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].

Core Points - Dalian City Holdings (000031) reported a closing price of 3.32 RMB on November 18, 2025, down 2.64% from the previous trading day, with a total market capitalization of 14.231 billion RMB [1] - The company announced plans for its subsidiary, Youcheng Co., to apply for a loan of up to 4.2 billion RMB from China Merchants Bank, necessitating the opening of an interest reserve account and collateralization [1] - The shareholder, Liyun Co., will provide a guarantee with its 100% equity stake in Youcheng, which had a book value of 11.888 billion RMB as of September 30, 2025 [1] - The pledge agreement has not yet been signed, and subsequent procedures will be carried out according to financing arrangements [1] - The asset pledge has undergone the necessary decision-making processes and complies with legal regulations, with no significant adverse impact on the company's governance, daily management, operations, or debt repayment capacity [1]

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]

债券简称：22 大悦 01 债券代码：148102.SZ 股票简称：大悦城 股票代码：000031.SZ 债券简称：25 大悦 04 债券代码：134377.SZ 债券简称：25 大悦 03 债券代码：134376.SZ 债券简称：23 大悦 01 债券代码：148174.SZ 债券简称：22 大悦 02 债券代码：148141.SZ 中信证券股份有限公司关于 大悦城控股集团股份有限公司重大资产质押的 临时受托管理事务报告 发行人 深圳市宝安区新安街道 3 区龙井二路 3 号中粮地产集团中心第 1 层 本报告依据《公司债券发行与交易管理办法》《深圳证券交易所公司债券 上市规则》《大悦城控股集团股份有限公司 2022 年面向专业投资者公开发行公 司债券受托管理协议》《大悦城控股集团股份有限公司 2022 年面向专业投资者 公开发行公司债券债券持有人会议规则》《大悦城控股集团股份有限公司 2025 年面向专业投资者非公开发行公司债券（第二次）受托管理协议》《大悦城控 股集团股份有限公司 2025 年面向专业投资者非公开发行公司债券（第二次）债 券持有人会议规则》及其它相关公开信息披露文件以及大悦城控股集团股份有 ...

债券简称：22 大悦 01 债券代码：148102.SZ 中信证券股份有限公司关于 大悦城控股集团股份有限公司重大资产抵质押的 临时受托管理事务报告 签署日期：2025 年 11 月 股票简称：大悦城 股票代码：000031.SZ 债券简称：25 大悦 04 债券代码：134377.SZ 债券简称：25 大悦 03 债券代码：134376.SZ 债券简称：23 大悦 01 债券代码：148174.SZ 债券简称：22 大悦 02 债券代码：148141.SZ 发行人 深圳市宝安区新安街道 3 区龙井二路 3 号中粮地产集团中心第 1 层 101 室 受托管理人 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 声明 本报告依据《公司债券发行与交易管理办法》《深圳证券交易所公司债券 上市规则》《大悦城控股集团股份有限公司 2022 年面向专业投资者公开发行公 司债券受托管理协议》《大悦城控股集团股份有限公司 2022 年面向专业投资者 公开发行公司债券债券持有人会议规则》《大悦城控股集团股份有限公司 2025 年面向专业投资者非公开发行公司债券（第二次）受托管理协议》《大悦城控 股集团股份有限公司 2 ...

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金周期紧密相连。公司成立于1992年，早期以区 域商业项目开发运营为核心，逐步积累了商业地产开发与管理经验。2013年，公司以"中粮置地控股"之名借壳"侨福企业"登陆香港联交所，后更名为大悦城 地产，正式开启资本市场征程。彼时，中国商业地产正值快速发展期，大悦城凭借精准的定位和优质的项目储备，在北京西单、北京朝阳、上海静安等核心 城市核心商圈打造了多个标杆项目，以年轻时尚的商业定位吸引了大量客流，租金收入持续保持稳健增长，成为央企商业地产领域的标杆企业之一。 2019年，中粮系启动重大资产重组，A股上市的大悦城控股（000031.S ...

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 - The privatization decision of Joy City Property, a subsidiary of COFCO Group, has been approved, marking the end of its 12-year listing on the Hong Kong Stock Exchange, with the delisting scheduled for November 27, 2023 [1][3]. Group 1: Privatization Details - The privatization process has been approved after four months of progress, with a total buyback amount of approximately HKD 29.32 billion, at a price of HKD 0.62 per share for non-affiliated shareholders [3][5]. - Post-privatization, Joy City Holdings' ownership will increase to 96.13%, while the stake of its subsidiary, De Mao, will decrease to 3.87%, leading to effective full control of the platform [3][4]. - Joy City Property, established in 1992 and listed in 2013, has developed a nationwide presence with 32 commercial projects across major urban clusters in China [4]. Group 2: Motivations for Privatization - The privatization is a strategic response to the cyclical downturn in the real estate market, which has pressured liquidity and market performance [5][6]. - Joy City Holdings aims to simplify governance and improve operational efficiency by consolidating control over its real estate platform, reducing regulatory compliance costs [5][6]. - Financially, Joy City Holdings has faced significant losses over the past three years, totaling over 7 billion yuan, making this privatization a crucial step towards improving profitability [5][6]. Group 3: Industry Context - The trend of privatization among real estate companies has been growing, with several firms opting to delist from the Hong Kong Stock Exchange due to market pressures and operational challenges [7]. - Key factors driving this trend include insufficient stock liquidity, narrowed financing channels, and the need for companies to adapt to a challenging market environment [7]. - The real estate sector is undergoing significant adjustments, and the trend of privatization is expected to continue over the next 2-3 years as companies seek to optimize operations and respond to market changes [7].

Core Viewpoint - Dalian Wanda Commercial Properties has received shareholder approval for privatization, with plans to delist from the Hong Kong Stock Exchange effective November 27, 2023 [1][4]. Group 1: Privatization and Delisting - The court meeting held on November 17 saw 30 representatives voting in favor of the delisting, holding a total of 2.67 billion shares, while 4 representatives opposed it with 16.78 million shares [2]. - Dalian Wanda Commercial Properties has a total of 14.23 billion shares issued, with 4.73 billion shares eligible for voting at the court meeting [1]. Group 2: Company Overview and Financial Performance - Dalian Wanda Commercial Properties, a subsidiary of COFCO Group, focuses on the development, operation, sales, leasing, and management of mixed-use and commercial properties, including shopping centers, hotels, and office buildings [4]. - As of mid-2025, the company has established a presence in 24 cities in mainland China and Hong Kong, managing 32 commercial projects [4]. - In 2024, the company reported revenue of 19.83 billion yuan, a year-on-year increase of 49.42%, but recorded a net loss of 290 million yuan, marking its first loss in years [4]. Group 3: Strategic Rationale for Privatization - The company aims to enhance its equity position and improve overall operational efficiency through the privatization process, which is expected to optimize resource allocation across different business segments [4]. - The decision to delist is attributed to market performance fluctuations and liquidity pressures resulting from cyclical industry developments [4].

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]