Core Viewpoint - A total of 9 companies have voluntarily delisted this year, with 5 due to absorption mergers and 4 through privatization methods such as tender offers, indicating a trend towards more companies opting for voluntary delisting as regulatory channels for delisting diversify [1][2] Group 1: Company Delisting Trends - 9 companies have voluntarily delisted this year, with 5 involved in absorption mergers and 4 through privatization [1] - Companies that have announced or completed voluntary delisting include Yulong Co., Ltd., AVIC Capital, Tianmao Co., Ltd., Hangzhou Steam Turbine B, Dongxing Securities, and others [1] - The delisting of companies like Hangzhou Steam Turbine B and Dongxing Securities is attributed to absorption mergers, while Yulong Co., Ltd. and others have chosen voluntary delisting due to poor performance or financial difficulties [1] Group 2: Reasons for Delisting - Yulong Co., Ltd. faced severe operational stagnation and cash flow issues, leading to a lack of self-sustaining capability [2] - AVIC Capital, the first financial holding company listed in A-shares, cited significant operational uncertainties that could have major impacts [2] - Industry insiders suggest that voluntary delisting is a strategic choice for controlling shareholders to mitigate greater risks, allowing for better planning and reduced compliance costs [2]

Group 1 - As of December 18, the closing data shows that 22 stocks have a 5-day trading volume ratio exceeding 5 times [1] - The stock of Wazhou B has a 5-day volume ratio of 621.44 times [1] - The stock of *ST Aowei has a 5-day volume ratio of 47.27 times [1] - The stock of *ST Chengchang has a 5-day volume ratio of 35.56 times [1]

Group 1 - Six stocks including Pulutong, Wazhou B, and Wanlong Optoelectronics resumed trading on December 18 [1]

Core Viewpoint - Wazhou B (200706) announced a comprehensive tender offer initiated by its controlling shareholder, Wafangdian Bearing Group Co., Ltd., aimed at delisting the company from the stock market [2][6]. Summary by Sections Tender Offer Details - The tender offer is directed to all shareholders of Wazhou B, with a total of 158.6 million shares being offered, representing 39.39% of the company's total share capital. The offer price is set at HKD 2.86 per share, requiring a maximum total funding of HKD 453 million [4][5]. Purpose of the Tender Offer - The tender offer is motivated by Wazhou B's continuous losses and deteriorating operational conditions due to global economic downturns and structural adjustments. The controlling shareholder aims to protect the interests of Wazhou B's shareholders and fulfill its responsibilities as a state-owned enterprise by proposing to delist the company [6][11]. Conditions for Effectiveness - The tender offer will be effective if the share distribution of Wazhou B meets the Shenzhen Stock Exchange's delisting requirements. If the number of shares tendered exceeds 39.05 million, the public shareholding will fall below 10%, allowing the offer to proceed. If not, the offer will be void [8]. Financial Guarantees - Wazhou Group will deposit at least HKD 90.72 million (20% of the maximum required funds) into a designated account as a performance guarantee for the tender offer. The funds will come from the acquirer's own resources and will not involve financing through Wazhou B or its affiliates [10]. Company Background - Wazhou B, listed in March 1997, is the first B-share listed company in China's bearing industry. It is the largest research and manufacturing base for bearing technology and products in China, with a strong collaboration with domestic research institutions and universities [11]. Recent Performance - Wazhou B has reported continuous losses for six consecutive years, with a net profit of -29.51 million yuan in the first three quarters of the current year, despite a 15.43% increase in operating revenue to 1.876 billion yuan [13][14].

Core Viewpoint - Wafangdian Bearing Co., Ltd. (referred to as "Wafangdian B") announced a comprehensive tender offer initiated by its controlling shareholder, Wafangdian Bearing Group Co., Ltd. (referred to as "Wafangdian Group"), aimed at terminating Wafangdian B's listing status [1] Group 1: Tender Offer Details - The tender offer is directed to all shareholders of Wafangdian B outside of Wafangdian Group, with a total of 158,600,000 shares being offered, representing 39.39% of the company's total share capital [1] - The offer price is set at HKD 2.86 per share, requiring a maximum total funding of approximately HKD 454 million [1] - The duration of the tender offer is 30 calendar days, unless competing offers arise [1] Group 2: Company Performance and Context - Wafangdian B has faced continuous losses and deteriorating operational conditions due to global economic downturns and structural adjustments, leading to increased financial risks [1] - In the first three quarters of the year, the company reported a main revenue of CNY 1.876 billion, a year-on-year increase of 15.43%, while the net profit attributable to shareholders was a loss of CNY 29.51 million, narrowing by 38.9% [3] - The company is recognized as the first B-share listed company in China's bearing industry and has established itself as a leading research and manufacturing base for bearing technology and products [3]

Core Viewpoint - Wafangdian Bearing Co., Ltd. (Wazhou B) is undergoing a voluntary delisting process initiated by its controlling shareholder, Wafangdian Bearing Group Co., Ltd., due to continuous financial losses and operational challenges, marking a significant trend in the capital market towards voluntary delisting as a strategic choice for companies [1][2][4]. Summary by Sections Company Announcement - Wazhou B announced a comprehensive tender offer to acquire all shares from its shareholders, with a total of 158.6 million shares, representing 39.39% of the company's total equity, at a price of HKD 2.86 per share, requiring a maximum funding of HKD 453 million [2]. Financial Performance - Wazhou B has reported continuous losses for six consecutive years, with net profits from 2019 to 2024 recorded as -123 million, -380 million, -206 million, -140 million, -99 million, and -110 million respectively [2]. Market Trends - The number of companies voluntarily delisting has increased, with nine companies announcing such actions in 2023 alone, reflecting a shift in market dynamics and regulatory environment [2][3]. Regulatory Environment - The new regulatory framework emphasizes stricter delisting standards and encourages companies to consider voluntary delisting as a viable option, enhancing market efficiency and promoting a healthier capital market [4][8]. Investor Protection - Regulatory bodies are enhancing protections for investors in voluntary delisting scenarios, including cash options for shareholders, ensuring that minority investors' rights are safeguarded during the process [5][6][7]. Future Outlook - The trend of voluntary delisting is expected to become normalized and diversified, aligning with the broader economic transformation and high-quality development of the capital market, indicating a shift from a focus on maintaining listing status to prioritizing sustainable business growth [8].

Core Viewpoint - Wafangdian Bearing Co., Ltd. (referred to as "Wafangdian B") announced a comprehensive tender offer initiated by its controlling shareholder, Wafangdian Bearing Group Co., Ltd. (referred to as "Wafangdian Group"), aimed at delisting Wafangdian B from the stock market [2][4] Group 1: Tender Offer Details - The tender offer is directed to all shareholders of Wafangdian B, with a total of 158,600,000 shares being offered, representing 39.39% of the company's total share capital [2] - The offer price is set at 2.86 HKD per share, requiring a maximum total funding of approximately 454 million HKD [2] - The duration of the tender offer is 30 calendar days, unless competing offers arise [2] Group 2: Company Performance and Context - Wafangdian B has faced continuous losses and deteriorating operational conditions due to global economic downturns and structural adjustments [4] - In the first three quarters of the year, the company reported a main revenue of 1.876 billion CNY, an increase of 15.43% year-on-year, while the net profit attributable to shareholders was a loss of 29.51 million CNY, narrowing by 38.9% [4] - The company is recognized as the first B-share listed company in China's bearing industry and has established itself as a leading research and manufacturing base for bearing technology and products [4]

Core Viewpoint - Wafangdian Bearing Co., Ltd. (referred to as "Wafangdian B") is undergoing a comprehensive tender offer initiated by its controlling shareholder, Wafangdian Bearing Group Co., Ltd., aimed at delisting Wafangdian B from the stock market [1][4]. Group 1: Tender Offer Details - The tender offer is directed at all shareholders of Wafangdian B, with a total of 158,600,000 shares being offered, representing 39.39% of the company's total share capital [1]. - The offer price is set at HKD 2.86 per share, requiring a maximum total funding of approximately HKD 454 million [1]. - The duration of the tender offer is 30 calendar days, unless competing offers arise [1]. Group 2: Company Performance and Context - Wafangdian B has faced continuous losses and deteriorating operational conditions due to global economic downturns and structural adjustments, leading to increased financial risks [4]. - In the first three quarters of the year, the company reported a main revenue of CNY 1.876 billion, a year-on-year increase of 15.43%, while the net profit attributable to shareholders was a loss of CNY 29.51 million, narrowing by 38.9% [5]. - The company, listed since March 1997, is recognized as the first B-share listed company in China's bearing industry and has established itself as a leading research and manufacturing base for bearing technology and products [4].

Core Viewpoint - The company, Wazhou B, announced that its stock will resume trading on December 18, 2025, following a comprehensive takeover bid from its controlling shareholder, Wazhou Group, aimed at delisting the company [1] Summary by Relevant Sections - **Takeover Bid Details** - Wazhou Group intends to launch a full takeover bid for all shareholders, excluding itself, at a price of HKD 2.86 per share [1] - The total number of shares involved in the bid is 159 million, representing 39.39% of the total share capital [1] - The maximum required funding for this acquisition is HKD 454 million [1] - The takeover has received the necessary approvals and will be open for 30 calendar days [1]

Core Viewpoint - Wafangdian Bearing Co., Ltd. (Wafangdian B) is undergoing a voluntary delisting process initiated by its controlling shareholder, Wafangdian Bearing Group Co., Ltd., aiming to protect shareholder interests amid ongoing financial losses and operational challenges [1][3]. Summary by Sections Company Announcement - Wafangdian B announced a comprehensive offer to acquire all shares from its shareholders, with a total of 158.6 million shares (39.39% of total shares) at a price of 2.86 HKD per share, requiring a maximum funding of 453 million HKD [2][3]. Financial Performance - The company has reported continuous losses for six consecutive years, with net profits from 2019 to 2024 showing negative figures: -123 million, -380 million, -206 million, -140 million, -99 million, and -110 million CNY respectively [3][4]. Market Trends - There has been an increase in voluntary delistings in the capital market, with nine companies announcing such actions in 2023 alone, reflecting a shift towards a more efficient market and the need for companies to adapt strategically [5][6]. Regulatory Environment - The new regulatory framework emphasizes stricter delisting standards and encourages companies to pursue voluntary delisting as a viable option, aligning with the "survival of the fittest" principle in the capital market [6][7]. Investor Protection - Regulatory bodies are enhancing investor protection measures for companies opting for voluntary delisting, including cash options for shareholders, ensuring fair treatment during the delisting process [8][9]. Future Outlook - The trend of voluntary delisting is expected to become normalized, indicating a shift in corporate strategy from merely maintaining a listing to focusing on sustainable development and operational efficiency [9][10].