Group 1 - The core point of the article is that Dalian City (000031) announced a privatization proposal for its subsidiary Dalian City Real Estate, offering a buyback price of HKD 0.62 per share, totaling approximately HKD 29.32 billion, and applying for delisting from the Hong Kong Stock Exchange [1][2] - The purpose of the transaction is to respond strategically to market fluctuations and improve the company's governance framework, organizational structure, and equity structure, which is expected to enhance the company's net profit attributable to the parent [1][2] - Dalian City Real Estate, established in 1992 and listed in 2013, focuses on developing, operating, selling, leasing, and managing integrated complexes and commercial properties in China, with a primary business direction centered around urban complexes branded as Dalian City [2] Group 2 - For the fiscal year 2024, Dalian City Real Estate reported a revenue of CNY 19.831 billion, representing a year-on-year increase of 49.4%, with property development revenue at CNY 14.5449 billion, up 88.8%, while rental income from investment properties decreased by 4.2% to CNY 4.1762 billion, and hotel operations revenue fell by 10.4% to CNY 0.8688 billion [2]

Group 1 - Walgreens has been struggling with weak business performance, compounded by unsuccessful investments in pharmacy benefit management and medical clinics, leading to a need for major overhaul [2][4][5] - The company is being taken private by Sycamore Partners, with the deal expected to close in the second half of 2025, offering shareholders $11.45 per share in cash [6][8] - Walgreens is looking to sell its medical clinic business post-privatization, with potential proceeds worth up to $3 per share for shareholders, representing a possible 25% upside [9][10] Group 2 - The transition to private ownership may allow for bolder management decisions without the pressure of public market expectations, but the guaranteed return for current investors is limited [6][8] - The uncertainty surrounding the sale of the clinic business and its timing makes it a special situation that may only attract more aggressive investors [10][11] - The public company's story is nearing its end, with potential future re-entry into public markets contingent on successful business revamps [11]

Core Viewpoint - Dongyang Sunshine Pharmaceutical (06887) has applied for the listing and trading of 112.7 million H-shares on the Hong Kong Stock Exchange, based on the assumption that all shareholders will convert their shares according to the exchange ratio and merger agreement [1][2] Group 1 - The company plans to privatize Dongyang Sunshine Changjiang Pharmaceutical by issuing H-shares as consideration to acquire the H-shares held by shareholders, with a conversion ratio of 0.263614 new H-shares for each H-share of Dongyang Sunshine Changjiang Pharmaceutical [2] - A special dividend of HKD 1.50 per share will be paid to shareholders of Dongyang Sunshine Changjiang Pharmaceutical, who collectively hold approximately 427.6 million shares, upon the completion of the privatization [2] - Upon completion of the privatization, Dongyang Sunshine Changjiang Pharmaceutical's listing status on the exchange will be revoked, and the company will assume all assets, liabilities, and rights of Dongyang Sunshine Changjiang Pharmaceutical [2] Group 2 - The H-shares will be eligible securities for Hong Kong clearing once approved for listing and trading, allowing for deposit, settlement, and transfer in the central clearing system [3]

Group 1 - Walgreens reported Q3 profits exceeding Wall Street expectations, with revenue of $39 billion and adjusted EPS of $0.38, surpassing analyst forecasts of $36.8 billion and $0.31 respectively [1] - Walgreens is preparing to transition into a private company through a $10 billion acquisition by Sycamore Partners, expected to be completed by the end of the year [1] - The company has been facing challenges due to retail competition and reduced prescription drug payments from insurers, leading to a significant drop in market value [1] Group 2 - Walgreens withdrew its fiscal 2025 guidance and did not provide new guidance in its recent earnings report, marking a lack of communication with analysts since the acquisition announcement in March [2] - The company is divesting its medical clinic business, VillageMD, which is expected to yield up to $3 per share for shareholders upon sale [2] - Walgreens stock has seen a year-to-date increase of 21% as of the latest report [3]

Core Viewpoint - Qudian Inc. is contemplating winding down its last-mile delivery service due to intense competition that has led to a significant revenue decline in the first quarter of the year [2][3][7]. Business Performance - The last-mile delivery business experienced a revenue drop of over 50% in the first quarter, falling from 55.8 million yuan to 25.8 million yuan year-over-year [13]. - Despite the losses in the last-mile delivery segment, Qudian reported a profit of 150 million yuan for the first quarter, primarily due to 165 million yuan in interest income from its cash holdings [14]. Competitive Landscape - Qudian faced stiff competition from established local rivals in Australia and New Zealand, as well as from Chinese logistics companies building their own infrastructure abroad [5][6]. - The last-mile delivery market in China is highly competitive, dominated by several companies that are rapidly expanding their global networks [4]. Financial Position - Qudian's cash and restricted cash increased to 5.6 billion yuan at the end of March, up from 3.5 billion yuan at the end of 2022, indicating strong cash management [15]. - The company has been actively buying back shares, reducing its outstanding American depositary shares (ADS) from 265 million to 172 million over the past three years [8][15]. Shareholder Sentiment - Shareholders did not react negatively to the announcement of the potential business closure, with stock prices remaining stable [9]. - Qudian has notable institutional shareholders, including UBS and Morgan Stanley, who may be more interested in short-term gains from potential privatization efforts [10]. Historical Context - Qudian has a history of entering and exiting various business sectors, including consumer loans, education, and prepared foods, often due to competitive pressures [12]. - The company initially found success in fintech but shifted away from that model following regulatory crackdowns in China [11].

Group 1 - The offeror, LL Capital Holdings Limited, proposes to privatize the company at a price of HKD 0.14 per share, which represents a premium of approximately HKD 0.244 over the last adjusted closing price of HKD -0.104 per share [1] - Following the fulfillment of distribution conditions, the company plans to distribute shares of its wholly-owned subsidiary, Skyscraper, which holds 303,289,730 shares of Lippo, accounting for about 33.01% of the total issued shares [1] - The company will apply for the delisting of its shares from the Hong Kong Stock Exchange immediately after the proposal is completed [1] Group 2 - The offeror is a British Virgin Islands registered investment holding company and does not hold any significant assets or businesses as of the announcement date [2] - The offeror intends to continue operating the group's existing business without making significant adjustments or redeploying group assets [2] - The company has applied for the resumption of trading of its shares on the Hong Kong Stock Exchange starting from 9:00 AM on May 29, 2025 [2]

Core Viewpoint - The long-established menswear giant, Goldlion, is struggling with continuous poor performance and has faced a failed privatization attempt, which has led to a significant drop in its stock price. Group 1: Privatization Attempt - Goldlion's chairman, Zeng Zhiming, has been pushing for privatization since late last year, aiming to end the company's 33-year listing on the Hong Kong stock market [1][2] - The privatization plan was rejected in a court meeting on May 9, with only 55.33% of votes in favor, failing to meet the required 75% threshold [4][5] - Following the rejection, Goldlion's stock price plummeted nearly 40% on the first trading day, closing down 33.56% [1] Group 2: Financial Performance - Goldlion's revenue for 2024 was HKD 1.129 billion, a year-on-year decline of 8.44%, while net profit shrank to HKD 86.21 million, down 19.86% [8][12] - The company has experienced a compound annual decline of 12% in performance over the past three years, with net profit growth rates showing double-digit negative growth [8][12] - Despite the poor performance, Goldlion maintains a stable cash flow with over HKD 1 billion in cash and bank balances, and no bank loans or overdrafts [12][13] Group 3: Market Position and Challenges - Goldlion's market position has weakened, with an average daily trading volume of only 296,000 shares, representing less than 0.03% of total shares [3] - The company has not utilized its listing status for fundraising in the past 20 years, incurring annual compliance costs of HKD 12 million [3][12] - The menswear industry is facing collective challenges, with other brands like Youngor and Bananai also reporting significant declines in profits [14] Group 4: Asset Valuation - Goldlion has substantial property assets valued at approximately HKD 2.605 billion, with a net asset value of HKD 4.47 per share, nearly three times the privatization offer price of HKD 1.52 per share [6][13] - The company reported rental income of HKD 146 million and property management fees of HKD 41 million in 2024, totaling HKD 187 million [13] Group 5: Strategic Initiatives - Goldlion has attempted to pivot by launching products that incorporate traditional Chinese culture and establishing sub-brands aimed at urban social life, but these efforts have yielded limited results [14]

Group 1 - CATL (宁德时代) has launched its Hong Kong IPO, offering 118 million H-shares at a maximum price of HKD 263 per share, aiming to raise approximately HKD 31 billion [1] - The IPO is expected to enhance CATL's financing channels, given its position as a leading lithium battery manufacturer [1] Group 2 - Zhixing Technology (知行科技) plans to acquire a majority stake in Suzhou Xiaogongjian Robot Co., a national high-tech enterprise specializing in smart integrated joints and customized robotic arms [2] - This acquisition is anticipated to accelerate Zhixing Technology's technological accumulation and business expansion in the robotics sector, potentially creating new growth opportunities [2] Group 3 - Yuefeng Environmental Protection (粤丰环保) has received approval for its privatization proposal, which will allow the company to operate more flexibly without short-term market pressures [3] - The company will suspend share transfer registration starting May 21, 2025, to ensure the determination of eligible shareholder rights [3] Group 4 - Noli Shares (诺力股份) has submitted an IPO application for its subsidiary, Zhongding Intelligent, to be listed on the Hong Kong Stock Exchange [4] - The IPO is subject to various conditions, including approvals from regulatory bodies, and if successful, it could provide new funding and growth opportunities for Noli Shares [4] Group 5 - Mi Rui Group (觅瑞集团) has passed the listing hearing at the Hong Kong Stock Exchange, focusing on RNA technology for disease screening and diagnostic solutions [5] - The company reported revenues of approximately USD 17.76 million, USD 24.19 million, and USD 20.28 million for 2022, 2023, and 2024, respectively, with increasing losses attributed to R&D and market expansion [5] - With the growing demand for precision medicine, Mi Rui Group is positioned to achieve a turnaround in profitability, potentially delivering long-term value to investors [5] Group 6 - The Hang Seng Index closed at 23,549.46, up 2.98% on May 12, 2023, while the Hang Seng Tech Index rose by 5.16% to 5,447.35, and the National Enterprises Index increased by 3.01% to 8,559.23 [6]

Investment Rating - The report assigns a "Buy" rating to the company, New Energy (2688 HK), with a target price of HKD 74.60, indicating a potential upside of 21.4% from the current price of HKD 61.45 [4][9]. Core Insights - The first quarter of 2025 saw gas sales remain stable, influenced by a warm winter, with retail gas volume showing a year-on-year increase of 0.3%, outperforming the mainland's natural gas apparent consumption decline of 2.2% [2][7]. - The management indicated that the warm winter impacted gas sales by approximately 2-3 percentage points, with residential gas sales increasing by 1.1% year-on-year [2][7]. - The privatization plan is progressing steadily, with expectations to seek shareholder approval in the fourth quarter of this year [7][8]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 113,858 million - 2024: RMB 109,853 million - 2025E: RMB 116,552 million (6.1% YoY growth) - 2026E: RMB 122,701 million - 2027E: RMB 129,239 million [3][11]. - Net profit estimates are: - 2023: RMB 6,816 million - 2024: RMB 5,987 million - 2025E: RMB 7,174 million (3.2% YoY growth) - 2026E: RMB 7,782 million - 2027E: RMB 8,098 million [3][11]. - The company is expected to maintain moderate profit growth over the next three years, with a compound annual growth rate of approximately 5% from 2024 to 2027 [7][8]. Operational Performance - The company’s retail gas sales volume is projected to grow as follows: - 2023: 25,145 million cubic meters - 2024: 26,200 million cubic meters - 2025E: 26,782 million cubic meters (2.2% growth) - 2026E: 27,588 million cubic meters - 2027E: 28,421 million cubic meters [8]. - The company has also seen a 9.9% year-on-year increase in its diversified energy sales volume, reaching 100 billion kWh in the first quarter [7][8]. Market Position - The company’s market capitalization is approximately HKD 68,286.31 million, with a 52-week high of HKD 79.30 and a low of HKD 45.25 [6][9]. - The stock has shown a year-to-date change of 10.03% [6].

Investment Rating - The report assigns a "Buy" rating to the company, New Energy (2688 HK), with a target price of HKD 74.60, indicating a potential upside of 21.4% from the current closing price of HKD 61.45 [4][9]. Core Insights - The first quarter of 2025 saw gas sales remain stable, influenced by a warm winter, with retail gas volume growing by 0.3% year-on-year, outperforming the mainland's natural gas apparent consumption decline of 2.2% [2][7]. - The management indicated that the warm winter impacted gas sales by approximately 2-3 percentage points, with residential gas sales increasing by 1.1% year-on-year [2][7]. - The privatization plan is progressing steadily, with expectations for shareholder approval in the fourth quarter of this year [7][8]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 113,858 million - 2024: RMB 109,853 million - 2025E: RMB 116,552 million (6.1% growth) - 2026E: RMB 122,701 million (5.3% growth) - 2027E: RMB 129,239 million (5.3% growth) [3][11]. - Net profit estimates are: - 2023: RMB 6,816 million - 2024: RMB 5,987 million - 2025E: RMB 7,174 million (3.2% growth) - 2026E: RMB 7,782 million (8.5% growth) - 2027E: RMB 8,098 million (4.1% growth) [3][11]. - The company maintains a dividend yield of 4.6% in 2023, projected to increase to 7.0% by 2027 [3][11]. Operational Performance - The company expects retail gas volume and energy sales to grow by 2.2% and 12% respectively in 2025, despite the warm winter's impact [7][8]. - The number of new residential connections decreased by 16% year-on-year to 287,000, with a ratio of new to old homes at 3:1 [7][8]. - The energy business saw a sales volume increase of 9.9% year-on-year to 10 billion kWh, with 14 new projects becoming operational [7][8]. Market Position - The company's market capitalization stands at approximately HKD 68,286.31 million, with a 52-week high of HKD 79.30 and a low of HKD 45.25 [6][9]. - The stock has shown a year-to-date change of 10.03% [6].