Core Viewpoint - The company, formerly known as the "youngest listed real estate company," is set to have its listing status officially canceled on October 27, 2025, marking a rapid decline from its initial public offering in November 2020 to delisting in less than five years [2][4]. Company Summary - The company failed to disclose financial performance on time, leading to its delisting [3]. - The company was unable to resume trading by October 1, 2025, triggering the cancellation of its listing status due to non-compliance with listing rules [5]. - The company has faced significant management turnover, with only two board members remaining as of now [7][10]. - The stock price plummeted to 0.013 HKD per share before suspension, with a total market value of only 26.95 million HKD, down from over 4.5 billion HKD at its peak [11]. Financial Performance - The company experienced a drastic decline in revenue, with 2022 revenue reported at 3.034 billion CNY, a 63.61% decrease year-on-year, and a net loss of 1.937 billion CNY [17]. - As of mid-2023, the company had a debt-to-asset ratio of 88.88%, with total outstanding borrowings of approximately 10.348 billion CNY [18][19]. - The company attempted various self-rescue measures, including asset sales and strategic upgrades, but these efforts did not reverse its declining fortunes [21][22]. Industry Context - The company's trajectory reflects the broader challenges facing the real estate industry, particularly for small to medium-sized firms amid market adjustments [24]. - The case serves as a warning for the industry regarding the sustainability of high-leverage, high-turnover business models, emphasizing the need for a balance between scale, profit, and risk management [25].
从“最年轻上市房企”到退市，上坤地产这五年