Sudden! Leading real estate companies may delist their stocks | Announcement | Leading companies

Release time:Apr 13, 2024 20:16 PM

After Blu ray Development and Jiakai City, there may be another A-share delisted real estate company. On the evening of June 2nd, ST Taihe issued a risk warning announcement regarding the termination and suspension of the company's stock listing. As of June 2nd, the closing price of Taihe Group Co., Ltd.'s stock has been below 1 yuan/share for 20 consecutive trading days, which has touched the mandatory delisting requirement for trading under Article 9.2.1 of the Shenzhen Stock Exchange Listing Rules. According to relevant regulations, the company's stock will be suspended from trading starting from June 5th, and there is a risk of delisting the company's stock.

According to Wind data, as of the close on June 2nd, ST Taihe's stock price closed at 0.43 yuan/share, a decrease of 4.44%. The company's stock has hit the daily limit down for 13 consecutive trading days, with a total closing market value of 1.1 billion yuan. As of the end of the first quarter, ST Taihe had 53200 shareholders.

The market value once exceeded 50 billion yuan

According to the announcement of ST Taihe, Article 9.1.15 of the Listing Rules of Shenzhen Stock Exchange stipulates that after a listed company's stocks are forcibly delisted by the Shenzhen Stock Exchange, they enter the delisting consolidation period, except for those that terminate listing due to encountering mandatory delisting situations related to trading. Therefore, the company's stocks will not enter the delisting consolidation period.

Public information shows that the company was founded in 1996 and listed on the Shenzhen Stock Exchange in 2010. At the beginning of its establishment, Taihe focused its development on Fujian and was a leading enterprise in the Fujian real estate industry. In 2002, Taihe entered the luxury housing market in Beijing and built courtyard buildings. With the reputation of high-end products, Taihe's scale continued to expand. In just five years from 2013 to 2017, Taihe achieved a breakthrough from 10 billion yuan to 100 billion yuan. In 2017 and 2018, Taihe's sales exceeded 100 billion yuan, ranking among the top 20 Chinese real estate companies for two consecutive years. At the end of 2017, Huang Qisen, Chairman of Taihe Group, shouted out a sales target of 200 billion yuan, causing the company's stock price to skyrocket, with a market value exceeding 50 billion yuan at one point.

However, due to the rapid expansion leading to a sudden increase in short-term debt and the industry downturn causing difficulties in high turnover, on July 6, 2020, Taihe announced that it had failed to complete the timely repayment of the principal and interest of the medium-term note "17 Taihe MTN001", declaring a debt default. According to the latest disclosure of the company's debt situation by Taihe Group, as of April 28, 2023, Taihe Group has matured and unpaid loan principal of 58.203 billion yuan. Taihe Group stated that the company is fully promoting debt restructuring and actively resolving debt issues. However, as of now, the company and all parties have not yet formed a comprehensive debt restructuring solution.

Previously, Taihe had also started self rescue. On May 13, 2020, Taihe announced that its controlling shareholder Taihe Investment was planning to introduce strategic investors to the company, and the related transactions may lead to a change in the company's control. At the end of July 2020, Taihe announced that it had signed an equity transfer framework agreement with Hainan Wanyi Management Services Co., Ltd., a wholly-owned subsidiary of Vanke. Subject to meeting the transaction requirements, Taihe would transfer 19.9% of its shares to Vanke at a transfer price of 4.9 yuan per share, corresponding to a total consideration of approximately 2.427 billion yuan. If the transaction is successfully completed, Vanke will acquire nearly one-fifth of the equity of Taihe, becoming the second largest shareholder of Taihe Group. On March 17, 2023, Vanke A replied to investors on the Shenzhen Stock Exchange's Interactive Easy platform that the prerequisites for the relevant transaction had not yet been met. Public information shows that there are two main prerequisites. Firstly, Taihe must successfully complete debt restructuring and resume normal production. Secondly, there are no significant issues or adverse changes affecting the sustainable operation of Taihe's debt and business.

A loss of over 600 million yuan in the first quarter

On the evening of May 25th, ST Taihe issued a major execution case announcement, which showed that the company and its wholly-owned subsidiaries had recently received an execution notice from the Fuzhou Intermediate People's Court. Due to the maturity of the debt, it was notarized by the Xiamen Notary Office and Xingye Trust applied for compulsory execution. The total amount involved in the case is 3.186 billion yuan. Due to the incomplete execution of the case, its impact on the company's current and future profits cannot be accurately estimated at the moment. As of the end of last month, the company had a total of 463 undisclosed small-scale lawsuits and arbitration matters, involving a total amount of 403.5152 million yuan, in addition to the above-mentioned related lawsuits. These mainly include disputes over small-scale commercial housing contracts, engineering construction contracts, and lease contracts.

According to the investor relationship record table disclosed by ST Taihe on the evening of May 16th, the company's major shareholders and management are discussing measures to stabilize the stock price. If it meets the credit rating standards, the company will promptly fulfill its credit rating obligations in accordance with regulatory requirements. At present, the company's production and operation are all normal, and there has been a certain degree of improvement compared to the same period in history. The Shanghai Dacheng Xiaoyuan project has received government relief funds to ensure delivery, all of which will be used for project construction. The project has resumed construction. Shenzhen Courtyard is expected to open in the second half of 2023, and the southern plot has fully resumed work this year. It is expected that the southern courtyard will be fully capped by July, and it is planned to sell the southern courtyard in September this year.

The above investor relationship record table also shows that since the debt crisis, the company has responded to national policies by first ensuring construction to revitalize projects, ensuring delivery and quality, and resuming production and work; On this basis, negotiations on debt restructuring with financial institutions are progressing in an orderly manner, with plans to collect repayment funds for maturing debts through various channels and methods, striving to reduce debt repayment risks and improve the company's liquidity issues. The newly signed debt restructuring agreement in 2022 involves a loan principal of 17.711 billion yuan. By the end of April 2023, the company had received an approved policy relief fund of 2.218 billion yuan, of which 1.009 billion yuan had been received. The remaining amount will be gradually disbursed as the project progresses.

According to ST Taihe's financial report, in 2022, the company achieved a total operating revenue of 8.803 billion yuan, a year-on-year increase of 79.24%; The net profit attributable to shareholders of the listed company was a loss of 5.374 billion yuan, a year-on-year decrease of 33.91%. In the first quarter of 2023, the company achieved a total operating revenue of approximately 969 million yuan, an increase of 294.23% year-on-year; The net profit attributable to shareholders of the listed company suffered a loss of 607 million yuan, a year-on-year decrease of 50%.

Multiple companies terminating listing

It is worth noting that on the evening of June 2nd, several listed companies, including * ST Yikang, * ST Qixin, and * ST Xinwen, issued delisting notices.

*ST Qixin announced that on June 2nd, the company received a decision from the Shenzhen Stock Exchange regarding the delisting of Jiangxi Qixin Group Co., Ltd.'s shares, and the Shenzhen Stock Exchange decided to terminate the company's stock listing. The starting date for the company's stock to enter the delisting consolidation period is June 12th, and the expected final trading date is July 4th.

*ST Yikang announced that the company received a decision from the Shenzhen Stock Exchange on June 2nd regarding the delisting of Yihua Health Medical Co., Ltd.'s shares. The company's stock has been delisted by the Shenzhen Stock Exchange due to being subject to mandatory delisting for trading purposes, and will not enter the delisting consolidation period. The company's stock will be delisted within 15 trading days after the Shenzhen Stock Exchange makes the delisting decision.

*ST News Announcement: Received decision to terminate stock listing. The starting date for the company's stock to enter the delisting consolidation period is June 12, 2023. The delisting consolidation period is fifteen trading days, and the expected final trading date is July 4, 2023.

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