ongoing financial struggles [12][13]. - In the first half of 2025, the company’s revenue dropped to HKD 1.976 billion, a 60.7% decline, with a net loss of HKD 580 million [13]. - The company's total assets were HKD 39.372 billion, with a debt ratio of 77.2%, reflecting increasing financial pressure [13][12]. Group 3: Context within China Minmetals - Wuzhou Real Estate's contribution to China Minmetals' overall revenue is minimal, as the group has a diverse portfolio with total revenue nearing HKD 400 billion [15][14]. - China Minmetals operates nine listed companies, with Wuzhou Real Estate being one of the two listed in Hong Kong, indicating a broader strategy in the real estate sector [15][14].

Core Viewpoint - Wuhuan Real Estate (00230.HK) is moving towards privatization and delisting from the Hong Kong Stock Exchange due to continuous financial losses and low stock liquidity, with a proposed buyout price of HKD 1 per share, representing a premium of approximately 185.71% over the unaffected closing price [1][3][6]. Privatization Reasons - The privatization proposal is initiated by June Glory International Limited, a subsidiary of China Minmetals Corporation, aiming to provide an exit opportunity for shareholders due to low stock liquidity, with an average daily trading volume of only 440,000 shares over the past 12 months [3][6]. - The buyout price offers shareholders a chance to realize their investments at a premium, addressing the long-standing undervaluation of the company's shares [3][6]. - Wuhuan Real Estate has lost its ability to raise capital through public markets, having not issued shares since 2009, which has limited its financing capabilities [6]. - Privatization will allow the company to focus on long-term strategies and resource integration without the pressures of short-term market fluctuations and compliance [6]. - The move is expected to streamline the corporate structure and enhance management efficiency by reducing regulatory complexities [6]. Financial Performance - Wuhuan Real Estate reported a revenue of HKD 9.883 billion for the fiscal year 2024, a decline of 21.8%, with a net loss of HKD 3.748 billion, which has prompted management to prioritize survival and risk management [7][8]. - For the first half of 2025, the company’s revenue dropped to HKD 1.976 billion, a 60.7% decrease year-on-year, with a net loss of HKD 580 million [9]. - The company's total assets stood at HKD 39.372 billion, with a debt ratio of 77.2% and a net debt ratio of 215.4%, indicating a deteriorating financial position [10][9]. Industry Context - Wuhuan Real Estate is one of the 16 state-owned enterprises in the real estate sector under the State-owned Assets Supervision and Administration Commission, but its contribution to the overall revenue of China Minmetals Corporation has become negligible [10]. - China Minmetals operates nine listed companies, with a total revenue of nearly HKD 400 billion, indicating a diversified business model that includes metal mining, metallurgical engineering, and real estate [10][11]. - The real estate sector within China Minmetals has been conservative, focusing on steady development and prioritizing efficiency over scale [11].

Major Events - Minglue Technology (02718) plans to offer 7.219 million Class A shares globally from October 23 to October 28, with cornerstone subscriptions amounting to $59 million [1] - Wisco Properties (00230) received a privatization offer from Wisco Hong Kong at a premium of approximately 104.08%, with trading resuming on October 24 [1] - Junyu Foundation (01757) was acquired by China Venture Capital Holdings for 75% of its shares at a discount of about 79.06%, with trading resuming on October 24 [1] - Kangda Foods (00834) was acquired by Gaosi Shi for approximately 54.69% of the company’s shares at a premium of about 16.23%, with trading resuming on October 24 [1] - Hutchison China MediTech (00013) presented data on HMPL-A251 at the AACR-NCI-EORTC International Conference on Molecular Targeted and Cancer Therapeutics [1] - Giant Bio (02367) received a medical device registration certificate for its Type I α1 collagen lyophilized fiber product [1] - Yiming Anke-B (01541) completed the first patient dosing in the Phase IB/II clinical trial of IMM2510 combined with IMM01 [1] - Heng Rui Medicine (01276) received approval to conduct clinical trials for injection of Rikan Trastuzumab [1] - Hansoh Pharmaceutical (03692) had its application for HS-10365 capsule marketing approval accepted by the National Medical Products Administration [1] - Baixin An-B (02185) completed market access and the first commercial surgery for the IBERIS® RDN system in Switzerland [1] - Haotian International Construction Investment (01341) purchased a total of 646 units of Ethereum as of October 23 [1] Share Buybacks/Reductions - Cornerstone Pharmaceuticals-B (02616) saw CEO Yang Jianxin and senior management purchase an additional 1 million shares [2] - Midea Group (00300) repurchased 1.3434 million A shares for approximately 99.998 million yuan on October 23 [2] - China Communications Construction (01800) repurchased 119.45 million A shares for approximately 10.5994 million yuan on October 23 [2] - Mengniu Dairy (02319) repurchased 700,000 shares for approximately 10.0692 million HKD on October 23 [2] - Lianlian Digital (02598) spent about 7.5555 million HKD to repurchase 967,000 shares on October 23 [2] - Lianyi Rong Technology-W (09959) repurchased 2.47 million shares for approximately 7.4137 million HKD on October 23 [2] - Heng Rui Medicine (01276) repurchased 97,500 A shares for approximately 6.2808 million yuan on October 23 [2] - Gushengtang (02273) repurchased 19,860 shares for approximately 5.8634 million HKD on October 23 [2] Operating Performance - Ping An Good Doctor (01833) reported total revenue of approximately 3.725 billion yuan for the first three quarters, a year-on-year increase of 13.6%, and plans to continue expanding AI technology to enhance medical service efficiency and quality [2] - Sands China Ltd. (01928) reported a 7.5% year-on-year increase in net revenue to $1.9 billion for the third quarter [2] - Livzon Pharmaceutical (01513) announced a net profit attributable to shareholders of 1.754 billion yuan for the first three quarters, a year-on-year increase of 4.86% [2] - China Railway Construction (01186) signed new contracts totaling 1.518765 trillion yuan in the first three quarters, a year-on-year increase of 3.08% [2] - Prada (01913) reported net revenue of 4.07 billion euros for the first three quarters, a year-on-year increase of 9% [2] Additional Performance Metrics - Baio Family Interactive (02100) reported 10.2 million active accounts in the third quarter, a year-on-year increase of 37.8% [3] - Anton Oilfield Services (03337) secured new orders worth 1.273 billion yuan in the third quarter [3]