FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 光大永年有限公司 （於英屬維爾京群島註冊成立並以存續方式在開曼群島註冊的有限公司） 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03699 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | USD | | 0.1 USD | | 400,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 4,000,000,000 | USD | | 0.1 USD | | ...

Group 1 - The wealth story of Wang Jianlin and his son Wang Sicong is experiencing a dramatic reversal, transitioning from significant success to facing asset auctions [1][3] - Wang Sicong's stake in Maijie Culture is set to be auctioned at a low price of 107,500 yuan, while Wang Jianlin's Shanghai Wanda Microfinance Co., Ltd. will have 70% of its shares auctioned starting at 510 million yuan [4] - As of September 2023, Wanda Group has accumulated an execution amount exceeding 9.2 billion yuan, contrasting sharply with Wang Jianlin's previous status as China's richest person with a net worth of 221.1 billion yuan in 2017 [6] Group 2 - Shanghai Wanda Microfinance, established in 2016, has total assets of 358 million yuan but liabilities of 430 million yuan, indicating a negative net worth [6] - Wang Sicong's investment firm, Pusi Investment, holds an 8% stake in Maijie Culture, which has a negative valuation of -1.6662 million yuan, meaning the buyer would inherit debt [9] - Wanda is undergoing a comprehensive strategic contraction, planning to sell over 80 Wanda Plazas by the end of 2025 to recover funds, indicating a potential strategic choice to shrink its financial footprint [11][13]

Group 1 - The wealth story of Wang Jianlin and his son Wang Sicong is experiencing a dramatic reversal, transitioning from significant wealth to asset liquidation [1][3] - Wang Sicong's stake in Maijie Culture is set to be auctioned at a low price of 107,500 yuan, while Wang Jianlin's Shanghai Wanda Microfinance Co., Ltd. will have 70% of its shares auctioned starting at 510 million yuan [4] - As of September 2023, Wanda Group has accumulated a total execution amount exceeding 9.2 billion yuan, contrasting sharply with Wang Jianlin's past status as China's richest person with a net worth of 221.1 billion yuan in 2017 [6] Group 2 - Shanghai Wanda Microfinance, established in 2016, is a key licensed institution within Wanda's financial sector, but as of September 2023, it has total assets of 358 million yuan and liabilities of 430 million yuan, indicating financial distress [6] - Wang Sicong's investment firm, Pusi Investment, holds an 8% stake in Maijie Culture, which has a negative valuation of -1.6662 million yuan, meaning any buyer would inherit debt [9] - Wanda is undergoing a comprehensive strategic contraction, planning to sell over 80 Wanda Plazas by the end of 2025 to recover funds, indicating a potential strategic choice to shrink its financial footprint [11] Group 3 - The transition from rapid expansion to rational contraction in the Wang family’s wealth reflects not only their individual fate but also the broader changes in the business environment [13]

Group 1 - Wang Sicong's asset under Beijing Pusi Investment Co., Ltd. is being auctioned, with an assessed value of -1.6662 million yuan and a starting price of 107,500 yuan [1] - Beijing Pusi Investment, fully owned by Wang Sicong, holds a 10% stake in Maiji Cultural Communication Co., Ltd., which has faced significant layoffs and store closures in 2024 [2] - Wang Sicong's investment journey began with a capital injection of 500 million yuan from his father, Wang Jianlin, leading to the establishment of Beijing Pusi Investment and investments in various projects [4] Group 2 - Wang Sicong's most successful project was Panda Interactive Entertainment, which was valued at 5 billion yuan at its peak, but has since faced financial difficulties, leading to Wang being restricted from high consumption [4] - Many of Wang Sicong's associated companies have been deregistered, leaving only about 10 active companies out of 54 [7] - Wanda Group, Wang Jianlin's company, is also struggling with debt and has been selling assets, including 48 Wanda Plazas, but the debt crisis remains unresolved [7]

Group 1: Monetary Policy and Market Operations - The People's Bank of China (PBOC) held its 111th monetary policy committee meeting on December 18, 2025, discussing the integration of incremental and stock policies to enhance monetary policy effectiveness and maintain liquidity [2] - On December 24, the PBOC announced a 400 billion yuan Medium-term Lending Facility (MLF) operation to ensure ample liquidity in the banking system, marking the 10th consecutive month of increased MLF operations [3] - The PBOC and eight other departments issued guidelines to support the high-quality development of the Western Land-Sea New Corridor, proposing 21 key measures to enhance financial collaboration and innovation [3] Group 2: Real Estate Policy Adjustments - Beijing's housing policy was adjusted to allow non-resident families to purchase homes within the Fifth Ring Road after paying social insurance or income tax for at least two years, and for homes outside the Fifth Ring Road for at least one year [5] - Families with two or more children can buy an additional home within the Fifth Ring Road under the existing housing purchase restrictions [5] Group 3: Employment and Economic Indicators - The U.S. Department of Labor reported that initial jobless claims fell to 214,000, indicating a stable labor market, while continuing claims rose to 1.923 million, exceeding expectations [6] - Consumer confidence index in the U.S. has declined for five consecutive months, reflecting concerns about the job market, which may impact future consumer spending [6] Group 4: Bond Market Dynamics - The bond market experienced fluctuations, with the yield on the 10-year government bond remaining stable at 1.8350% and the 10-year policy bank bond yield decreasing by 0.05 basis points to 1.8975% [12] - On December 24, the secondary market saw significant movements, with a notable increase in the price of the "22 Vanke 04" industrial bond by over 18% [13] Group 5: Convertible Bonds and Equity Market - The convertible bond market saw major indices rise, with the China Convertible Bond Index increasing by 0.71% and trading volume reaching 758.99 billion yuan, up by 45.67 billion yuan from the previous day [22] - The A-share market also experienced gains, with the Shanghai Composite Index rising by 0.53%, supported by strong performances in the aerospace and semiconductor sectors [22] Group 6: International Bond Market - U.S. Treasury yields generally declined, with the 2-year yield down by 1 basis point to 3.47% and the 10-year yield down by 3 basis points to 4.15% [25] - In the European bond market, the 10-year government bond yields showed mixed trends, with France's yield increasing by 1 basis point while Spain's decreased by 1 basis point [28]

Core Insights - The opening of Jinan Century Avenue Wanda Plaza marks the first fourth-generation Wanda Plaza in Shandong, emphasizing a blend of ecological sustainability and commercial vitality, attracting 180,000 visitors and generating nearly 10 million yuan in sales on its first day [1] Group 1: Ecological Space and Design - The project integrates Jinan's natural resources and urban characteristics, creating a design that emphasizes ecological foundations and innovative spaces, including three garden courtyards [2] - The design features a "Tidal Gravity Garden" that transforms throughout the day, providing a social space for various activities and events [3] - An outdoor forest park of approximately 10,000 square meters caters to diverse age groups, including pet-friendly areas and children's play zones [4] - The "Three-Dimensional Mountain Spring Garden" incorporates local cultural elements and vertical landscaping to enhance consumer experiences [5] - The project extends natural elements indoors, creating a "treasure hunt" experience throughout the space [6] Group 2: Diverse Consumption Scenarios - The commercial space focuses on being a "quality social life center" and a "family-friendly growth center," featuring 178 brands, including 11 first stores in Shandong and 17 in Jinan [7] - The project collaborates with major brands to create a 2,700 square meter panoramic brand theater, enhancing the integration of space and business [9] - Unique brand experiences are emphasized, with customized store designs that reflect local culture and aesthetics [10] - A comprehensive dining matrix includes 70 brands, providing a variety of food and beverage options for all-day socializing [11] - Family-oriented offerings include educational and recreational facilities, creating a one-stop experience for parents and children [12] Group 3: Cultural Empowerment and Emotional Engagement - The project aims to create emotional connections through art, culture, and sustainable practices, transforming static spaces into engaging environments [13] - A national first exhibition, "Mystical Secret Realm," and a themed market with over 40 brands promote sustainable living [13] - Future events will include cultural festivals and community activities, enhancing the project's role in local cultural engagement [13] Group 4: Conclusion - The Jinan Century Avenue Wanda Plaza represents a significant shift towards integrating ecology, culture, and commerce, breaking traditional commercial models and enhancing consumer experiences [14] - The project aligns with Jinan's strategic goals, serving as a hub for cultural dissemination, leisure, and social interaction, contributing to the overall urban development [14]

天眼查工商信息显示，近日，济南高新万达广场置业有限公司发生工商变更，大连万达商业管理集团股 份有限公司退出股东行列，新增山东历城城市发展集团有限公司全资持股，同时该公司法定代表人及高 管均发生变更。济南高新万达广场置业有限公司成立于2014年3月，注册资本6250万人民币，经营范围 包括房地产开发、经营，自有房屋销售，以自有资金投资等。 ...

Core Insights - Nanjing Wanda Mao Investment Co., Ltd. underwent a business change on December 10, with the original shareholder, Kunhua (Tianjin) Equity Investment Partnership, exiting and Shanghai Wanda Ruichi Enterprise Management Co., Ltd. becoming the sole shareholder [1] - The company was established on December 24, 2014, with a registered capital of 1.442 billion yuan, primarily engaged in the development and operation of commercial complexes, with a total investment of 15 billion yuan for the Nanjing Wanda Mao project, which includes 304,000 square meters of commercial space and a 520-meter indoor pedestrian street that opened in 2018 [1] - Shanghai Wanda Ruichi has also taken over Yantai Zhifu Wanda Plaza Co., Ltd. and subsequently transferred its shares to Suzhou Lianshang Jiuhao Commercial Management Co., Ltd. [1] Company Transactions - The analysis indicates that the recent asset transactions involving fixed assets are common, and if insurance capital directly transfers assets to state-owned Suzhou Lianshang Jiuhao, it may face issues regarding fair pricing and compliance [2] - Wanda is expected to continue divesting non-core, low-margin, and low-growth projects while potentially repurchasing core, high-traffic, and high-rent projects for a possible overall listing of commercial management or expansion of consumer infrastructure REITs by 2026 [2] - From 2023 to 2025, Wanda Commercial Management plans to sell over 80 Wanda Plazas to alleviate financial pressure, including a significant sale of 48 plazas in May 2025 [2] Investment Activities - Kunhua Investment was established in December 2023, with a fund size of 10 billion yuan, where New China Life Insurance holds 99.99% and CICC Capital holds 0.01% [3] - Other insurance capital entities have shown strong interest in investing in Wanda Plaza projects, with Sunshine Insurance acquiring six plazas in various cities and Dajia Insurance taking over multiple plazas, including those in Shanghai and Xining [3]

Core Insights - The article discusses the recent changes in ownership of Nanjing Wanda Mao Investment Co., Ltd., with Shanghai Wanda Ruichi Enterprise Management Co., Ltd. becoming the sole shareholder after the exit of Kunhua (Tianjin) Equity Investment Partnership [1] - It highlights the ongoing trend of Wanda Group divesting non-core assets while retaining high-value properties for potential future listings or REIT expansions [2] Group 1: Company Changes - On December 10, 2023, Nanjing Wanda Mao Investment Co., Ltd. underwent a business change, with Kunhua (Tianjin) Equity Investment Partnership exiting and Shanghai Wanda Ruichi Enterprise Management Co., Ltd. taking full ownership [1] - The company was established on December 24, 2014, with a registered capital of 1.442 billion RMB, primarily engaged in the development and operation of commercial complexes [1] - The total investment for the Nanjing Wanda Mao project is 15 billion RMB, featuring 304,000 square meters of commercial space and a 520-meter indoor pedestrian street, which opened in 2018 [1] Group 2: Asset Transactions - Shanghai Wanda Ruichi Enterprise Management Co., Ltd. recently took over Yantai Zhifu Wanda Plaza Co., Ltd. and subsequently transferred its shares to Suzhou Lianshang Jiuhao Commercial Management Co., Ltd. [1] - In July 2022, Dalian Wanda Commercial Management Group exited Yantai Zhifu Wanda Plaza, with Kunhua (Tianjin) Equity Investment Partnership and Kunyuanchengxing (Xiamen) Investment Management Consulting Co., Ltd. becoming new shareholders [1] - The Yantai Zhifu Wanda Plaza Co., Ltd. was established on November 10, 2010, with a registered capital of 708 million RMB, focusing on leasing and operating its own properties [1] Group 3: Investment Trends - Analysts note that the recent asset transactions are common bridge operations involving fixed assets, with concerns about fair pricing and compliance when transferring assets to state-owned enterprises [2] - It is anticipated that Wanda will continue to divest low-margin, low-growth projects while potentially repurchasing core, high-traffic, high-rent properties for future strategic initiatives [2] - From 2023 to 2025, Wanda plans to sell over 80 Wanda Plazas to alleviate financial pressure, including a significant sale of 48 plazas in May 2025 [2] Group 4: Kunhua Investment - Kunhua Investment was established in December 2023, with a partnership between New China Life Insurance and CICC Capital, holding 99.99% and 0.01% stakes, respectively [3] - In January 2024, New China Life announced a partnership with CICC Capital to establish a fund with a total size of 10 billion RMB, with New China Life committing 9.999 billion RMB [3] - Other insurance companies, such as Sunshine Insurance and Dajia Insurance, have also shown interest in acquiring Wanda Plaza projects across various locations [3]

【万达赎回南京万达茂股权】智通财经12月11日电，据企查查信息，南京万达茂投资有限公司12月10日 发生工商变更，原股东坤华（天津）股权投资合伙企业（有限合伙）退出，新增上海万达锐驰企业管理 有限公司为全资股东，同时主要成员发生变更。公开资料显示，大连万达商业管理集团股份有限公司持 有上海万达锐驰企业管理有限公司100%股权，而南京万达茂立于2014年，注册资本14.42亿元。2024年 9月，大连万达商业管理集团股份有限公司退出该公司股东，由坤华（天津）股权投资合伙企业（有限 合伙）接盘全部股权。（智通财经记者 王海春） 转自：智通财经 ...