Core Viewpoint - The decline of Shangkun Real Estate (06900.HK) from a market value of HKD 45 billion at its peak to a mere HKD 26.94 million, leading to its delisting from the Hong Kong Stock Exchange, reflects the broader struggles of private real estate companies in China amid industry adjustments [3][4][10]. Company Overview - Shangkun Real Estate was founded in 2010 by Zhu Jing, a former vice president of Jianye Real Estate, with the initial goal of becoming one of Shanghai's top 30 real estate developers before expanding nationally [5]. - The company achieved significant growth in its early years, entering the top 30 in Shanghai's real estate market by 2016 and expanding into other regions, including Jiangsu, Anhui, and Guangdong [6]. Financial Performance - Shangkun Real Estate's revenue peaked at approximately CNY 248.4 million in 2021, but plummeted to CNY 30.34 million in 2022, a year-on-year decline of 63.61% [8]. - The company transitioned from profitability to significant losses, reporting a net loss of CNY 19.37 million in 2022 and an additional loss of CNY 3.54 million in the first half of 2023 [8]. Debt Crisis - The company faced a severe debt crisis, with total unpaid borrowings reaching approximately CNY 10.348 billion by mid-2023, while cash and cash equivalents were only about CNY 748 million [9]. - In November 2022, Shangkun Real Estate defaulted on a USD 1.602 billion principal and interest payment, marking a critical point in its financial troubles [9]. Response to Crisis - In an attempt to mitigate the crisis, Shangkun Real Estate sold stakes in various subsidiaries, raising a total of approximately CNY 3.39 billion [9]. - Despite these efforts, the company continued to face project delays and financial difficulties, with several projects reported as stalled or facing legal issues [9]. Industry Context - The trajectory of Shangkun Real Estate from rapid expansion to delisting exemplifies the challenges faced by many private real estate firms in China, highlighting a shift from high-leverage growth strategies to a need for financial stability and operational efficiency [10]. - The current market environment is characterized by a transition towards lighter asset management and a focus on financial health, indicating a significant transformation within the real estate sector [10].

Core Viewpoint - The company, Shangkun Real Estate, is set to be delisted from the Hong Kong Stock Exchange on October 27, 2025, after failing to meet the resumption conditions following a prolonged trading suspension that began on April 2, 2024, due to the inability to publish its annual report for 2023 [1][2][3] Group 1: Delisting Trigger - The delisting was primarily triggered by the company's failure to timely release its 2023 annual performance report, leading to a trading suspension [2] - Reasons for the delay included the departure of key management and finance personnel, which severely impacted the preparation of financial statements and audit processes [2] - Despite receiving resumption guidance from the exchange, the company failed to meet the requirements for resumption, including disclosing all outstanding financial performance and business updates [2] Group 2: Financial Performance Decline - Prior to its suspension, the company's stock price plummeted to HKD 0.013 per share, with a market capitalization of approximately HKD 26.94 million, contrasting sharply with its initial listing price of HKD 2.28 per share and a market cap of HKD 45.6 billion [3] - The company experienced a dramatic decline in revenue, with 2022 revenue dropping to HKD 3.034 billion, a 63.61% year-on-year decrease, and further declining to HKD 912 million in the first half of 2023 [6] - Sales performance also saw a steep decline, with sales dropping from HKD 24.84 billion in 2021 to HKD 8.29 billion in 2022, and further down to HKD 3.01 billion in 2023 [6] Group 3: Business Expansion and Debt Crisis - Shangkun Real Estate, founded in 2010, initially expanded rapidly, entering multiple markets and achieving significant sales growth until 2021 [4][6] - The company's aggressive expansion strategy, characterized by high turnover and high land acquisition costs, led to unsustainable debt levels, which became critical during the industry downturn [5][6] - By mid-2023, the company had outstanding borrowings totaling approximately HKD 10.348 billion, while cash and cash equivalents were only about HKD 748 million, indicating severe liquidity issues [6] Group 4: Management and Operational Challenges - The company has been forced to implement cost-cutting measures, including significant layoffs, reducing its workforce from 1,083 in 2021 to 525 by mid-2023 [7] - Frequent changes in the executive team have occurred, with several board members resigning in 2023, which may be linked to the company's operational challenges and ongoing losses [7] - The trajectory of Shangkun Real Estate serves as a microcosm of the struggles faced by many small to medium-sized private real estate firms during the industry's adjustment period [7]

Core Viewpoint - The Hong Kong Stock Exchange announced the cancellation of the listing status of Onkun Property Group Limited, effective from October 27, 2025, following the suspension of trading since April 2, 2024 [2] Summary by Relevant Sections - **Listing Status Cancellation** - Onkun Property's listing status will be officially canceled at 9:00 AM on October 27, 2025 [2] - The company failed to resume trading by October 1, 2025, triggering the cancellation under Listing Rule 6.01A(1) [2] - **Trading Suspension** - Shares of Onkun Property have been suspended from trading since April 2, 2024 [2] - The decision to cancel the listing was made by the Listing Committee on October 10, 2025 [2]

Core Viewpoint - The company Upwind Properties (06900) announced that the Hong Kong Stock Exchange will cancel its listing status effective from 9:00 AM on October 27, 2025, in accordance with Listing Rule 6.01A(1) [1] Group 1 - The cancellation of the listing status is a significant event for Upwind Properties, indicating potential challenges in maintaining compliance with listing requirements [1]

Core Viewpoint - The company, Shangkun Real Estate (06900.HK), will have its listing status canceled effective from October 27, 2025, at 9:00 AM, in accordance with Listing Rule 6.01A(1) [1] Summary by Category - **Company Announcement** - Shangkun Real Estate has officially announced the cancellation of its listing status [1] - The effective date for this cancellation is set for October 27, 2025, at 9:00 AM [1] - The cancellation is based on compliance with the relevant listing rules [1]

Core Viewpoint - The company Upwind Real Estate (06900) will have its listing status canceled by the Stock Exchange effective from October 27, 2025, at 9 AM according to Listing Rule 6.01A(1) [1] Summary by Relevant Sections - **Company Announcement** - Upwind Real Estate has officially announced the cancellation of its listing status [1] - **Regulatory Context** - The cancellation is in accordance with the Stock Exchange's Listing Rule 6.01A(1) [1] - **Effective Date** - The effective date for the cancellation of the listing status is set for October 27, 2025, at 9 AM [1]

香港聯合交易所有限公司 (香港交易及結算所有限公司全資附屬公司) THE STOCK EXCHANGE OF HONG KONG LIMITED (A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited) 通告 關於 上坤地產集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：6900） 聯交所宣布，由 2025 年 10 月 27 日上午 9 時起，該公司的上市地位將根據《上市規則》 第 6.01A(1)條予以取消。 該公司的股份自 2024 年 4 月 2 日起已暫停買賣。根據《上市規則》第 6.01A(1)條，若該 公司未能於 2025 年 10 月 1 日或之前復牌，聯交所可將該公司除牌。 該公司未能於 2025 年 10 月 1 日或之前履行聯交所訂下的復牌指引而復牌。於 2025 年 10 月 10 日，上市委員會決定根據《上市規則》第 6.01A(1)條取消該公司股份在聯交所的 上市地位。 聯交所已要求該公司刊發公告，交代其上市地位被取消一事。 聯交所建議，該公司股東如對除牌的影響有任何疑問，應徵詢適當的 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上坤地產集團有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06900 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 20,000,000,000 | USD | | 0.000001 | USD | | 20,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | 20,000,000,000 | USD | | 0.000001 | USD | | 20,000 | 本月底法定/註冊股本總額： USD 20, ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06900 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | USD | | 0.000001 USD | | 20,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 20,000,000,000 | USD | | 0.000001 USD | | 20,000 | 本月底法定/註冊股本總額： USD 20,000 FF301 第 1 頁 共 10 頁 v 1.1.1 FF ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上坤地產集團有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06900 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 20,000,000,000 | USD | | 0.000001 USD | | 20,000 | | 增加 / 減少 (-) | | | 0 | | USD | | 0 | | 本月底結存 | | 20,000,000,000 | USD | | 0.000001 USD | | 20,000 | 本月底法定/註冊股本總額： USD 20,000 FF301 第 1 頁 共 1 ...