Just announced: forced delisting! More than 50,000 shareholders were stunned
China Fund News reporter Milo
The hundreds of billions of housing enterprises in the past have now left the market.
ST Tahoe issued an announcement on the evening of June 2, saying that as of that day, the closing price of the company's stock has been below 1 yuan per share for 20 consecutive trading days, touching the mandatory delisting regulations of trading.
Trading of the company's shares will be suspended from the market open on June 5, pending notice from the Shenzhen Stock Exchange. Once the Shenzhen Stock Exchange decides to terminate the listing of the company's shares, it will be delisted directly and will not enter the delisting period.
As of March 31, ST Tahoe still had 53,200 shareholders. Since then, the company's stock has traded coldly, falling all the way after falling below par on May 8, and even falling from May 16 to June 2.
This means that at least tens of thousands of shareholders will follow ST Tahoe on the road to delisting.
As a "Fujian" real estate enterprise, Tahoe has always been known for its vigorous performance, and once became a benchmark enterprise with high turnover mode.
In 2014, the annual sales scale of Tahoe Group was only 20 billion yuan. Just three years later, in the first half of 2017, Tahoe Group's sales scale exceeded 40 billion yuan.
At the end of 2017, Huang Qisen, chairman of Tahoe, took "singing ahead" as the theme for the coming year, and said that in 2018, Tahoe's sales target is to double to 200 billion yuan.
Huang Qisen explained that by the end of 2017, Tahoe had at least 600 billion yuan of land reserve value, and the saleable value in 2018 will reach 400 billion yuan. If the 50% dematerialization rate is extrapolated, the sales target of 200 billion yuan in 2018 is not radical.
This statement immediately aroused market popularity.
From December 20, 2017 to January 24, 2018, Tahoe's share price rose by more than 150%.
At that time, Huang Qisen said that high debt does not equal high risk. "Banks have their own professional risk assessment standards, and the reason why they are willing to lend money to Tahoe is because they are optimistic about Tahoe. Banks have their own judgment on the liquidity of assets. ”
Huang Qisen said that with collateral, although the debt ratio on the books seems to be high, the actual risk is not high. Tahoe lays out core plots in first- and second-tier cities, and these lands are easy to realize.
A momentary "high profile" eventually became a historical high.
After hitting an all-time high of 21.31 yuan per share, Tahoe's stock price fell all the way and finally reached the point of delisting. At present, the market value of ST Tahoe is only 1.1 billion yuan, down about 98% from the previous market value of more than 50 billion.
Previously, Tahoe tried to find a rescue plan, and even "hit" Vanke, but in the end it failed to make the trip.
In July 2020, ST Tahoe (then known as Tahoe Group) announced that Huang Qisen, the controlling shareholder Tahoe Investment and the actual controller of the company, signed the Share Transfer Framework Agreement with Hainan Wanyi, and Tahoe Investment intends to transfer 19.9% of its shares in the listed company to Hainan Wanyi at a price of 4.9 yuan per share, corresponding to a total consideration of about 2.43 billion yuan.
Hainan Wanyi, which intends to transfer its equity, is a wholly-owned subsidiary of Vanke. If the transaction is successfully completed, Vanke will become the second largest shareholder of the company after Tahoe Investment through Hainan Wanyi, and the proportion of shares held by Tahoe Investment will be reduced to 29.07%.
At that time, Vanke put forward a number of preconditions: if Tahoe Group needs to formulate a debt restructuring plan and reach an agreement with creditors, the debt restructuring plan can support Tahoe Group to resume normal production, can support the sustainable operation of Tahoe Group, and the debt restructuring plan can be unanimously approved by Tahoe Group and Vanke.
At the same time, Vanke completed legal, financial and business due diligence on Tahoe Group, and reached an agreement on the solution to the problems found in the due diligence and the plan of the proposed transaction, and there were no major problems affecting the proposed transaction, and there were no major problems or major adverse changes affecting the company's continuous operation in terms of assets, liabilities and business of Tahoe Group.
However, because the preconditions could not be met, Vanke did not intervene.
Without Vanke's support, Tahoe was ultimately unable to save himself.
From 2020 to 2022, ST Tahoe lost money for three consecutive years, with a cumulative loss of more than 15 billion yuan in three years.
The company's cash flow is also very difficult. As of April 28, 2023, the outstanding principal amount of the loan was 58.203 billion yuan. The guarantee balance corresponding to the material overdue debts in the company's external guarantee is 5.416 billion yuan.
The company said that it is fully promoting debt restructuring and actively resolving debt problems. To date, the Company and its parties have not yet reached a comprehensive debt restructuring solution.
On May 25, ST Taiho announced that it had received the "Enforcement Notice" from the Fuzhou Intermediate Court, and because the debt was due, it was notarized by the Xiamen Notary Public and Industrial Trust applied for enforcement, and the amount involved was 3.186 billion yuan.
The company also disclosed that as of the end of April, there were 463 other small claims and arbitration matters that had not been disclosed, involving a total amount of 404 million yuan, mainly disputes over commercial housing contracts with small amounts, engineering construction contracts and lease contracts.
Editor: Joey
Reviewed: Wooden fish