Core Points - Dalian Wanda Commercial Properties has announced the approval of its privatization plan, which is expected to lead to its delisting from the Hong Kong Stock Exchange on November 27 [2][5] - Dalian Wanda Holdings will increase its stake in Dalian Wanda Commercial Properties to 96.13% following the privatization [2][6] - The company aims to simplify its corporate structure and improve operational efficiency in response to market challenges [2][6] Company Overview - Dalian Wanda Commercial Properties, a subsidiary of COFCO Group, is engaged in the development, operation, sale, leasing, and management of mixed-use and commercial properties [4] - The company has established a presence in 24 cities across mainland China and Hong Kong, managing 32 commercial projects [4] - The company was listed in Hong Kong in 2013 and underwent significant restructuring in 2019, aiming to leverage both A-share and H-share markets for financing [4] Financial Performance - For the first half of 2025, Dalian Wanda Commercial Properties reported total revenue of 8.124 billion RMB, a decrease of 5.8% year-on-year, and a net profit of 105 million RMB, down 26.6% [5] - The company experienced a post-tax loss of approximately 140 million RMB due to changes in the fair value of investment properties and exchange rate fluctuations, while core net profit increased by 25.1% to 244 million RMB [5] - Rental income from investment properties totaled approximately 2.038 billion RMB, a decline of 2.5% year-on-year, with a gross margin of 78% [5] Market Context - The decision to privatize is attributed to the company's low stock price relative to net asset value and limited liquidity, which hindered its ability to raise capital [5][6] - The trend of privatization among listed real estate companies is increasing, with approximately 23 companies exiting the capital market in the past three years [9][10] - The ongoing trend of both passive and active delistings is expected to continue, driven by low stock prices and the need for strategic flexibility [10]

Core Viewpoint - The recent management change at Minmetals Land comes amid ongoing financial struggles, with the company facing significant losses and entering a privatization process shortly after announcing its plans [1][2]. Group 1: Management Changes - He Jianbo has resigned as Chairman of Minmetals Land, with Dai Pengyu stepping in as interim chairman [1][2]. - He Jianbo's departure is linked to internal personnel rotation within China Minmetals Group, where he has worked for over 30 years [2]. Group 2: Financial Performance - Minmetals Land has reported cumulative losses nearing HKD 6 billion over three years, with net losses of HKD 13.62 billion, HKD 10.16 billion, and HKD 35.21 billion for the years 2022 to 2024 respectively [2][3]. - The company's revenue has fluctuated, with a peak of HKD 128.86 billion in 2021, but a significant drop in net profit has been observed [2]. Group 3: Business Challenges - The core issue leading to losses is the pressure on its main business, real estate development, which accounted for 88.2% of total revenue in the first half of 2025, but saw a 63.7% decline in revenue to approximately HKD 17.43 billion [3]. - The company has experienced cash flow pressures, with cash and bank deposits decreasing by 17.27% year-on-year to HKD 28.22 billion [3]. Group 4: Privatization Plan - Minmetals Land has announced a privatization plan, with the major shareholder proposing to buy out shares at HKD 1 each, representing a 104.08% premium over the last trading price of HKD 0.49 [4][5]. - The privatization strategy aims to prevent asset devaluation and ensure financial stability for future project developments [4][5].

Core Viewpoint - Daxiyucheng Real Estate is set to privatize, ending its public listing after being established in 2013 and planning to delist by November 27, 2025, following shareholder approval at a court meeting [3][4]. Group 1: Company Overview - Daxiyucheng Real Estate, a commercial real estate platform under COFCO Group, manages 32 projects across five major city clusters in China, including luxury hotels and investment properties in first-tier cities [4]. - The company is a subsidiary of Daxiyucheng Holdings, which is listed on the A-share market, representing a less common "A-share controlled red chip" structure in the industry [4]. Group 2: Privatization Details - The total cost for the share buyback and delisting is approximately HKD 29.32 billion, driven by low stock liquidity, limited financing capabilities, and increased governance complexity [5]. - Post-privatization, Daxiyucheng Holdings' ownership in Daxiyucheng Real Estate will increase from 64.18% to 96.13%, significantly enhancing its control and potential profit margins [5]. Group 3: Financial Performance - Daxiyucheng Holdings has reported continuous losses over the past three years, with losses of CNY 2.882 billion in 2022, CNY 1.465 billion in 2023, and an estimated CNY 2.977 billion in 2024, totaling over CNY 7 billion [5]. - The company anticipates a turnaround to profitability by the first half of 2025, aided by the privatization plan which is expected to bolster its financial performance [5]. Group 4: Industry Trends - The trend of privatization among real estate companies has been increasing, with several firms like China Hongtai Development and Huafa Property also opting for delisting due to market pressures and operational challenges [6][7]. - Key reasons for this trend include insufficient stock liquidity, loss of financing capabilities, and the need for strategic flexibility amid a challenging real estate market environment [7].

Core Viewpoint - Dalian City Real Estate Co., Ltd. plans to repurchase shares at HKD 0.62 per share and suggests delisting from the stock exchange, with a privatization proposal aimed at optimizing governance and enhancing management efficiency [1][2]. Group 1: Company Actions - Dalian City Real Estate will repurchase and cancel 4.73 billion shares, requiring approximately HKD 2.933 billion in funding [1]. - Dalian City Holdings, which owns 64.18% of Dalian City Real Estate, along with its subsidiary, holds a combined 66.76% stake [1]. - The company was suspended from trading on July 18 due to insider information and saw its stock price rise over 40% upon resumption of trading [1]. Group 2: Financial Performance - Since 2020, the net profit attributable to the parent company has declined for five consecutive years, with a projected net loss of CNY 294 million in 2024 [2]. - Despite the losses, the investment property segment has provided stable cash flow, with cash and cash equivalents covering short-term debt more than twice [2]. Group 3: Industry Context - The real estate sector is experiencing cyclical fluctuations, impacting market performance and liquidity for companies like Dalian City Real Estate [2]. - Other real estate firms, such as Huayuan Real Estate and Shouchuang Real Estate, have also opted for privatization or delisting in response to similar challenges [3]. - The reasons for privatization include poor performance affecting listed companies, low stock prices making delisting costs manageable, and the burden of fixed costs like annual audits [3].