Core Viewpoint - The article discusses the recent asset repurchase by Wanda Group, marking a shift from its previous strategy of selling off assets to improve cash flow, indicating potential changes in the company's financial situation [3][4]. Group 1: Asset Repurchase - Wanda Group has repurchased the equity of Yantai Zhifu Wanda Plaza, which was previously sold to a subsidiary of Xinhua Insurance, indicating a return of ownership to Wanda [3][4]. - The repurchase is seen as a significant move, as it is the first buyback after a series of asset sales, raising questions about the company's financial health [4]. Group 2: Asset Sales - Since 2023, Wanda has sold over 80 Wanda Plazas, including four in 2023 and 26 in 2024, with a major deal involving 48 plazas sold to a consortium of 13 companies, including Tencent and JD.com [5][6]. - The asset sales are primarily driven by the need for liquidity, with Wanda facing over 439 billion yuan in short-term debts due by September 2024, while having only 151 billion yuan in cash [6]. Group 3: Financial Situation - The article highlights that Wanda's strategy of selling assets is a response to significant financial pressures, including a high level of debt and cash flow challenges [6]. - The recent large-scale sale of 48 plazas is expected to provide substantial cash inflow to help manage debts while allowing Wanda to retain operational control over the properties [6].

Core Viewpoint - Wanda Group is undergoing a significant shift in its asset disposal strategy, marking a rare turnaround by reclaiming ownership of a Wanda Plaza after previously divesting over 40 such properties [1] Company Developments - On December 3, a business change was recorded for Yantai Zhifu Wanda Plaza Co., Ltd., with Dalian Wanda Commercial Management Group Co., Ltd. becoming the wholly-owned controlling shareholder [1] - Several senior executives have also changed, indicating a potential restructuring within the company [1] Financial Context - Wanda Group has been facing considerable debt pressure, with over 5.2 billion yuan in total amounts executed against it, as indicated by data from Qichacha [1] - To address its financial challenges, Wanda Group has repeatedly sold off its Wanda Plaza projects [1]

Core Insights - Wanda has initiated a core asset buyback, marking a significant shift from its previous asset disposal strategy [1][2] - The buyback involves the redemption of Yantai Zhifu Wanda Plaza, with Wanda's subsidiary, Wanda Ruichi, becoming the sole shareholder [1] - The company has significantly reduced its debt pressure through asset sales, with domestic debts cleared and only one overseas bond remaining [2] Group 1: Asset Transactions - Wanda's asset buyback is part of a broader strategy to recover funds and reduce liabilities, transitioning from a heavy asset model to a lighter one [1][2] - The company has engaged in multiple transactions with Kunhua, which is backed by New China Life Insurance and CICC Capital, facilitating the management of a 10 billion yuan real estate fund [2][3] - Since its establishment, Kunhua has acquired nine Wanda Plazas from Wanda, with a total subscribed capital exceeding 3 billion yuan [3] Group 2: Strategic Implications - The transactions between Wanda and Kunhua resemble a "strategic borrowing," allowing Wanda to quickly recover funds while retaining operational control over the assets [4] - This approach enables Wanda to alleviate financial pressure while maintaining business continuity and stability [4] - Industry experts speculate that if Wanda continues to redeem more Wanda Plazas, it would indicate a recovery from its financial difficulties [4]

Core Insights - Wanda Group has redeemed a Wanda Plaza for the first time after selling over 40 plazas, indicating a potential shift in strategy [3] - The new controlling shareholder of Yantai Zhifu Wanda Plaza is Shanghai Wanda Ruichi Enterprise Management Co., Ltd., which is fully owned by Wanda Commercial Management Group [2][3] - Wanda Commercial Management Group has faced significant debt issues and has been actively selling assets to manage its financial situation [4] Company Changes - On December 2, Yantai Zhifu Wanda Plaza Co., Ltd. underwent a business change, with the exit of two shareholders and the addition of Shanghai Wanda Ruichi as the sole controlling shareholder [2] - Shanghai Wanda Ruichi was established in 2023 with a registered capital of 50 million RMB, and is fully owned by Wanda Commercial Management Group [3] - The registered capital of Wanda Commercial Management Group is approximately 27.164 billion RMB, and it provides commercial management services for Wanda Plazas nationwide [3] Asset Sales and Financial Maneuvering - In May, regulatory approval was granted for a consortium including Tencent and others to acquire 100% equity of 48 Wanda Plaza project companies [4] - A private equity fund named Suzhou Kuanyu Equity Investment Fund was established with a total investment of 22.429 billion RMB specifically for the acquisition of these plazas [4] - The 48 plazas are located in major cities such as Beijing, Shanghai, Guangzhou, and others, indicating a significant footprint in key urban markets [6] Recent Developments - Wanda Commercial Management has continued to divest assets, including the sale of Guangzhou Zengcheng Wanda Plaza and the auction of the Shanghai Fengxian Fuli Wanda project [7] - The recent changes in shareholder structure and asset sales reflect ongoing efforts to stabilize the company's financial position amidst a challenging market environment [4][7]

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11月30日 狀態: 新提交 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: 2025年12月1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 | | 400,000,000 | ...

蔡先生辞任后，独立非执行董事何先生获委任为公司审核委员会主席及投资委员会成员以接替蔡先生， 自2025年11月19日起生效。 智通财经APP讯，光大永年(03699)发布公告，蔡大维先生(蔡先生)自2025年11月19日起辞任独立非执行 董事。何贵清先生(何先生)获委任为独立非执行董事，自2025年11月19日起生效。 （原标题：光大永年(03699)：何贵清获委任为独立非执行董事） ...

蔡先生辞任后，独立非执行董事何先生获委任为公司审核委员会主席及投资委员会成员以接替蔡先生， 自2025年11月19日起生效。 光大永年(03699)发布公告，蔡大维先生(蔡先生)自2025年11月19日起辞任独立非执行董事。何贵清先生 (何先生)获委任为独立非执行董事，自2025年11月19日起生效。 ...

此外，何贵清获委任为独立非执行董事，自2025年11月19日起生效。蔡大维辞任后，独立非执行董事何 贵清获委任为审核委员会主席及投资委员会成员以接替蔡先生，自2025年11月19日起生效。 格隆汇11月19日丨光大永年(03699.HK)发布公告，蔡大维自2025年11月19日起辞任独立非执行董事，以 投放更多时间于其他业务承担。 ...

（股份代號：3699） （下稱「本公司」） 董事名冊及其職責與職能 本公司董事會（「董事會」）成員載列如下： EVERBRIGHT GRAND CHINA ASSETS LIMITED 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） 執行董事： 劉嘉先生 （主席） 馬賀明先生 董事會已成立四個委員會。下表載列各董事會成員任職的委員會之成員資料。 | 董事委員會 | 審核委員會 | 薪酬委員會 | 提名委員會 | 投資委員會 | | --- | --- | --- | --- | --- | | 董事會 | | | | | | 劉嘉先生 | | 委員 | | 主席 | | 馬賀明先生 | | | 委員 | 委員 | | 尹俊妍女士 | | | 委員 | | | 何貴清先生 | 主席 | | | 委員 | | 石禮謙先生 | 委員 | | 主席 | | | 李佐雄先生 | 委員 | 主席 | 委員 | 委員 | | 汪長禹先生 | | 委員 | 委員 | 委員 | 香港，2025年11月19日 莊民榮先生 尹俊妍女士 獨立非執行董事： 何貴清先生 石禮謙先生 李佐雄先生 汪長 ...

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。 （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） （股份代號：3699） 獨立非執行董事之辭任及委任 以及董事委員會組成之變動 獨立非執行董事之辭任 光大永年有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈，蔡大維先生 （「蔡先生」）自2025年11月19日起辭任獨立非執行董事，以投放更多時間於彼之 其他業務承擔。 EVERBRIGHT GRAND CHINA ASSETS LIMITED 光大永年有限公司 何先生，64歲，自2025年11月19日起獲委任為獨立非執行董事。何先生自2021 年3月起擔任普域商品市場有限公司的聯合創辦人及首席執行官。何先生於 2014年1月至2014年11月擔任東英亞洲證券有限公司的首席營運總監；於2008 年12月至2014年1月擔任香港商品交易所有限公司（「商交所」）的合規總監；於 2008年2月至2008年11月擔任新鴻基證券有限公司的業 ...