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 to go private [1][3]. Management Changes - He Jianbo has resigned as Chairman of the Board, with Dai Pengyu, aged 43, taking over the role during a critical period for the company's privatization efforts [1][3]. - He Jianbo has been a key figure in Minmetals Land for over 30 years, having joined in 1992 and served as Chairman since 2019 [3]. Financial Performance - Minmetals Land has reported cumulative losses of nearly 6 billion HKD over the past three years, with net losses of 1.36 billion HKD in 2022, 1.02 billion HKD in 2023, and projected losses of 3.52 billion HKD in 2024 [3][4]. - The company's revenue has fluctuated, with total revenue reaching 7.66 billion HKD in 2020, increasing to 12.89 billion HKD in 2021, but dropping to 10.07 billion HKD in 2022 before rebounding to 12.63 billion HKD in 2023 [3]. Operational Challenges - The core issue leading to losses is the pressure on the main business of real estate development, which accounted for 88.2% of total revenue but saw a significant decline of 63.7% year-on-year in the first half of 2025 [4]. - The company has reported a cash and bank deposit balance of 2.82 billion HKD as of 2024, a decrease of 17.27% from the previous year, indicating cash flow pressures [4]. Privatization Plan - The privatization plan involves a buyout offer at 1 HKD per share, representing a premium of 104.08% over the last trading price of 0.49 HKD [5]. - The maximum cash consideration required for the privatization is approximately 1.28 billion HKD, assuming no further share issuance before the record date [5]. Market Context - The high premium in the privatization offer is aimed at preventing asset devaluation and ensuring the company retains the potential for future project development and financing [5][6]. - Similar high-premium privatization strategies have been observed in other real estate companies, indicating a trend in the market [5][6].