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In the past, China's top 500 real estate enterprises locked delisting!
In the recent market, there are real estate companies locked in delisting because the share price is less than 1 yuan.
On April 29th, the share price of Shanghai Shimao Co., Ltd. (referred to as "ST Shimao"), a veteran Shanghai real estate developer, fell by its daily limit and closed at 0.Slot777online.64 yuan, which has been less than 1 yuan for 12 consecutive trading days. According to the calculation of a reporter from the Securities Times, even in the next eight trading days, the company's share price could not return to 1 yuan, reaching the delisting condition of "less than 1 yuan for 20 consecutive trading days" and locking in delisting ahead of time.
Established Shanghai real estate developers lock in delisting
Recently, ST Shimao issued several announcements to remind investors that the listing of the company's shares may be terminated because the share price continues to be less than 1 yuan.
On April 29th, ST Shimao fell by the daily limit again, closing at 0.Slot777online.64 yuan, which has been less than 1 yuan for 12 consecutive trading days. According to the relevant provisions of the stock listing rules, if the daily closing price of the stock for 20 consecutive trading days is less than 1 yuan, the company's shares may be terminated by the Shanghai Stock Exchange.
According to a calculation by a reporter from the Securities Times, in the next eight trading days, even if the company's share price rises by the daily limit, it will not be able to return to 1 yuan, thus triggeringSlot777onlineDelisting of the trading category, and locking delisting ahead of time.
In fact, during the last round of stock price downturn, ST Shimao tried to stabilize the stock price by taking measures such as share buybacks and shareholder holdings, but these efforts failed to recover the decline.
On August 4, 2023, ST Shimao issued an announcement on the progress and adjustment of the shareholding increase plan of the controlling shareholder or its concerted actors. In order to effectively promote the shareholding increase plan, based on the recognition of the company's long-term value, the company's controlling shareholder Fengying International Co., Ltd. or its concerted actors voluntarily changed the original price ceiling of the increase to 1.80 yuan per share, and the increase period was extended for 9 months. That is, it will be postponed to May 30, 2024, and the overall period for increasing holdings will not exceed 12 months.
Up to now, the main investors have increased their holdings of 150 million shares of the company through the competitive trading system of the Shanghai Stock Exchange, with an increase of 166 million yuan, and the plan has not yet been completed.
ST Shimao has also announced that it will use its own funds to buy back shares, with a total amount of not less than 100m yuan (inclusive) and no more than 200m yuan (inclusive). Up to now, the company has repurchased a total of 144 million shares, with a total amount of 171 million yuan (excluding transaction fees).
According to public data, ST Shimao is a listed company of Shimao Group, which integrates comprehensive commercial real estate development and sales, commercial operation and management, and diversified investment. In the 2021 Fortune China 500 list, the company ranked 435th.
Failure to pay debts on schedule accumulated more than 10 billion yuan
On March 30, the company disclosed that it failed to pay its debts on schedule, saying that as of March 29, 2024, the open market debt of the company and its subsidiaries, and the debts of non-open market banks and non-bank financial institutions had totaled 12.324 billion yuan.
As for the reasons for the failure to pay on time, ST Shimao said that the sales contract from January to February in 2024 was about 830 million yuan, down 45% from the same period in 2023 and about 17% from the same period in 2022. In addition, the situation of narrowed and restricted financing channels has not changed, and the company still faces the problem of tight liquidity.
ST Shimao said that due to periodic cash constraints, the company will fail to repay its debts on time, and will face additional fees such as liquidated damages and interest penalties, as well as the risk of bank accounts being frozen and mortgage assets seized, which may have an impact on the company's operations. In order to resolve the debt risk of the company, the company is making every effort to coordinate all parties to actively raise funds, and under the communication and consultation mechanism of the holders' meeting, formulate corresponding solutions to actively solve the current problems.
In order to deal with the liquidity crisis, the company has announced the transfer of assets many times. On April 12, ST Shimao issued a progress announcement on the transfer of assets and settlement of debts of its subsidiary. Xuzhou Real Estate, a wholly-owned subsidiary of the company, intends to transfer the collateral, that is, its commercial real estate, East Sanhuan Road, Yunlong District, Xuzhou, to Xuzhou Luman, to pay off the loan owed by Nanchang New Development to Jinan Tiemao. On April 11, 2024, the transfer of ownership of the above-mentioned transferred assets has been completed, and the mortgage guarantee obligation of Xuzhou real estate has been completed. The book value of the transferred assets in the 2022 audit report is 616 million yuan, and Shimao Group Holdings Limited, a related party of the company, and its subsidiaries have given equal compensation to the company by deducting 616 million yuan of receivables to the company and its subsidiaries.
On March 29th, ST Shimao announced that its subsidiary Nanjing Real Estate had planned to transfer some of its commercial real estate holdings at No. 118 Nantong Road, Gulou District, Nanjing City to Nanjing Luman II to repay the loans owed by the related party Jinan Junlei to Hengtie's investment. The above transferred assets will be auctioned on Ali Asset platform from February 22, 2024 to February 23, 2024. The auction result isSlot777onlineNanjing Luman II won with the highest bid, the auction price was 135 million yuan, and the related transfer procedures were completed on March 28th, 2024. After the completion of the transfer procedures, Jinan Junlei owes Hengtie 135 million yuan to repay the loan, and the mortgage guarantee obligation of Nanjing real estate has also been completed.
ST Shimao announced that its subsidiary Quanzhou Shimao Xinli plans to sign an "Asset transfer Agreement" with Hengchang Real Estate. Quanzhou Shimao Xinli plans to transfer its commercial parcels and ground commercial supporting buildings at 3888 Yayi Street, Quanzhou Taiwan Investment Zone, with a total construction area of 152600 square meters to Hengchang Real Estate with a transfer consideration of RMB 285 million. ST Shimao said that the transaction is a prudent judgment made by the company based on the actual operating conditions and future development of its subsidiaries, and although it has no significant impact on reducing liquidity pressure, it is a necessary measure for the company to try its best to tide over the liquidity crisis.
On March 15, ST Shimao announced that Suzhou Shimao Investment, a wholly-owned subsidiary of the company, plans to sign an "Equity Transfer Agreement" with Pingshan Urban Investment. Suzhou Shimao Investment plans to transfer its 60% equity stake in Urban Investment Hongyuan Investment to Pingshan Urban Investment. The equity transfer consideration is RMB 30 million yuan. Nanchang Yueying, a wholly-owned subsidiary of the company, plans to sign a "creditor's rights transfer agreement" with Pingshan Urban Investment. Nanchang Yueying plans to transfer its creditor's rights of RMB 586 million on Urban Investment Hongyuan Investment to Pingshan Urban Investment. The consideration for the creditor's rights transfer is RMB 216 million yuan.