livecasinolightningroulette| Loss, default, lock-in, delisting, 30-year ups and downs of A shares of Shimao, a veteran real estate company

It has been rising and falling in the A-share capital market for 30 years since it was listed on the main board of the Shanghai Stock Exchange on February 4, 1994.LivecasinolightningrouletteShanghai Shimao Co., Ltd. is about to usher in the curtain call.

On the evening of May 15, * ST Shimao announced that due to the share price of less than 1 yuan for 20 consecutive trading days, the company received the "advance notice on the proposed termination of the listing of Shanghai Shimao Co., Ltd." (hereinafter referred to as "notice") issued by the Shanghai Stock Exchange on the same day.

According toLivecasinolightningrouletteIt is understood that since the formal announcement of default in July 2022, * ST Shimao has been mired in debt. Financial data show that as of April 30 this year, * ST Shimao and its subsidiaries have accumulated 120 million public market debt, private market bank debt and non-bank financial institution debt.Livecasinolightningroulette.55 billion yuan failed to be paid on schedule.

At the same time, affected by the malaise of real estate development business, * ST Shimao's loss situation is also further intensified. Financial data show that in 2023, * ST Shimao achieved a net profit of-144,Livecasinolightningroulette4.2 billion yuan, down 97.82% from the same period last year, and the net profit attributed to shareholders of listed companies was-8.996 billion yuan, down 98.71% from the same period last year.

On May 17, a relevant official of Shimao Group told China Business Daily that * ST Shimao touched the conditions for terminating the listing and would disclose the work arrangements and related processes of subsequent listed companies through an announcement.

Bid farewell to A shares

According to the above-mentioned "notice", * ST Shimao shares closed below 1 yuan a day for 20 consecutive trading days from April 12 to May 15 this year. According to the relevant regulations, the company's shares have reached the conditions for termination of listing. The Shanghai Stock Exchange will make a decision to terminate the listing of the company's shares in accordance with the relevant regulations.

According to the Stock listing rules, trading in * ST Shimao shares has been suspended since the opening of trading on May 16, 2024. The Shanghai Stock Exchange will convene a listing committee within 15 trading days after the expiration of the relevant time limit for the company to submit hearings, statements and arguments. Then, according to the deliberative opinions of the listing Committee, a decision is made on whether to terminate the listing of the company's shares.

According to public data, Xu Rongmao, the actual controller of * ST, is from Fujian and started his career in finance and textile and clothing business in Hong Kong in the 1980s. In 1989, Xu Rongmao officially entered the real estate industry and created high-end housing projects represented by Beijing Asian Games Garden and Shanghai Shimao Binjiang Garden.

The reporter noted that with the continuous expansion of the real estate business, Xu Rongmao began to lead the company to land in the capital market. * ST Shimao was founded in 1992. Shanghai Vientiane (Group) Co., Ltd., formerly known as Shanghai Vientiane (Group) Co., Ltd. was listed on the main board of the Shanghai Stock Exchange on February 4, 1994, and changed its name to Shimao on April 16, 2001.

According to the official website, * 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. it is one of the few commercial real estate enterprises listed in A shares.

In 2006, Xu Rongmao also promoted the listing of 00813.HK, which is mainly engaged in residential development, investment and hotel operation, in Hong Kong, which is also the controlling shareholder of * ST, and in 2020, Xu Rongmao's third listed company, Shimao Services (00873.HK), also entered the Hong Kong stock capital market.

The reporter combed and found that with the real estate market regulatory policies and changes in supply and demand situation, 2019 has also become a turning point for * ST Shimao from prosperity to decline. In that year, the company achieved an operating income of 21.449 billion yuan, an increase of 3.75% over the same period last year, and a net profit of 2.43 billion yuan, an increase of 1.07% over the same period last year.

Since then, * ST Shimao performance began to continue to decline. In 2020, the company achieved an operating income of 21.705 billion yuan, an increase of 1.19% over the same period last year, and a net profit of 1.55 billion yuan, down 36.2% from the same period last year. In 2021, the company achieved operating income of 19.392 billion yuan, down 10.66% from the same period last year, while its net profit fell to 961 million yuan, down 38.01% from the same period last year.

Starting from 2022, * ST Shimao began to enter a loss cycle, with net profits of-7.304 billion yuan and-14.442 billion yuan in 2022 and 2023 respectively, and net profits of shareholders belonging to listed companies were-4.531 billion yuan and-8.996 billion yuan respectively, down 571.47% and 98.71% respectively from the same period last year. In July 2022, due to the formal default of a foreign debt of 1 billion US dollars, the company began the process of comprehensive restructuring of overseas debt.

It is understood that the reason why * ST Shimao finally delisted is that China Construction Bank (Asia) Co., Ltd. filed a winding-up petition against Shimao Group to the High Court of the Hong Kong Special Administrative region on April 5 this year.

After the opening of the market on April 8, the share prices of the three listed companies of Shimao fell, Shimao real estate fell more than 18%, and Shimao real estate fell 4.55% and fell by the daily limit, while Shimao service fell 2.65%. * ST Shimao shares have continued to fall since then, closing at less than 1 yuan for 20 consecutive trading days and falling to 0.43 yuan per share as of May 17.

According to the listing rules, * ST Shimao may usher in a farewell moment in June after 30 years of ups and downs in A-shares.

Debt overdue

No matter how big the business landscape was, the debt pressure is now as heavy.

On May 5, * ST Shimao announced that as of April 30, the company and its subsidiaries' open market debt, and the debt of private market banks and non-bank financial institutions had accumulated 12.055 billion yuan failed to be paid on schedule.

In the face of successive operating conditions of losses and continued expansion of debt, * ST Shimao said that mainly since 2022, the company's sales situation has not improved significantly, the situation of narrowed and restricted financing channels has not been effectively improved, and the company is still facing liquidity constraints.

* ST Shimao's 2023 results are still dismal. According to the financial report, in 2023, the company achieved operating income of 5.547 billion yuan, down 3.48% from the same period last year, of which real estate sales income was 2.248 billion yuan, down 43.07% from the same period last year; real estate rental income (rent + property management fee) was 1.547 billion yuan, an increase of 6.90% over the same period last year.

In terms of real estate development, in 2023, * ST Shimao signed sales of 7.06 billion yuan, down 23% from the same period last year; sales signed area of 418000 square meters, down 40% from the same period last year. The company's sales contracts in Hangzhou-Ningbo (Hangzhou City, Zhejiang Province) and Dawan District urban agglomeration are 2.04 billion yuan and 1.25 billion yuan respectively, accounting for 47% of the company's annual sales performance.

According to reports, in the face of shrinking sales and tight liquidity, * ST Shimao adheres to the business policy of "three declines, one delay and two striving" and temporarily slows down the investment in development and construction to concentrate resources to ensure delivery. In 2023, the company's new real estate construction area was about 55000 square meters, down 91% from the same period last year.

At the same time, benefiting from the continuous promotion of guaranteed delivery, *ST Shimao's completed area has achieved a significant increase. In 2023, the cumulative completed area will be approximately 1.083 million square meters, a year-on-year increase of 91%.

Entering 2024, *ST Shimao's operating income will further decline. The first quarterly report for 2024 shows that during the reporting period, the company achieved operating income of 1.033 billion yuan, a year-on-year decrease of 7.10%; achieved net profit attributable to the parent company-64 million yuan, turning from profit to loss year-on-year; achieved net cash flow from operating activities 324 million yuan, a year-on-year decrease of 64.19%; the asset-liability ratio was 83.96%, a year-on-year increase of 15.19 percentage points.

The latest data shows that from January to April this year, *ST Shimao had no new real estate reserve projects; it achieved a sales contracted area of approximately 335,000 square meters, a year-on-year increase of 94%; and the sales contracted amount was approximately 3.45 billion yuan, a year-on-year increase of 1%.

*ST Shimao stated that in order to resolve the company's debt risks, 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 resolution plans to actively solve current problems.

(Article source: China Business Network)

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