央企五矿退市！违约、巨亏、失去融资能力！公司也曾喊出要“活下去”

Core Viewpoint - Wuzhou Real Estate, a subsidiary of China Minmetals Corporation, plans to privatize and delist from the Hong Kong Stock Exchange due to continuous losses over the past three years, with a proposed buyout price of HKD 1 per share, representing a significant premium over recent trading prices [1][3][5]. Group 1: Reasons for Privatization - The privatization proposal aims to provide an exit opportunity for shareholders, as the stock has low liquidity, with an average daily trading volume of only 440,000 shares over the past year, representing about 0.03% of the shares held by non-related shareholders [5]. - The buyout price offers shareholders a chance to realize their investments at a premium, with a 185.71% premium over the undisturbed closing price and a 104.08% premium over the last trading day [3][5]. - Wuzhou Real Estate has lost its ability to raise capital through public markets due to low trading volumes and has not issued shares since 2009 [5]. - Privatization will allow the company to focus on long-term strategies and improve operational flexibility, free from short-term market pressures [5]. - The move will simplify the corporate structure and enhance management efficiency by reducing compliance complexities associated with being a publicly listed company [5]. Group 2: Financial Performance - Wuzhou Real Estate reported a revenue of HKD 9.883 billion in 2024, a decrease of 21.8% year-on-year, with a net loss of HKD 3.748 billion [12]. - For the first half of 2025, the company’s revenue fell to HKD 1.976 billion, a decline of 60.7%, with a net loss of HKD 580 million [12]. - The company's total assets stood at HKD 39.372 billion, with a debt ratio of 77.2%, indicating a rising financial burden [12]. Group 3: Broader Context - Wuzhou Real Estate's contribution to China Minmetals' overall revenue has become negligible, as the group reported nearly HKD 400 billion in total revenue across its various subsidiaries [13]. - The real estate sector within China Minmetals has been conservative, focusing on stable development strategies and prioritizing efficiency over scale [13]. - The performance of another real estate platform under China Minmetals, China Metallurgical Group, also shows signs of struggle, with a reported net loss of HKD 1.777 billion in 2025 [14].