大悦城（000031）披露重大资产质押公告，11月18日股价下跌2.64%

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]