Core Viewpoint - Vanke is facing a significant governance crisis and liquidity issues, leading to a breakdown in its market communication mechanisms, as evidenced by its failure to respond to investor inquiries and the discontinuation of monthly sales data disclosures [1][4]. Group 1: Compliance Failures - Vanke has not responded to 23 investor inquiries over the past month, violating the Shenzhen Stock Exchange's requirement to reply within two trading days without special reasons, indicating severe procedural violations [2][4]. - The company has ceased its monthly sales data disclosures, which are critical for investors to track the company's cash flow, especially during a period of liquidity strain, with a projected net loss of 45 billion yuan in 2024 [4][5]. Group 2: Governance Structure Changes - The new Secretary of the Board, Tian Jun, has shifted the role from a communication bridge to a barrier, focusing on state-owned asset management rather than addressing the needs of minority shareholders [4][8]. - The introduction of a dual management structure has complicated the information disclosure process, as sensitive issues now require approval from multiple departments, potentially leading to the dilution of critical sales data [4][7]. Group 3: Market Trust Erosion - The liquidity crisis and failure in information disclosure have created a vicious cycle, with Moody's downgrading Vanke's rating to junk status, leading to increased financing costs and a significant drop in market value [5][6]. - Historical issues with information disclosure, such as delays in revealing executive compensation plans, have compounded current trust issues, leading to deep skepticism regarding the company's governance intentions [6][7]. Group 4: Regulatory and Investor Reactions - The Shenzhen Stock Exchange has indicated that continued violations could lead to escalated regulatory scrutiny, including potential delays in refinancing plans [7][8]. - Investors are reacting negatively, with a significant drop in public fund holdings to a historical low of 3.7% of circulating shares, reflecting a lack of confidence in the company's governance [7][8]. Group 5: Recommendations for Recovery - Immediate actions are needed to address the backlog of investor inquiries and restore monthly sales disclosures, even in a simplified format [8]. - A mid-term governance reset is essential to balance the interests of state-owned assets and minority shareholders, alongside rebuilding internal control processes for information disclosure [8]. - Long-term trust restoration should focus on converting state support actions into verifiable disclosure metrics rather than mere verbal commitments [8].
万科新董秘的“傲慢”：上任后中断按月披露销售数据的长期惯例 近1个月未回复互动易投资者提问