又一知名地产央企退市！已上市36年，最近三年连续亏损

Core Viewpoint - The company, Wuzhou Real Estate, announced plans for privatization and delisting from the Hong Kong Stock Exchange, citing insufficient stock liquidity and poor financial performance as key reasons for this decision [1][5]. Company Background - Wuzhou Real Estate is a subsidiary of China Minmetals Corporation and was established as one of the 16 central enterprises focused on real estate by the State-owned Assets Supervision and Administration Commission (SASAC) [1][4]. - The company was originally listed in 1991 under the name Dongfang Nonferrous Group Limited, transitioning to Wuzhou Real Estate in 2016 after several ownership changes and a shift in business focus from metal trading to real estate development [3][4]. Financial Performance - Wuzhou Real Estate's sales peaked at 26 billion yuan in 2021 but have since declined significantly, with projected sales of 7.02 billion yuan for 2024 [5]. - The company's net profit reached a high of 844 million yuan in 2019 but has since reported three consecutive years of losses, with a projected loss of 3.26 billion yuan for 2024 [5]. - In the first half of 2025, the company reported revenue of 1.802 billion yuan, a year-on-year decrease of 60.66%, and a net loss of 530 million yuan [5]. Reasons for Privatization - The company cited five reasons for the privatization, including low stock liquidity, limited financing capabilities, and the need to implement long-term strategies [6][7]. - The average daily trading volume of the stock was approximately 440,000 shares, representing only 0.03% of the total shares, making it difficult for shareholders to sell without affecting the price [6]. - The privatization price of 1 Hong Kong dollar per share represents a significant premium compared to recent trading prices below 0.4 Hong Kong dollars [6]. Strategic Advantages of Privatization - Privatization is expected to enhance the company's ability to focus on long-term strategies and improve operational efficiency by reducing management complexity [7][8]. - The company aims to streamline its corporate structure and enhance decision-making efficiency post-privatization [8]. - Analysts suggest that the privatization may accelerate the integration process with China Metallurgical Group, which has been a competitor in the real estate sector [10].