Core Viewpoint - The valuation logic of the capital market for real estate is shifting from "cyclical stocks" to "value stocks" [1][14]. Group 1: Company Developments - Joy City (大悦城) has received court approval for its privatization plan, which will take effect on November 27, marking its official delisting after 12 years of being publicly traded [1][2]. - Joy City plans to repurchase shares at a total cost of approximately HKD 29.32 billion, citing market performance fluctuations and liquidity pressures as reasons for its delisting [2][5]. - Minmetals Land (五矿地产) also announced its delisting due to limited capital financing capabilities and loss of advantages from being listed [5][8]. Group 2: Market Trends - Since 2022, over 30 listed real estate companies in A-shares and H-shares have delisted, with most delistings being passive due to market shocks and debt defaults, while some have chosen active privatization [5][7]. - Among the recent delistings, Upkun Real Estate (上坤地产) faced passive delisting after failing to meet listing requirements, including a prolonged suspension of trading [6][7]. - The capital market's role in supporting real estate companies has weakened, as evidenced by the declining market valuations and the loss of financing platform value [11][14]. Group 3: Shifts in Valuation Logic - The previous era of high growth and high profit for real estate companies is over, with new evaluation criteria focusing on financial safety, liquidity, profitability quality, sustainability of business models, and corporate governance [15][16]. - The transition from "cyclical stocks" to "value stocks" indicates that companies must adapt to new market expectations or consider delisting as a fresh start [15][16]. - Several companies have begun to divest traditional real estate operations and shift towards lighter asset models or other asset classes to maintain their presence in the capital market [15][16].

Core Insights - The article highlights the ongoing trend of listed real estate companies in China exiting the capital market, with both passive and active delistings becoming more prevalent [2][12]. Group 1: Delisting Trends - In October 2023, two listed real estate companies, Winking Real Estate and Upkun Real Estate, announced their exit from the capital market [1]. - Since the beginning of 2023, nearly 23 listed real estate companies have delisted from A+H shares, with 7 opting for privatization since 2021 [2][6]. - The delisting trend is characterized by a significant number of companies facing forced delisting due to prolonged trading suspensions, with Upkun Real Estate being the latest to be mandated to delist by the Hong Kong Stock Exchange [3][4]. Group 2: Reasons for Delisting - The primary reasons for delisting include liquidity crises, continuous performance declines, and failure to meet reporting requirements, leading to long-term trading suspensions [5][14]. - The article notes that as of October 27, 2025, 12 A-share real estate companies have been delisted, with 8 of them occurring in 2023 due to stock prices falling below the 1 yuan threshold for 20 consecutive trading days [7]. Group 3: Privatization as a Strategy - The number of companies choosing to privatize has increased, indicating a strategic shift in response to market pressures and operational challenges [12]. - Companies like Winking Real Estate and Dayue City Real Estate are considering privatization as a means to enhance operational flexibility and reduce regulatory burdens [15]. - The article emphasizes that privatization is not merely a reaction to current challenges but a strategic move for long-term restructuring and value reconstruction in a deeply adjusted industry [16].

Core Viewpoint - The recent trend of listed real estate companies exiting the capital market is characterized by a predominance of passive delistings and an increase in active privatization delistings, indicating a significant restructuring and reshuffling within the industry over the next 2-3 years [1][11]. Summary by Sections Delisting Trends - In October 2023, two listed real estate companies, Winking Property and the previously high-performing Shankun Property, announced their exit from the capital market [1]. - Since the first delisting of New Power Holdings in 2023, nearly 23 listed real estate companies have exited the A+H share market within three years, with 7 companies opting for privatization since 2021 [1][2]. Reasons for Delisting - The delisting of companies like Shankun Property and Evergrande reflects a broader trend of performance decline among listed real estate firms due to liquidity crises and ongoing industry adjustments [2]. - Companies listed on the Hong Kong Stock Exchange face mandatory delisting if they remain suspended for 18 months, while A-share companies often trigger delisting due to stock prices falling below 1 yuan for 20 consecutive trading days [2][3]. Privatization Movement - The number of companies choosing to privatize has notably increased, with several firms, including Winking Property and Dayue City, considering privatization as a strategic response to market pressures [7][9]. - The reasons for privatization include ongoing market and operational pressures, the need for strategic adjustments, and the desire to enhance operational efficiency [9][10]. Financial Performance - Winking Property has reported continuous losses since 2022, with a significant loss of 3.26 billion yuan in 2024, highlighting the financial pressures driving privatization decisions [9]. - The sales revenue of Winking Property has drastically decreased from 26 billion yuan in 2021 to 7.02 billion yuan in 2024, further emphasizing the challenges faced by the company [9]. Future Outlook - The combination of passive delistings and active privatizations illustrates the current phase of "clearing" and "restructuring" within the industry, suggesting that this trend will continue in the coming years [11].

Core Viewpoint - After five years of listing, Shangkun Real Estate has officially been delisted from the Hong Kong Stock Exchange on October 27, 2025, following three annual reports that revealed declining revenue growth and a rapid drop in net profit, leading to a loss in 2022 [1] Company Summary - Shangkun Real Estate was once considered a "dark horse" in the market but has faced significant challenges post-listing, including weak revenue growth and a substantial decline in net profit [1] - The company experienced cash flow pressure due to market adjustments and was triggered to delist due to a prolonged suspension of trading [1] - Despite the delisting, founder Zhu Jing is making efforts to maintain operations, emphasizing the company's commitment to "survival of the fittest" and "efforts are key," with plans to focus on delivery and stable operations in the second half of the year [1]

Core Viewpoint - The company, formerly known as the "youngest listed real estate company," is set to have its listing status officially canceled on October 27, 2025, marking a rapid decline from its initial public offering in November 2020 to delisting in less than five years [2][4]. Company Summary - The company failed to disclose financial performance on time, leading to its delisting [3]. - The company was unable to resume trading by October 1, 2025, triggering the cancellation of its listing status due to non-compliance with listing rules [5]. - The company has faced significant management turnover, with only two board members remaining as of now [7][10]. - The stock price plummeted to 0.013 HKD per share before suspension, with a total market value of only 26.95 million HKD, down from over 4.5 billion HKD at its peak [11]. Financial Performance - The company experienced a drastic decline in revenue, with 2022 revenue reported at 3.034 billion CNY, a 63.61% decrease year-on-year, and a net loss of 1.937 billion CNY [17]. - As of mid-2023, the company had a debt-to-asset ratio of 88.88%, with total outstanding borrowings of approximately 10.348 billion CNY [18][19]. - The company attempted various self-rescue measures, including asset sales and strategic upgrades, but these efforts did not reverse its declining fortunes [21][22]. Industry Context - The company's trajectory reflects the broader challenges facing the real estate industry, particularly for small to medium-sized firms amid market adjustments [24]. - The case serves as a warning for the industry regarding the sustainability of high-leverage, high-turnover business models, emphasizing the need for a balance between scale, profit, and risk management [25].

Core Viewpoint - The company, Shangkun Properties (06900), has been notified by the Hong Kong Stock Exchange that it failed to meet the resumption guidelines by the deadline of October 1, 2025, leading to the decision to cancel its listing status [1] Group 1 - The Hong Kong Stock Exchange's listing committee determined that the company did not fulfill the resumption requirements by the specified deadline [1] - The cancellation of the company's listing status will take effect from 9:00 AM on October 27, 2025, unless the company applies for a review of the delisting decision under Chapter 2B of the listing rules [1] - The company has decided not to apply for a review of the delisting decision based on its circumstances [1]

Core Viewpoint - On October 24, 2025, Shangkun Real Estate Group Limited announced that the Hong Kong Stock Exchange (HKEX) Listing Committee has decided to cancel its listing status due to the company's failure to meet the resumption guidance by the deadline of October 1, 2025 [1] Group 1 - The HKEX notified Shangkun Real Estate on October 10, 2025, regarding the cancellation of its listing status under Listing Rule 6.01A(1) [1] - The cancellation will take effect from 9:00 AM on October 27, 2025, unless the company applies for a review of the delisting decision under Listing Rule 2B [1] - Shangkun Real Estate has stated that it does not intend to apply for a review of the delisting decision based on its circumstances [1] Group 2 - Shareholders and investors should note that after October 26, 2025, while the share certificates will remain valid, the shares will no longer be traded on the HKEX [1] - Following the delisting, the shares will not have a public market for trading, and the company will no longer be subject to the listing rules [1]

Core Points - The company, Shangkun Real Estate (06900.HK), has received a letter from the Hong Kong Stock Exchange indicating that it failed to meet the resumption guidelines by the deadline of October 1, 2025 [1] - The Stock Exchange's Listing Committee has decided to cancel the company's listing status under Listing Rule 6.01A(1) [1] - The cancellation of the listing status will take effect from 9:00 AM on October 27, 2025, unless the company applies for a review of the delisting decision under Chapter 2B of the Listing Rules [1]

Core Viewpoint - The company, Zhi Kun Real Estate (06900), has been notified by the Hong Kong Stock Exchange that it failed to meet the resumption guidelines by the deadline of October 1, 2025, leading to the decision to cancel its listing status [1] Group 1 - The Hong Kong Stock Exchange's listing committee determined that the company did not fulfill the resumption requirements by the specified deadline [1] - The cancellation of the company's listing status will take effect from 9:00 AM on October 27, 2025, unless the company applies for a review of the delisting decision under Chapter 2B of the listing rules [1] - The company has decided not to apply for a review of the delisting decision based on its circumstances [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 茲提述本公司日期分別為2024年3月18日、2024年4月2日、2024年6月28日、2024年8月7日、2024年 8月30日、2024年9月30日、2025年1月2日、2025年3月31日及2025年6月30日的公告（「該等公告」）， 內容有關（其中包括）延遲發布2023年年度業績、2024年中期業績、2024年年度業績及2025年中期業 績、本公司股份於聯交所暫停買賣、從聯交所收到的復牌指引及補充復牌指引，及復牌進度之季度 更新。除非另有界定，否則本公告所用詞彙具該等公告界定的相同涵義。 Sunkwan Properties Group Limited 上坤地產集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6900） 上市委員會關於取消上市地位的決定 本公告由上坤地產集團有限公司（「本公司」，連同其附屬公司，統稱「本集團」）根據《香港聯合交易 所有限公司（「聯交所」）證券上市規則》（ ...