房企掀退市潮，又一家撤离港股

Core Viewpoint - Beijing Construction (Holdings) Limited has officially withdrawn from the Hong Kong Stock Exchange, marking the end of its journey as a listed company [1] Company Summary - Beijing Construction was established in July 2009 as an overseas investment and financing platform backed by Beikong Group, focusing on various real estate projects and food supply chain business [2] - The company went public through a reverse takeover in 2009 and has since made several acquisitions, including Shanghai Fanyi and Waigaoqiao Holdings in 2013 [2] - Financial data indicates that Beijing Construction has reported net losses attributable to the parent company for seven consecutive years since 2018, totaling over 2.5 billion yuan [2] - In 2024, the company achieved revenue of 865 million yuan, a year-on-year decline of 41.1%, and reported a net loss of 537 million yuan, compared to a loss of 901 million yuan in the previous year [2] Privatization Plan - On June 18, 2023, a privatization plan was announced by Haoming Holdings, offering to acquire all public shares of Beijing Construction at a price of 0.14 HKD per share, a 2.5 times premium over the pre-suspension price of 0.04 HKD [2][3] - The public shares, excluding those held by the controlling shareholder, account for 30.9% of the total shares, with a maximum cash consideration of approximately 302 million HKD [3] - Following the plan's implementation, the controlling entities will hold approximately 55.5%, 36.26%, 6.99%, and 1.25% of the issued shares, all ultimately controlled by Beikong Group [3] Market Context - Despite an active IPO market in Hong Kong this year, 37 companies have withdrawn from the stock exchange, with the real estate sector seeing the highest number of exits, totaling nine companies [3] - The reasons for delisting include privatization due to poor stock performance and internal restructuring, as well as forced delisting due to issues like delayed annual reports [3] - The Chairman of the Hong Kong Securities and Futures Commission emphasized the importance of corporate governance in maintaining investor interest in a competitive financial market [4]