GRANDJOY(SZ:000031) Shen Zhen Shang Bao·2025-11-26 05:49Core Viewpoint - Dalian Wanda's subsidiary, Dalian Wanda Commercial Properties, is set to delist from the Hong Kong Stock Exchange after a buyback of shares, marking the end of its 12-year presence in the market [1][2]. Group 1: Company Overview - Dalian Wanda Commercial Properties was listed on the Hong Kong Stock Exchange in 2013 and is a commercial real estate platform under COFCO Group, primarily engaged in the development, operation, sales, leasing, and management of commercial properties [2]. - As of the end of 2024, Dalian Wanda Commercial Properties has established a presence in five major city clusters in China, managing 32 commercial projects, including Dalian Wanda Plaza and luxury hotels [2]. Group 2: Financial Performance - In the first half of the year, Dalian Wanda Commercial Properties reported total revenue of 8.124 billion yuan, a year-on-year decrease of 5.8%, and a net profit of 105 million yuan, down 26.6% year-on-year [2]. Group 3: Privatization Details - The buyback plan involves a total cost of approximately 29.32 billion Hong Kong dollars, with the aim to enhance the governance framework and optimize the organizational structure post-privatization [2][3]. - Following the completion of the privatization, Dalian Wanda's ownership in Dalian Wanda Commercial Properties will increase from 64.18% to 96.13%, effectively giving it near-total control [3]. Group 4: Industry Context - The trend of privatization and delisting among real estate companies has been notable, with 23 companies being forced to delist and 7 opting for voluntary privatization in recent years [4]. - Factors driving this trend include market pressures, lack of liquidity, and the need for strategic flexibility amid a challenging real estate environment [5].