Core Viewpoint - Dalian City Real Estate plans to privatize and delist, with a proposed buyback of shares for a maximum cash consideration of HKD 29.32 billion, following a two-week suspension of trading [1] Group 1: Company Actions - Dalian City Real Estate resumed trading on August 1, with a closing price of HKD 0.54, reflecting a single-day increase of 45.95%, resulting in a total market capitalization of HKD 76.85 billion [1] - The company intends to repurchase shares through an agreement, leading to its delisting from the Hong Kong Stock Exchange [1] Group 2: Background and Rationale - The privatization decision is influenced by the broader context of COFCO Group's real estate business integration, where Dalian City (A-share listed) holds a 64.18% stake in Dalian City Real Estate, creating a unique "A-share controlled red chip" structure [1] - Key reasons for the privatization include low stock liquidity, limited financing capabilities, and increased complexity in corporate governance due to the current structure [1] - The move is expected to enhance the equity value of Dalian City Real Estate for the A-share platform, potentially improving the company's profit performance [1]

Core Viewpoint - Dalian City Real Estate Co., Ltd. plans to privatize and delist from the Hong Kong Stock Exchange, offering a buyback price of HKD 0.62 per share, totaling approximately HKD 29.32 billion [1][4]. Group 1: Privatization and Delisting - The board of Dalian City Real Estate intends to propose privatization to all shareholders except for its controlling shareholder, Dalian City Holdings [3]. - The buyback price of HKD 0.62 represents a premium of 67.57% over the last trading price of HKD 0.37 and significantly higher premiums over the average prices of the last 10 and 30 trading days [4]. - The privatization is seen as a strategic move to address liquidity issues and optimize the company's governance and organizational structure [3][4]. Group 2: Financial Performance - For the fiscal year 2024, Dalian City Real Estate reported revenue of HKD 19.831 billion, total assets of HKD 106.771 billion, total liabilities of HKD 73.578 billion, and a net asset value of HKD 16.242 billion [6]. - The overall gross margin decreased to approximately 28.4% from 42.5% the previous year, primarily due to a higher proportion of sales-type revenue [6]. - The company reported a profit of approximately HKD 783 million, a decline of 44.8% year-on-year, with a loss attributable to shareholders of approximately HKD 294 million [6]. Group 3: Market Context and Challenges - Dalian City Real Estate's stock has been trading at a discount to its net asset value for several years, limiting its ability to raise capital through equity financing [7]. - The company faces ongoing challenges in sales devaluation, asset impairment, and debt management, which are critical for the controlling shareholder's turnaround strategy [9][10]. - The privatization is expected to enhance the controlling shareholder's equity and improve net profit margins post-transaction [8].

Core Viewpoint - Dalian City Real Estate plans to repurchase shares at HKD 0.62 per share and suggests delisting from the stock exchange, while its parent company, Dalian Holdings, proposes privatization excluding certain shareholders [1][2]. Group 1: Company Actions - Dalian City Real Estate announced a share repurchase plan requiring approximately HKD 29.33 billion to buy back and cancel 4.73 billion shares [1]. - The company was suspended from trading on July 18 due to insider information and saw its stock price rise over 40% to HKD 0.55 upon resumption of trading [1]. - Dalian Holdings holds a 64.18% stake in Dalian City Real Estate, with its subsidiary holding an additional 2.58%, totaling 66.76% [1]. Group 2: Financial Performance - Since 2020, Dalian City Real Estate has experienced a continuous decline in net profit attributable to shareholders, with a projected net loss of HKD 294 million for 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: Market Context - The privatization move is a strategic response to market pressures, aiming to optimize governance, integrate ownership, and enhance decision-making efficiency [2]. - Other real estate companies have also opted for privatization or delisting due to poor performance, low stock prices, and the burden of fixed costs like auditing [3].

Group 1 - The core point of the article is that Dalian City (000031) announced a privatization proposal for its subsidiary Dalian City Real Estate, offering a buyback price of HKD 0.62 per share, totaling approximately HKD 29.32 billion, and applying for delisting from the Hong Kong Stock Exchange [1][2] - The purpose of the transaction is to respond strategically to market fluctuations and improve the company's governance framework, organizational structure, and equity structure, which is expected to enhance the company's net profit attributable to the parent [1][2] - Dalian City Real Estate, established in 1992 and listed in 2013, focuses on developing, operating, selling, leasing, and managing integrated complexes and commercial properties in China, with a primary business direction centered around urban complexes branded as Dalian City [2] Group 2 - For the fiscal year 2024, Dalian City Real Estate reported a revenue of CNY 19.831 billion, representing a year-on-year increase of 49.4%, with property development revenue at CNY 14.5449 billion, up 88.8%, while rental income from investment properties decreased by 4.2% to CNY 4.1762 billion, and hotel operations revenue fell by 10.4% to CNY 0.8688 billion [2]

Core Viewpoint - Dalian Wanda Commercial Properties (00207.HK) is planning to privatize and delist from the Hong Kong Stock Exchange, with a proposed share buyback at a maximum cash consideration of HKD 29.32 billion, following a two-week trading suspension [1][3]. Group 1: Privatization Plan - The company aims to simplify its governance structure and improve decision-making efficiency by privatizing, as the current structure complicates governance and hinders decision-making [5][6]. - The buyback price of HKD 0.62 per share represents a premium of 67.57% over the last closing price and significantly higher premiums over the average prices of the previous trading days [5][6]. - The privatization is expected to enhance the parent company's equity in Dalian Wanda Commercial Properties, potentially improving its net profit [3][6]. Group 2: Background and Structure - Dalian Wanda Commercial Properties is a subsidiary of COFCO Group, which has a unique "A-share controlled red chip" structure, with COFCO holding 64.18% of the shares prior to the buyback [1][2]. - The company has undergone significant restructuring in the past, including a merger with COFCO's real estate arm in 2019, which aimed to consolidate its real estate operations [2][3]. Group 3: Financial Performance - Dalian Wanda Commercial Properties has faced financial challenges, with significant losses reported over the past three years, totaling over HKD 70 billion [8][9]. - The company’s revenue from property sales remains its primary income source, accounting for 79.31% of total revenue, while investment properties contribute 14.65% [9]. - Despite recent losses, the company projects a return to profitability by mid-2025, with expected net profits ranging from HKD 0.80 billion to HKD 1.20 billion [9].

港股8月开局不利，三大指数继续承压走低，尾盘跌幅有所扩大。截止收盘，恒生指数跌1.07%或265.52 点，报24507.81点，大市交投缩减，全日成交额为2546.74亿港元；恒生国企指数跌0.88%，报8804.42 点；恒生科技指数跌1.02%，报5397.4点。全周来看，恒指累跌3.47%，国指累跌3.78%，恒科指累跌 4.94%。 东吴证券指出，往后看，市场担心海外风险上行。一是，美元资产继续上涨，或会导致全球资金减少对 中国资产的关注；二是，对等关税截止日临近，市场预期关税博弈更偏向税率"缓"+"降"。交银国际认 为，港股市场当前流动性状态仍较为充裕，估值水平保持合理，适度的市场拥挤度也为投资者提供了较 为理想的配置窗口。 蓝筹股表现 5.71港元。 1.个别快递股逆市走高。截至收盘，中通快递-W(02057)涨7.44%，报163.2港元；极兔速递-W(01519)涨 2.52%，报10.58港元。 7月29日，国家邮政局召开快递企业座谈会，就依法依规治理行业"内卷式"竞争，强化农村地区领取快 件违规收费等突出问题整治，促进行业高质量发展进行座谈交流。据现代物流报，7月17日义乌邮管局 已率先 ...

Core Viewpoint - The privatization of Joy City Property by Joy City Holdings aims to optimize its real estate business strategy and enhance operational efficiency through resource integration and improved decision-making processes [1][4]. Group 1: Privatization Details - Joy City Holdings announced a cash offer of HKD 0.62 per share for the privatization of Joy City Property, totaling approximately HKD 29.32 billion [1][2]. - Following the privatization, Joy City Holdings will own 96.13% of Joy City Property, while its parent company, COFCO Group, will hold the remaining 3.87% [2]. - Joy City Property plans to apply for the cancellation of its listing status on the Hong Kong Stock Exchange after the privatization [3]. Group 2: Financial Performance - As of the end of 2024, Joy City Property is projected to achieve revenues of CNY 19.831 billion and a net profit attributable to shareholders of CNY 779 million, with total assets of CNY 106.771 billion and net assets of CNY 16.242 billion [3]. Group 3: Strategic Implications - The privatization is seen as a critical optimization of Joy City Holdings' overall strategic layout during a period of deep adjustment in the real estate industry [3]. - The move is intended to enhance asset coordination capabilities and unlock synergies across various business segments, thereby injecting new momentum into the company's long-term development [3][4]. - The privatization plan is subject to several conditions, including approvals from Joy City Property's special shareholders' meeting and relevant regulatory authorities [4].

Core Insights - The "cooling economy" strategy of COFCO Joy City has significantly enhanced its competitiveness and injected vitality into the summer economy of cities, providing a model for the industry [1][8] Group 1: Sales and Performance - COFCO Joy City reported a nationwide sales increase of approximately 29% year-on-year in June, with multiple projects achieving new highs in foot traffic and sales [1] - The "Night Food Terrace" at Shanghai Jing'an Joy City generated over 45 million yuan in sales in the first half of 2025, indicating steady growth [2] Group 2: Innovative Experiences - Chengdu Joy City transformed a staircase into a 26-meter-long water slide, leading to a 24% increase in foot traffic during the first weekend of the "Summer Wave Festival" [4] - The "Summer Chill Ice Festival" in Sanya Joy City featured giant ice blocks for customers to break, significantly increasing customer dwell time [6] Group 3: Cultural and Community Engagement - The first "Shaved Ice Festival" in Tianjin Joy City attracted 490,000 visitors in three days, showcasing local culinary culture and driving cross-city consumption [5][6] - Xiamen Joy City created a healing social space with a 5-meter tall art installation, enhancing emotional connections and brand recognition among consumers [7] Group 4: Family and Youth Focus - The "Expansion Zoo 2.0" in Chongqing Joy City attracted over 3,000 families on opening day, demonstrating strong demand for family-oriented leisure activities [7] - The "UP Youth Life Season" in Xi'an Joy City featured over 40 creative stalls and various activities, establishing a new social hub for young consumers [3]

Investment Rating - The industry investment rating is "Positive" [3] Core Viewpoints - The proposed privatization of Dayuecheng Real Estate is expected to lead to a significant revaluation of quality commercial properties, enhancing the ownership concentration of Dayuecheng in premium shopping centers [3][4] - The privatization transaction is valued at a price-to-book (PB) ratio of only 0.27 times, which is considered low, and is anticipated to increase Dayuecheng's net assets by approximately 25% [3][4] - The transaction is seen as a recognition of the value of quality commercial assets by industrial capital, potentially leading to a revaluation of premium consumer-related assets in the market [3][4] Summary by Sections Privatization Details - Dayuecheng's shareholding in Dayuecheng Real Estate will increase from 64% to 96.1% post-privatization, significantly enhancing its stake in quality commercial properties [3] - The total share capital of Dayuecheng Real Estate is 15.33 billion shares, with Dayuecheng holding 9.13 billion shares (64.2%) and market shareholders holding 4.73 billion shares (33.2%) [3] Financial Projections - Dayuecheng Real Estate's rental and related service income for 2024 is projected to be 4.18 billion RMB, primarily from shopping centers, with an average occupancy rate of 95% [3] - The privatization is expected to increase Dayuecheng's net assets by 2.62 billion RMB, representing 24.7% of the projected net assets for 2024 [3] Market Implications - The privatization is likely to attract attention to the valuation of quality commercial real estate assets in China, with potential implications for companies like China Resources Land, Longfor Group, and New Town Holdings [3] - The report maintains a "Positive" rating for the real estate and property management sectors, recommending companies with strong product capabilities and those with undervalued recovery potential [3][4]

从股权结构来看，截至目前，大悦城地产有142.31亿股普通股和10.95亿股优先股，合计153.26亿股股 份。其中大悦城持有91.34亿股普通股股份，占总股本的59.59%；得茂持有3.68亿股普通股股份以及所 有优先股股份，合计占总股本的9.55%。 就普通股而言，此次协议安排生效后，大悦城持股比例将跃升至96.13%，得茂持股3.87%，大悦城地产 将几乎要成为大悦城的全资控股子公司，大悦城地产将有望对大悦城业绩提供更多助力。 然而，大悦城地产及其母公司大悦城目前都面临着财务困境。2024财年，大悦城地产收入虽同比增长 49.4%至198.31亿元，但归母净利润却由盈转亏，亏损2.94亿元。大悦城2024年营业收入约357.91亿元， 较2023年下降2.70%，归属于上市公司股东的净亏损约29.77亿元，较2023年增亏103.14%，过去三年累 计亏损超70亿元。 截止停牌前最后一日（7月17日），港股大悦城地产收报0.37港元，而此次交易对价较之溢价达67.6%。 如此高的溢价，让市场迅速做出积极反应。7月31日复牌后，大悦城地产股价大幅高开48.65%，市值达 到78亿港元。 回顾大悦城地产的发 ...