Core Viewpoint - Dalian City Holdings announced a privatization proposal for its subsidiary Dalian City Real Estate, aiming to optimize governance and enhance net profit after the transaction [2][3] Group 1: Privatization Proposal - Dalian City Real Estate plans to repurchase shares from shareholders other than the company and DeMao, and will apply for delisting from the Hong Kong Stock Exchange [2] - The company holds approximately 64.18% of Dalian City Real Estate's issued ordinary shares and 59.59% of total issued shares including convertible preferred shares [2] - The proposed arrangement involves the cancellation of 4,729,765,214 shares, with shareholders entitled to receive HKD 0.62 per canceled share, totaling approximately HKD 2.93 billion [2] Group 2: Financial Performance - In 2024, Dalian City Real Estate reported total revenue of CNY 19.831 billion, a year-on-year increase of 49.4% [4] - Revenue from property development reached CNY 14.545 billion, up 88.8%, accounting for 73.34% of total revenue [4] - Dalian City Holdings reported revenue of approximately CNY 35.791 billion in 2024, a decrease of 2.70% from 2023, with a net loss of approximately CNY 2.977 billion [4] Group 3: Market Context - Dalian City Real Estate has faced market fluctuations and liquidity pressures due to cyclical industry developments [3] - The company has accumulated losses exceeding CNY 7 billion over the past three years [5] - As of July 31, Dalian City Holdings' stock closed at CNY 3.02, down 3.82%, with a total market capitalization of CNY 12.9 billion [5]

Group 1 - The company plans to privatize its subsidiary, Joy City Property Limited, through a share buyback agreement and apply for delisting from the Hong Kong Stock Exchange [2][3] - The buyback will involve the cancellation of 4,729,765,214 shares at a price of HKD 0.62 per share, totaling approximately HKD 2,932,454,433 [2][7] - The company currently holds about 64.18% of Joy City Property's ordinary shares and aims to enhance its governance and operational efficiency through this transaction [2][9] Group 2 - Joy City Property was established in 1992 and listed in 2013, with a total issued share capital of 15,326,425,636 shares, including 14,231,124,858 ordinary shares and 1,095,300,778 preferred shares [6] - The company operates urban complexes under the "Joy City" brand and has expanded into key cities across China, managing 32 commercial projects and several luxury hotels [6][9] - The transaction is expected to improve the company's net profit and enhance its ability to allocate resources effectively across different business segments [9]

本次交易的具体安排如下：协议安排生效后，假设大悦城地产的已发行股本并无变动，大悦城地产的 4,729,765,214股计划股份将被注销。作为对价，原持有计划股份的大悦城地产股东有权就注销的每股计 划股份自大悦城地产收取0.62港元现金，合计金额约为2,932,454,433港元。协议安排生效后，大悦城地 产将向香港联交所申请撤销上市地位。 大悦城7月31日晚间公告，控股子公司大悦城地产董事会拟向除公司和得茂有限公司（公司控股股东中 粮集团有限公司之全资子公司，下称"得茂"）以外的大悦城地产其他所有股东（下称"计划股东"）提出 私有化大悦城地产的建议，该建议将根据百慕大公司法第99条以协议安排方式回购计划股东所持大悦城 地产普通股股份方式实行。 本次交易前，公司持有大悦城地产9,133,667,644股普通股股份（占大悦城地产已发行普通股股份总数约 64.18%，占大悦城地产已发行普通股及可转换优先股合计股份数约59.59%），得茂持有大悦城地产 367,692,000股普通股股份以及1,095,300,778股优先股股份。 ...

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]

金利来的退市计划发生逆转。 5月12日，金利来集团发布公告，公司股票于上午9时起恢复买卖。12日，其股价低开近40%，截至收 盘，股价下跌33.56%。此次复牌，意味着金利来酝酿已久的私有化计划宣告失败。 "金利来，男人的世界。"这句广告语曾让金利来品牌风靡一时。不过，对于这个创立57年的男装老品牌 来说，上市公司地位已成"鸡肋"，但随着私有化失败，却不得不留在资本市场，同时还要面临竞争激 烈、业绩下滑的困境。 退市计划出现"反转"，私有化计划未获股东批准 5月12日，金利来集团发布公告，公司股票于上午9时起恢复买卖。此次复牌，意味着金利来酝酿已久的 私有化计划宣告失败。 今年以来，金利来多次发布公告，告知投资者私有化详细进度表，预计将于7月2日正式撤销上市地位。 4月11日，香港高等法院正式受理金利来集团私有化退市申请，标志着这家创立57年的男装品牌将结束 33年的港股生涯。 然而，正当业界认为金利来退市已是"板上钉钉"之际，却突然发生"反转"。上周五，金利来举行法院会 议及股东大会，并于下午一时起短暂停牌。 图/金利来公告截图。 据了解，在股东大会上，该私有化议案以89.9894%的赞成票获得通过。但同日 ...