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 ...

【#中粮系地产业务大整合#】停牌近两周后，大悦城地产（00207.HK）于8月1日正式复牌，截至收盘 股价报0.54港元，单日涨幅45.95%，目前公司总市值76.85亿港元。 方案一公布，便引发投资者的极大关注，而争论的焦点大多聚焦于：公司为何选择私有化、回购价格合 理程度、方案能否通过等方面。 实际上，对大悦城地产私有化的认知，离不开中粮集团地产业务整合的大背景。大型央企中粮集团的主 要地产平台，是A股上市的大悦城（000031.SZ），而大悦城持有大悦城地产64.18%股权，形成"A控红 筹"的独特架构。 在业内看来，股票流动性低、融资功能受限、当前架构增加了公司治理复杂性等原因，是大悦城地产拟 私有化的主要原因。同时，对A股平台大悦城来说，此举将增厚对大悦城地产的权益，有利于提升公司 的利润表现。 停牌背后的原因一如市场所料：大悦城地产拟私有化退市。这家早在2013年便登陆港交所、以"大悦 城"商业品牌深入人心的公司，拟通过协议安排的方式回购股份，最高现金代价29.32亿港元，并撤销上 市地位。 ...

此次大悦城地产为何选择退市？从2024年年报来看，其面临怎样的困境？退市后，能否助力控股股东实 现整体扭亏？ 流动性承压拟私有化退市 7月31日晚，大悦城地产有限公司（简称"大悦城地产"）及其控股股东大悦城控股集团股份有限公司 （简称"大悦城控股"）同时发布公告宣布，大悦城地产拟以协议安排的方式回购股份并于香港联交所申 请撤销上市地位。本次交易大悦城地产每股对价0.62港元，总金额约29.32亿港元。 8月1日，停牌14天后复牌的大悦城地产，当天以0.55港元/股开盘，上涨48.65%，但仍低于私有化报价 0.62港元/股。 据公告，大悦城地产董事会拟向除大悦城控股和得茂有限公司（中粮集团间接全资附属公司）以外的其 他所有股东提出私有化大悦城地产的建议。以协议安排方式回购股份，每股对价0.62港元，总金额约 29.32亿港元。据悉，交易资金来源于大悦城地产的内部资源以及外部债务融资。 对于此次交易的目的，大悦城控股表示，近年来在行业周期性发展的影响下，大悦城地产的市场表现呈 阶段性波动，流动性也随之承压。本次交易是积极应对市场环境变化的战略举措，将显著优化公司治理 框架，整合组织架构与股权结构。 大悦城地产成 ...

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]

停牌近两周后，大悦城地产（00207.HK）于8月1日正式复牌，截至收盘股价报0.54港元，单日涨幅 45.95%，目前公司总市值76.85亿港元。 而在这一座座超级商场背后，是一家中央直属大型国有企业——中粮集团。中粮集团的业务版图极广， 但主要围绕农粮、食品、金融、地产等领域，与老百姓的"衣食住"密切相关，截至2024年底该集团资产 总额7000亿元。 停牌背后的原因一如市场所料：大悦城地产拟私有化退市。这家早在2013年便登陆港交所、以"大悦 城"商业品牌深入人心的公司，拟通过协议安排的方式回购股份，最高现金代价29.32亿港元，并撤销上 市地位。 方案一公布，便引发投资者的极大关注，而争论的焦点大多聚焦于：公司为何选择私有化、回购价格合 理程度、方案能否通过等方面。 实际上，对大悦城地产私有化的认知，离不开中粮集团地产业务整合的大背景。大型央企中粮集团的主 要地产平台，是A股上市的大悦城（000031.SZ），而大悦城持有大悦城地产64.18%股权，形成"A控红 筹"的独特架构。 在业内看来，股票流动性低、融资功能受限、当前架构增加了公司治理复杂性等原因，是大悦城地产拟 私有化的主要原因。同时，对A股 ...

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 ...