Core Insights - The article highlights the ongoing trend of listed real estate companies in China exiting the capital market, with both passive and active delistings becoming more prevalent [2][12]. Group 1: Delisting Trends - In October 2023, two listed real estate companies, Winking Real Estate and Upkun Real Estate, announced their exit from the capital market [1]. - Since the beginning of 2023, nearly 23 listed real estate companies have delisted from A+H shares, with 7 opting for privatization since 2021 [2][6]. - The delisting trend is characterized by a significant number of companies facing forced delisting due to prolonged trading suspensions, with Upkun Real Estate being the latest to be mandated to delist by the Hong Kong Stock Exchange [3][4]. Group 2: Reasons for Delisting - The primary reasons for delisting include liquidity crises, continuous performance declines, and failure to meet reporting requirements, leading to long-term trading suspensions [5][14]. - The article notes that as of October 27, 2025, 12 A-share real estate companies have been delisted, with 8 of them occurring in 2023 due to stock prices falling below the 1 yuan threshold for 20 consecutive trading days [7]. Group 3: Privatization as a Strategy - The number of companies choosing to privatize has increased, indicating a strategic shift in response to market pressures and operational challenges [12]. - Companies like Winking Real Estate and Dayue City Real Estate are considering privatization as a means to enhance operational flexibility and reduce regulatory burdens [15]. - The article emphasizes that privatization is not merely a reaction to current challenges but a strategic move for long-term restructuring and value reconstruction in a deeply adjusted industry [16].
房企“退市潮”或将持续2-3年