Core Viewpoint - Dalian Wanda's real estate subsidiary, Dalian Wanda Commercial Properties, plans to privatize and delist from the Hong Kong Stock Exchange, offering shareholders a buyback price of HKD 0.62 per share, totaling approximately HKD 29.32 billion, which represents a significant premium over recent trading prices [1][5][6]. Group 1: Privatization Details - Dalian Wanda Commercial Properties, established in 1992 and listed in 2013, is set to end its 12-year presence in the Hong Kong market by submitting a proposal to delist by 2025 [2]. - The buyback will increase Dalian Wanda Holdings' stake in Dalian Wanda Commercial Properties from 64.18% to 96.13%, while the remaining shareholders will hold 3.87% [2][4]. - The company operates primarily in developing and managing urban complexes under the Dalian Wanda brand, with a portfolio that includes 32 projects across major Chinese cities and luxury hotels [3][4]. Group 2: Financial Implications - The transaction is expected to enhance Dalian Wanda Holdings' equity in Dalian Wanda Commercial Properties, potentially improving net profit and operational efficiency [3]. - Dalian Wanda Holdings reported a revenue of approximately CNY 35.79 billion for 2024, a decrease of 2.7% from 2023, with a net loss of CNY 2.98 billion, while Dalian Wanda Commercial Properties had a revenue of CNY 19.83 billion and a net profit of CNY 779 million [4]. Group 3: Market Context and Strategy - The privatization reflects a trend of consolidation within COFCO Group's real estate operations, aiming to streamline governance and improve decision-making efficiency [4][7]. - The long-term strategy post-privatization will focus on enhancing asset quality and cash flow management, shifting away from short-term profit pressures [6][7]. - Dalian Wanda Commercial Properties aims to strengthen its competitive position in the commercial real estate sector by optimizing asset management and operational efficiency [8].

Core Viewpoint - Dalian Wanda Commercial Properties is planning to privatize and delist from the Hong Kong Stock Exchange, offering shareholders a buyback price of HKD 0.62 per share, totaling approximately HKD 29.32 billion, which represents a significant premium over recent trading prices [1][5][9] Group 1: Privatization Details - Dalian Wanda Commercial Properties, established in 1992 and listed in 2013, is set to end its 12-year presence in the Hong Kong market by submitting a proposal to delist by 2025 [5] - The buyback will increase Dalian Wanda Holdings' stake in Dalian Wanda Commercial Properties from 64.18% to 96.13%, while the stake of other shareholders will decrease [5][8] - The company operates primarily in developing and managing urban complexes under the Dalian Wanda brand, with four main business segments: investment properties, property development, hotel operations, and management services [5] Group 2: Financial Implications - Following the transaction, Dalian Wanda Holdings expects to enhance its equity in Dalian Wanda Commercial Properties, which could improve its net profit attributable to shareholders [6] - Dalian Wanda Holdings reported a revenue of approximately CNY 357.91 billion for 2024, a decrease of 2.70% from 2023, with a net loss of about CNY 29.77 billion, a significant improvement of 103.14% [8] - Dalian Wanda Commercial Properties reported a revenue of CNY 198.31 billion for 2024, with a net profit of CNY 7.79 billion and total assets of CNY 1,067.71 billion, alongside total liabilities of CNY 735.78 billion [8] Group 3: Market Context and Strategy - The stock price of Dalian Wanda Commercial Properties has been below HKD 1, making the privatization offer attractive to shareholders, providing a premium of 67.57% over the last closing price [9] - The company has faced challenges in raising funds from the capital market due to low liquidity and a significant discount to net asset value, prompting the need for privatization [9][10] - Experts suggest that privatization will allow Dalian Wanda Commercial Properties to focus on long-term value investments and asset optimization, reducing pressure from short-term financial metrics [10][12] Group 4: Operational Efficiency - The current governance structure complicates decision-making, and privatization is expected to streamline operations and enhance management efficiency [12] - Post-privatization, the company will have greater flexibility in strategic decision-making, allowing for quicker responses to market changes [12] - The focus will shift towards improving asset quality and cash flow management, with a more concentrated investment strategy in core commercial real estate projects [9][12][13] Group 5: Future Outlook - Dalian Wanda Commercial Properties aims to enhance its competitive edge in the commercial real estate sector through asset optimization and operational efficiency [14] - The company is recognized as a leader in experiential retail and cultural trends, with plans to deepen brand value and establish its projects as urban landmarks [14]

Core Viewpoint - The privatization of Joy City Property Limited is seen as a strategic move by Joy City Holdings to optimize its long-term value during a period of deep adjustment in the real estate industry [1][3]. Group 1: Privatization Details - Joy City Holdings announced that its subsidiary, Joy City Property, will repurchase shares for approximately HKD 29.32 billion and plans to delist from the Hong Kong Stock Exchange, ending its 12-year listing history [1][2]. - The share repurchase will allow Joy City Holdings to increase its ownership from 64.18% to 96.13%, effectively gaining almost complete control over Joy City Property [2][3]. - Joy City Property has faced liquidity issues and limited financing capabilities, with its stock price remaining below HKD 1 since May 2018, and an average daily trading volume of less than HKD 3 million prior to suspension [2][3]. Group 2: Financial Performance - Joy City Holdings has reported consecutive losses over the past three years, with total losses amounting to CNY 73.25 billion from 2022 to 2024 [3]. - The company anticipates a turnaround in its financial performance, projecting a net profit of CNY 80 million to CNY 120 million for the first half of 2025, compared to a loss of CNY 364 million in the same period last year [3]. Group 3: Strategic Implications - The privatization is expected to enhance resource allocation and operational efficiency, allowing for better integration of business segments and projects [4][5]. - Joy City Property's delisting will eliminate restrictions imposed by the board or shareholders, thereby shortening decision-making cycles and reducing operational costs [5]. - The move is also anticipated to resolve existing competition issues between Joy City Holdings and Joy City Property, allowing for a more unified operational strategy [5][6]. Group 4: Future Outlook - Post-privatization, Joy City Property aims to focus on improving the operational quality and asset value of its 32 commercial projects across 24 cities [6]. - The integration of resources is expected to unleash the synergistic potential of core business segments, contributing to the long-term development of the company [6].

Financing and Valuation - Quince, a DTC luxury brand, raised approximately $200 million in its latest funding round, achieving a valuation of over $4.5 billion, doubling its valuation since the beginning of the year [3] - The funding round was led by Iconiq Capital, indicating strong confidence in Quince's business model and growth prospects [3] Business Strategy and Expansion - The funds from the latest financing are expected to accelerate product development and international expansion for Quince, strengthening its competitive position in the global market [3] Corporate Transactions - FrieslandCampina announced the sale of its Romanian business to Bonafarm Group as part of its strategy to streamline operations in Europe [5] - The sale includes the Napolact dairy brand and related production facilities, pending regulatory approval [5] Mergers and Acquisitions - The European Commission has paused its antitrust investigation into Mars' $36 billion acquisition of Kellanova, awaiting necessary data from both companies [7] - This acquisition is expected to be Mars' largest since its $23 billion purchase of Wrigley in 2008 [7] Market Dynamics - Joy City announced plans for privatization and delisting from the Hong Kong Stock Exchange, aiming to optimize its governance framework and organizational structure [9] - Adidas reported a 12% increase in global revenue for Q2, reaching €6 billion, with a 58% rise in operating profit [12] Financial Performance - Zegna Group reported a 3.4% decline in revenue for the first half of the year, with a notable drop in wholesale channel income [13] - Unilever's revenue fell by 3.2% in the first half of 2025, with plans to divest its ice cream business and lay off 7,500 employees to cut costs [17] Leadership Changes - Serge Brunschwig left Jil Sander after six months, with Ubaldo Minelli taking over as CEO to ensure strategic continuity [21] - Pamela Takai has been appointed as the head of Nestlé's coffee business in China, expected to bring significant value to the market [23]

Core Viewpoint - Dalian City Real Estate Co., Ltd. plans to repurchase shares at HKD 0.62 per share and suggests delisting from the stock exchange, with a privatization proposal aimed at optimizing governance and enhancing management efficiency [1][2]. Group 1: Company Actions - Dalian City Real Estate will repurchase and cancel 4.73 billion shares, requiring approximately HKD 2.933 billion in funding [1]. - Dalian City Holdings, which owns 64.18% of Dalian City Real Estate, along with its subsidiary, holds a combined 66.76% stake [1]. - The company was suspended from trading on July 18 due to insider information and saw its stock price rise over 40% upon resumption of trading [1]. Group 2: Financial Performance - Since 2020, the net profit attributable to the parent company has declined for five consecutive years, with a projected net loss of CNY 294 million in 2024 [2]. - Despite the losses, the investment property segment has provided stable cash flow, with cash and cash equivalents covering short-term debt more than twice [2]. Group 3: Industry Context - The real estate sector is experiencing cyclical fluctuations, impacting market performance and liquidity for companies like Dalian City Real Estate [2]. - Other real estate firms, such as Huayuan Real Estate and Shouchuang Real Estate, have also opted for privatization or delisting in response to similar challenges [3]. - The reasons for privatization include poor performance affecting listed companies, low stock prices making delisting costs manageable, and the burden of fixed costs like annual audits [3].

Summary of Key Points Core Viewpoint - The company has provided a guarantee for its joint venture, Beijing Henghe Yuxing Real Estate Co., Ltd., to secure a loan of 960 million yuan from Tianheng Real Estate Group Co., Ltd. The guarantee amount is capped at 271.5 million yuan, reflecting the company's commitment to support its joint venture's funding needs [1][4]. Group 1: Guarantee Overview - The company’s wholly-owned subsidiary, COFCO Real Estate (Beijing) Co., Ltd., has signed a guarantee letter to provide joint liability guarantee for the loan [1]. - The loan agreement has been extended until December 31, 2027, and the company has approved a guarantee limit of 1.715 billion yuan for the year 2025 [1][2]. Group 2: Financial Status of the Guaranteed Entity - Beijing Henghe Yuxing Real Estate Co., Ltd. has total assets of 542.474 million yuan and total liabilities of 824.597 million yuan as of December 31, 2024, resulting in a negative net asset of 282.123 million yuan [2]. - For the first half of 2025, the company reported total assets of 530.304 million yuan and total liabilities of 861.976 million yuan, with a net asset of -331.672 million yuan [2]. Group 3: Guarantee Agreement Details - The guarantee provided by the company is based on its 49% equity stake in the joint venture, covering a maximum principal amount of 271.5 million yuan [3]. - The guarantee period lasts for three years from the maturity of the loan agreement [3]. Group 4: Board of Directors' Opinion - The board believes that the guarantee aligns with the company's legal and regulatory framework and does not harm the interests of the company or its shareholders [4]. - The company maintains oversight of the joint venture's financial status through management personnel, ensuring that financial risks are manageable [4]. Group 5: Cumulative Guarantee Information - As of the completion of this guarantee, the company and its subsidiaries have a total guarantee balance of approximately 1.571 billion yuan, which is 148.35% of the net assets attributable to shareholders as of December 31, 2024 [5]. - There are no overdue guarantees or guarantees involved in litigation [5].

Summary of Key Points Core Viewpoint - The announcement details a guarantee provided by the company's wholly-owned subsidiary, COFCO Real Estate (Beijing) Co., Ltd., for its joint venture Beijing Henghe Yuxing Real Estate Co., Ltd. to secure a loan of 960 million yuan from Tianheng Real Estate Group Co., Ltd. The guarantee amount is capped at 271.5 million yuan, reflecting the company's commitment to support its joint venture's financial needs [1][2][3]. Group 1: Guarantee Overview - The company has signed a supplementary agreement for a loan of 960 million yuan, with the loan term extended to December 31, 2027 [1]. - COFCO Real Estate (Beijing) Co., Ltd. will provide a joint liability guarantee for up to 271.5 million yuan, corresponding to its 49% equity stake in the joint venture [1][3]. - The guarantee falls within the approved limit set by the company's shareholders, which was 1.715 billion yuan prior to this guarantee [2]. Group 2: Financial Status of the Joint Venture - As of December 31, 2024, Henghe Yuxing reported total assets of 542.474 million yuan and total liabilities of 861.976 million yuan, resulting in a negative net asset of 331.672 million yuan [3]. - For the first half of 2025, the joint venture generated a revenue of 17.29 million yuan but incurred a net loss of 49.549 million yuan [3]. - The joint venture is currently involved in four unresolved litigation cases, with a total amount in dispute of approximately 13.23 million yuan [3]. Group 3: Board's Opinion - The board believes that providing the guarantee is essential for ensuring the funding needs of the project and considers the joint venture's credit status to be good [3]. - The company maintains oversight of the joint venture's financial situation through management personnel, which helps in controlling financial risks [3]. - The board asserts that the guarantee complies with relevant laws and regulations, and does not harm the interests of the company or its shareholders [3].

Core Viewpoint - Dalian Wanda Group plans to repurchase shares of its subsidiary Dalian Wanda Commercial Properties for approximately HKD 29.32 billion and intends to delist from the Hong Kong Stock Exchange, ending a 12-year listing history [2][4]. Group 1: Share Repurchase and Delisting - Dalian Wanda Commercial Properties will repurchase shares from all shareholders except for Dalian Wanda Group and its indirect wholly-owned subsidiary [3]. - The repurchase price is set at HKD 0.62 per share, totaling around HKD 29.32 billion for the cancellation of 4.73 billion shares [3]. - Following the transaction, Dalian Wanda Group's ownership in Dalian Wanda Commercial Properties will increase to 96.13% [4]. Group 2: Financial Performance - Dalian Wanda Commercial Properties reported a revenue of RMB 19.83 billion for 2024, a year-on-year increase of 49.4%, with a net profit of RMB 779 million [5]. - In contrast, Dalian Wanda Group's revenue for 2024 was approximately RMB 35.79 billion, a decrease of 2.7% from 2023, with a net loss of RMB 2.977 billion, an increase of 103.14% compared to the previous year [5]. - The total loss for Dalian Wanda Group over the past three years exceeds RMB 7 billion [5]. Group 3: Strategic Implications - The delisting is seen as a strategic move to simplify the corporate structure and enhance operational efficiency, allowing for more agile responses to market changes [6][4]. - Both companies believe that the transaction will optimize resource allocation and improve overall operational efficiency, enhancing competitive strength [6]. - The removal of the listing is expected to resolve existing competition issues between the two entities, streamlining decision-making processes [7][6].

Core Viewpoint - Dalian Wanda Group announced a share buyback plan for its subsidiary Dalian Wanda Commercial Properties, intending to delist from the Hong Kong Stock Exchange, with a total cash payout of approximately HKD 29.32 billion [1]. Group 1: Company Overview - Dalian Wanda Commercial Properties was established in 1992 and listed on the Hong Kong Stock Exchange in 2013, focusing on the development, operation, and management of urban complexes under the Wanda brand [3]. - The company operates four main business segments: investment properties, property development, hotel operations, and management services [3]. Group 2: Financial Performance - For the year 2024, Dalian Wanda reported revenues of approximately CNY 35.79 billion, a decrease of 2.70% from 2023; the net loss attributable to shareholders was about CNY 2.98 billion, a decrease of 103.14% from 2023; net cash flow from operating activities was approximately CNY 6.62 billion, down 37.82%; total assets were around CNY 178.58 billion, a decline of 9.84%; and net assets attributable to shareholders were about CNY 10.60 billion, down 23.46% [4]. - However, in the first half of 2025, the company expects to achieve a net profit attributable to shareholders of between CNY 80 million and CNY 120 million, indicating a turnaround from previous losses [5]. Group 3: Strategic Moves - The share buyback and delisting plan is described as a strategic response to changing market conditions, aimed at enhancing the company's equity in Dalian Wanda Commercial Properties and improving overall operational efficiency and market competitiveness [5].

大悦城控股集团股份有限公司（以下简称"公司"）合营企业北京恒合悦兴 置业有限公司（以下简称"恒合悦兴"）与北京天恒置业集团有限公司（以下简 称"天恒置业"）签订了借款协议之补充协议四（以下简称"借款协议"），恒 合悦兴向天恒置业申请的 9.6 亿元借款，期限展期至 2027 年 12 月 31 日。公司 全资子公司中粮地产（北京）有限公司（以下简称"北京公司"）与天恒置业近 日签订了担保函，北京公司按股权比例 49%为恒合悦兴在借款协议项下本金不 超过 2.715 亿元贷款提供连带责任保证担保。 大悦城控股集团股份有限公司第十一届董事会公告 证券代码：000031 证券简称：大悦城 公告编号：2025-044 大悦城控股集团股份有限公司 关于全资子公司中粮地产（北京）有限公司为合营企业 北京恒合悦兴置业有限公司提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、担保情况概述 2、根据公司 2024 年年度股东大会审议通过的《关于 2025 年度向联合营企 业提供担保额度的议案》，本次担保事项属于公司提供担保额度范围内的担保。 详情请见公司于 ...