Core Viewpoint - Dalian Wanda Commercial Properties is planning to privatize and delist from the Hong Kong stock market after 12 years of listing, citing governance complexity and low liquidity as key reasons for the decision [3][4][7]. Group 1: Privatization Details - Dalian Wanda plans to repurchase shares from all shareholders except for its parent company and a subsidiary, at a price of HKD 0.62 per share, totaling approximately HKD 29.32 billion [4][6]. - The repurchase price represents a premium of about 67.57% over the last trading day's closing price of HKD 0.37 and a premium of approximately 129.66% over the average price of HKD 0.27 over the last 30 trading days [6][8]. - After the transaction, Dalian Wanda's ownership in Dalian Wanda Commercial Properties will increase from 64.18% to 96.13% [4][5]. Group 2: Business Impact - The company aims to streamline its governance structure and improve decision-making efficiency post-privatization, as the current structure has been deemed complex and inefficient [8][9]. - Dalian Wanda Commercial Properties has been facing a significant discount in its stock price compared to its net asset value, which is approximately HKD 2.081 per share, indicating a discount of about 70.2% on the repurchase price [7][8]. - The company reported a revenue of approximately RMB 198.31 billion and a net profit of RMB 7.79 billion for the year 2024, with total assets of RMB 1,067.71 billion and net assets of RMB 162.42 billion [10]. Group 3: Market Context - The company has been experiencing low stock performance, with its market capitalization significantly lower than its net asset value, leading to challenges in raising capital from the market [8][11]. - The real estate market is currently in a challenging phase, impacting Dalian Wanda's financial performance, which has seen a decline in revenue and net profit in recent years [11].

Core Viewpoint - Dalian Wanda Group's subsidiary, Dalian Wanda Commercial Properties, announced plans to privatize and delist from the Hong Kong Stock Exchange due to insufficient stock liquidity and limited financing capabilities, aiming to streamline management and improve operational efficiency [1][13][15]. Group 1: Company Actions - Dalian Wanda Commercial Properties intends to repurchase shares through an agreement and has applied for delisting from the Hong Kong Stock Exchange, officially initiating the privatization process [1]. - The company resumed trading on August 1, with a closing price of HKD 0.54, marking a single-day increase of 45.95% [3]. - As of August 4, the stock price decreased to HKD 0.53, with a total market capitalization of HKD 75.42 billion [5]. Group 2: Financial Performance - Dalian Wanda Commercial Properties has faced continuous losses over the past three years, with net losses of RMB 2.883 billion, RMB 1.465 billion, and RMB 2.977 billion for 2022, 2023, and 2024 respectively, totaling RMB 7.325 billion [16]. - The company’s stock price has remained below HKD 1 since May 2018, with an average daily trading volume of less than HKD 3 million prior to suspension [13][14]. - The company reported a market capitalization of approximately HKD 76.85 billion as of August 1, with a price-to-book ratio of 0.24 [13]. Group 3: Market Context - The company is focusing on developing and managing urban complexes and commercial properties, primarily under the "Dalian Wanda" brand, in key cities such as Beijing and Shanghai [10]. - Dalian Wanda Commercial Properties has established a presence in major city clusters, including Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, Chengdu-Chongqing, and the Yangtze River middle reaches [11]. - The broader retail environment for high-end shopping malls is challenging, with other companies like Beijing SKP and Hang Lung Properties also experiencing significant revenue declines [22][23].

Core Viewpoint - Dalian Wanda Group announced a share buyback plan for its subsidiary Dalian Wanda Commercial Properties, intending to delist from the Hong Kong Stock Exchange, which aims to optimize corporate governance and enhance operational efficiency [2][3]. Group 1: Share Buyback and Delisting - Dalian Wanda Commercial Properties will repurchase shares from all shareholders except for Dalian Wanda Group and its subsidiary, with a total cash payout of approximately HKD 29.32 billion at a price of HKD 0.62 per share [2]. - Following the buyback, Dalian Wanda Group's ownership will increase from 64.18% to 96.13%, while the stake of its subsidiary will rise to 3.87% [2]. Group 2: Strategic Purpose and Impact - The buyback is a strategic response to market fluctuations and aims to improve the company's governance framework and organizational structure [3]. - The transaction is expected to enhance Dalian Wanda Group's equity in Dalian Wanda Commercial Properties, leading to an increase in net profit attributable to the parent company [3]. - The move will also improve the company's ability to allocate resources across different business segments, thereby enhancing overall operational efficiency and market competitiveness [3]. Group 3: Company Financials - As of the end of 2024, Dalian Wanda Commercial Properties reported revenues of CNY 19.831 billion, a net profit of CNY 779 million, total assets of CNY 106.771 billion, total liabilities of CNY 73.578 billion, and net assets attributable to the parent company of CNY 16.242 billion [5]. - The stock price reacted positively to the announcement, with a rise of over 40% following the news, reflecting a premium of approximately 67.57% compared to the closing price of HKD 0.37 on July 17 [5].

Core Viewpoint - The privatization of Joy City Property Limited is seen as a strategic move by Joy City Holdings to optimize its long-term value during a period of deep adjustment in the real estate industry [1][3]. Group 1: Privatization Details - Joy City Holdings announced that its subsidiary, Joy City Property, will repurchase shares for approximately HKD 29.32 billion and plans to delist from the Hong Kong Stock Exchange, ending its 12-year listing history [1][2]. - The share repurchase will allow Joy City Holdings to increase its ownership from 64.18% to 96.13%, effectively gaining almost complete control over Joy City Property [2][3]. - Joy City Property has faced liquidity issues and limited financing capabilities, with its stock price remaining below HKD 1 since May 2018, and an average daily trading volume of less than HKD 3 million prior to suspension [2][3]. Group 2: Financial Performance - Joy City Holdings has reported consecutive losses over the past three years, with total losses amounting to CNY 73.25 billion from 2022 to 2024 [3]. - The company anticipates a turnaround in its financial performance, projecting a net profit of CNY 80 million to CNY 120 million for the first half of 2025, compared to a loss of CNY 364 million in the same period last year [3]. Group 3: Strategic Implications - The privatization is expected to enhance resource allocation and operational efficiency, allowing for better integration of business segments and projects [4][5]. - Joy City Property's delisting will eliminate restrictions imposed by the board or shareholders, thereby shortening decision-making cycles and reducing operational costs [5]. - The move is also anticipated to resolve existing competition issues between Joy City Holdings and Joy City Property, allowing for a more unified operational strategy [5][6]. Group 4: Future Outlook - Post-privatization, Joy City Property aims to focus on improving the operational quality and asset value of its 32 commercial projects across 24 cities [6]. - The integration of resources is expected to unleash the synergistic potential of core business segments, contributing to the long-term development of the company [6].

Core Viewpoint - Dalian City Real Estate plans to privatize by repurchasing shares from all shareholders except the controlling shareholder, aiming to enhance management efficiency and withdraw from the Hong Kong Stock Exchange [1][2]. Group 1: Company Actions - Dalian City Real Estate announced a share repurchase plan at a price of HKD 0.62 per share, totaling approximately HKD 29.32 billion, representing a 67.57% premium over the last trading price before the announcement [1]. - Following the privatization, Dalian City Real Estate will be owned approximately 96.13% by Dalian City Holdings Group and 3.87% by De Mao, and will delist from the Hong Kong Stock Exchange [2]. Group 2: Market Context - The Hong Kong stock market has seen an increase in both IPOs and delistings, with over 30 companies exiting the market this year, including 17 that chose to delist voluntarily [3]. - Despite a strong market performance with an average daily trading volume of HKD 2.402 billion, over 900 companies have a daily trading volume of less than HKD 100,000, and more than 1,400 companies have share prices below HKD 1 [3]. - The low trading volumes and stock prices have led companies to consider privatization as a means to avoid market volatility and reduce costs associated with maintaining a public listing [3].

Core Viewpoint - Dalian Wanda Group plans to repurchase shares of its subsidiary Dalian Wanda Commercial Properties for approximately HKD 29.32 billion and intends to delist from the Hong Kong Stock Exchange, ending a 12-year listing history [2][4]. Group 1: Share Repurchase and Delisting - Dalian Wanda Commercial Properties will repurchase shares from all shareholders except for Dalian Wanda Group and its indirect wholly-owned subsidiary [3]. - The repurchase price is set at HKD 0.62 per share, totaling around HKD 29.32 billion for the cancellation of 4.73 billion shares [3]. - Following the transaction, Dalian Wanda Group's ownership in Dalian Wanda Commercial Properties will increase to 96.13% [4]. Group 2: Financial Performance - Dalian Wanda Commercial Properties reported a revenue of RMB 19.83 billion for 2024, a year-on-year increase of 49.4%, with a net profit of RMB 779 million [5]. - In contrast, Dalian Wanda Group's revenue for 2024 was approximately RMB 35.79 billion, a decrease of 2.7% from 2023, with a net loss of RMB 2.977 billion, an increase of 103.14% compared to the previous year [5]. - The total loss for Dalian Wanda Group over the past three years exceeds RMB 7 billion [5]. Group 3: Strategic Implications - The delisting is seen as a strategic move to simplify the corporate structure and enhance operational efficiency, allowing for more agile responses to market changes [6][4]. - Both companies believe that the transaction will optimize resource allocation and improve overall operational efficiency, enhancing competitive strength [6]. - The removal of the listing is expected to resolve existing competition issues between the two entities, streamlining decision-making processes [7][6].

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]

Core Viewpoint - The privatization of Joy City Property by Joy City Holdings aims to optimize its real estate business strategy and enhance operational efficiency through resource integration and improved decision-making processes [1][4]. Group 1: Privatization Details - Joy City Holdings announced a cash offer of HKD 0.62 per share for the privatization of Joy City Property, totaling approximately HKD 29.32 billion [1][2]. - Following the privatization, Joy City Holdings will own 96.13% of Joy City Property, while its parent company, COFCO Group, will hold the remaining 3.87% [2]. - Joy City Property plans to apply for the cancellation of its listing status on the Hong Kong Stock Exchange after the privatization [3]. Group 2: Financial Performance - As of the end of 2024, Joy City Property is projected to achieve revenues of CNY 19.831 billion and a net profit attributable to shareholders of CNY 779 million, with total assets of CNY 106.771 billion and net assets of CNY 16.242 billion [3]. Group 3: Strategic Implications - The privatization is seen as a critical optimization of Joy City Holdings' overall strategic layout during a period of deep adjustment in the real estate industry [3]. - The move is intended to enhance asset coordination capabilities and unlock synergies across various business segments, thereby injecting new momentum into the company's long-term development [3][4]. - The privatization plan is subject to several conditions, including approvals from Joy City Property's special shareholders' meeting and relevant regulatory authorities [4].

Core Viewpoint - Dalian Wanda Group announced a share buyback plan for its subsidiary Dalian Wanda Commercial Properties, intending to delist from the Hong Kong Stock Exchange, aiming to optimize its corporate governance and enhance operational efficiency [1][4][5]. Group 1: Share Buyback Details - The share buyback involves all shareholders except Dalian Wanda Group and its controlling shareholder, with a total value of approximately HKD 29.32 billion, offering HKD 0.62 per share [4]. - The funding for the buyback will come from internal resources and/or external debt financing [4]. - Following the buyback, Dalian Wanda Group's ownership will increase from 64.18% to 96.13%, while the controlling shareholder's stake will rise to 3.87% [4]. Group 2: Strategic Implications - The buyback is a strategic response to market fluctuations and aims to improve the company's governance framework and organizational structure [4][5]. - The transaction is expected to enhance the company's net profit attributable to shareholders and improve resource allocation across different business segments [5]. - The overall operational efficiency and market competitiveness of the company are anticipated to improve, supporting the achievement of its core strategic development goals [5]. Group 3: Company Background and Market Reaction - Dalian Wanda Commercial Properties was established in 1992 and listed in 2013, focusing on urban complex development and management [6]. - As of the end of 2024, the company reported revenues of CNY 19.831 billion and a net profit of CNY 779 million, with total assets of CNY 106.771 billion [6]. - Following the announcement, the stock price surged over 40%, with the buyback price representing a 67.57% premium over the closing price prior to the announcement [6].

Company Overview - Dalian Wanda Commercial Properties announced a share buyback proposal at HKD 0.62 per share, representing a premium of 67.57% over the last closing price before suspension [2] - The maximum cash consideration for the buyback is approximately HKD 29.32 billion [2] - Following the buyback, the shareholding will be approximately 96.13% held by the controlling shareholder Dalian Wanda Group and 3.87% by other parties, with shares to be delisted from the Hong Kong Stock Exchange [2] Business Operations - Dalian Wanda Commercial Properties primarily focuses on the development, operation, and management of urban complexes branded as Wanda Plaza [2] - The company also engages in the development, sales, and investment management of other property projects [2] - Its business segments include investment properties, property development, hotel operations, management output, and other services [2]