China Fund News reporter Yishan
On the evening of May 15, *ST Shimao announced that it had received a notice of proposed termination of listing because the company's shares were below 1 yuan for 20 consecutive trading days.
The proposed listing will be terminated and suspended from tomorrow
According to the announcement, *ST Shimao received the "Prior Notice on the Proposed Termination of the Listing of Shanghai Shimao Co., Ltd." issued by the Shanghai Stock Exchange on May 15.
According to the notice, from April 12, 2024 to May 15, 2024, the daily stock closing price of the company's shares for 20 consecutive trading days was less than 1 yuan, and according to Article 9.2.1 of the "Shanghai Stock Exchange Stock Listing Rules (Revised in April 2024)", the company's shares have reached the termination of listing conditions.
In accordance with the relevant regulations, the Shanghai Stock Exchange made a decision to terminate the listing of the company's shares. At the same time, *ST Shimao will be suspended from the market open on May 16.
In the past two years, the loss of more than 13.5 billion yuan has fallen for 8 consecutive days
According to the data, Shanghai Shimao Co., Ltd. is a comprehensive real estate listed company under Shimao Group, which integrates comprehensive commercial real estate development and sales, commercial operation and management, and diversified investment, which was established in July 1992 and listed in February 1994, and has been more than 30 years.
Judging from the financial report data, the company's performance has been poor in recent years and has continued to lose money. Specifically, from 2021 to 2023, revenue declined year-on-year for three consecutive years, of which the decline in 2022 reached 70.37%. In terms of net profit attributable to the parent company, the total net loss in 2022 and 2023 will exceed 13.5 billion yuan, and the loss in the first quarter of this year will be 64.47 million yuan.
As of the end of the first quarter of this year, the company's total liabilities reached 91.368 billion yuan, and the asset-liability ratio was 83.96%.
In fact, Shimao shares have tried to "protect the shell" by repurchasing shares and selling assets.
In June last year, Shimao Co., Ltd. announced that the company would use its own funds to repurchase, with a total repurchase of 100 million yuan to 200 million yuan.
According to the announcement disclosed on May 8, from January 10 to May 7 this year, the company repurchased about 117 million shares through centralized bidding transactions, accounting for 3.13% of the company's total share capital, and the total amount of repurchase was about 125 million yuan (excluding transaction costs).
If the repurchase data for the period from June 27, 2023 to September 26, 2023 is included, the company has repurchased about 149 million shares through centralized auction transactions, accounting for 3.98% of the company's total share capital, and the total repurchase amount is about 175 million yuan (excluding transaction costs).
Shimao also stated in the aforementioned announcement that the share repurchase plan has not yet been implemented, and the company will continue to implement the repurchase.
On the other hand, in order to alleviate liquidity difficulties, since September 2023, Shimao has successively begun to transfer the shares of its subsidiaries, such as the transfer of the equity of the new Zhuhai Shimao New Field held by the holding subsidiary Zhuhai for a total consideration of 3.91 billion yuan, and the transfer of part of the commercial land and supporting assets held by the subsidiary Quanzhou Shimao New Mileage for a consideration of 285 million yuan.
In terms of stock price, *ST Shimao fluctuated less in the first quarter, with an average price of about 1.14 yuan per share, but it began to fall sharply in April, and after falling below 1 yuan for the first time on April 12, it has fallen all the way to this day, as of May 15, it closed at 0.43 yuan / share, which has fallen for 8 consecutive days, with a cumulative decline of more than 32% in the range, and the company's market value is only 1.6 billion yuan.
Wind data shows that as of the end of the first quarter of this year, the company's total number of shareholders was still 36,700.
Editor: Captain
Review: Muyu