1350亿央企地产巨头，筹谋退市

Core Viewpoint - Dalian Wanda Commercial Properties is planning to privatize by repurchasing shares and delisting from the Hong Kong Stock Exchange, aiming to consolidate its operations under the parent company, Dalian Wanda Holdings, to enhance operational efficiency and strategic flexibility [1][11]. Group 1: Share Buyback and Privatization - The company announced a share buyback involving 4.73 billion shares at a maximum cost of approximately HKD 29.32 billion, which will be fully canceled post-transaction [1][6]. - The buyback price of HKD 0.62 per share represents a 67.57% premium over the last trading price of HKD 0.37 before the announcement [6]. - The buyback will result in Dalian Wanda Holdings increasing its ownership from 64.18% to 96.13%, significantly enhancing its equity stake [15]. Group 2: Financial Performance and Market Conditions - Dalian Wanda Commercial Properties has faced liquidity pressures, with negative cash flow for two consecutive years, amounting to -4.4 billion RMB by the end of 2024 [9]. - The company's stock price has been trading below its net asset value, with a net asset value of 16.2 billion RMB and a per-share net asset value of HKD 2.63 [9]. - The company reported a revenue increase of nearly 50% in 2024, reaching 19.83 billion RMB, with a significant contribution from property sales [19][18]. Group 3: Strategic Considerations - The privatization is seen as a strategic move to eliminate internal governance barriers caused by operating under different public platforms, which has hindered decision-making efficiency [13]. - The integration of Dalian Wanda Commercial Properties into the parent company is expected to streamline operations and enhance collaboration across business units [18][11]. - The company aims to leverage its commercial assets, which generated sales of 40.13 billion RMB in the previous year, to improve overall financial performance post-privatization [18][20].