耗资29亿港元私有化 大悦城地产拟港股退市

Core Viewpoint - Dalian Wanda Commercial Properties is planning to privatize and delist from the Hong Kong stock market after 12 years of listing, citing governance complexity and low liquidity as key reasons for the decision [3][4][7]. Group 1: Privatization Details - Dalian Wanda plans to repurchase shares from all shareholders except for its parent company and a subsidiary, at a price of HKD 0.62 per share, totaling approximately HKD 29.32 billion [4][6]. - The repurchase price represents a premium of about 67.57% over the last trading day's closing price of HKD 0.37 and a premium of approximately 129.66% over the average price of HKD 0.27 over the last 30 trading days [6][8]. - After the transaction, Dalian Wanda's ownership in Dalian Wanda Commercial Properties will increase from 64.18% to 96.13% [4][5]. Group 2: Business Impact - The company aims to streamline its governance structure and improve decision-making efficiency post-privatization, as the current structure has been deemed complex and inefficient [8][9]. - Dalian Wanda Commercial Properties has been facing a significant discount in its stock price compared to its net asset value, which is approximately HKD 2.081 per share, indicating a discount of about 70.2% on the repurchase price [7][8]. - The company reported a revenue of approximately RMB 198.31 billion and a net profit of RMB 7.79 billion for the year 2024, with total assets of RMB 1,067.71 billion and net assets of RMB 162.42 billion [10]. Group 3: Market Context - The company has been experiencing low stock performance, with its market capitalization significantly lower than its net asset value, leading to challenges in raising capital from the market [8][11]. - The real estate market is currently in a challenging phase, impacting Dalian Wanda's financial performance, which has seen a decline in revenue and net profit in recent years [11].