Core Viewpoint - Dalian Wanda Commercial Properties officially delisted from the Hong Kong Stock Exchange on November 27, 2023, after 12 years of listing, due to its privatization plan which became effective on November 25, 2023 [1][2]. Group 1: Privatization and Financial Impact - The total cost of the privatization transaction is approximately HKD 29.32 billion, leaving only the A-share listed Dalian Wanda (000031.SZ) under COFCO Group's real estate platform [3]. - Dalian Wanda Commercial Properties reported a revenue of approximately HKD 8.12 billion for the first half of 2025, a year-on-year decrease of about 5.78%, primarily due to a reduction in the area of property development [4]. - The gross profit margin improved by 2.9 percentage points to 34.43% despite the revenue decline [4]. Group 2: Business Performance - Revenue from property development was HKD 5.48 billion, down 8.3% year-on-year, with a 32% decrease in settlement area but a 33% increase in average price, leading to a gross margin of 18% [5]. - Rental income from investment properties was HKD 2.04 billion, a decrease of 2.5% year-on-year, with a gross margin of 78% [5]. - New projects showed strong performance, with Nanchang Wanda Plaza achieving 240,000 visitors and sales of HKD 16.3 million on its opening day [5]. Group 3: Industry Context - The privatization is seen as a strategic response to cyclical changes in the industry, allowing for improved governance and organizational structure [4]. - Since 2022, over 30 A-share and H-share listed real estate companies have delisted, with five opting for voluntary delisting, including Dalian Wanda Commercial Properties [6].