评司论企｜上坤退市、五矿私有化，房企退市潮何时休？

Core Viewpoint - The article discusses the ongoing trend of delisting among real estate companies in Hong Kong and A-shares, highlighting the reasons behind privatization and delisting, as well as the potential future of this trend in the industry [2][9]. Group 1: Delisting Trends - On October 22, it was announced that Shangkun Real Estate would officially delist on October 27 due to failure to meet resumption guidelines, marking another case of a real estate company being forced to delist after Evergrande's delisting on August 25 [2]. - Since April 2023, a total of 11 H-share real estate companies have been mandated to delist, including major players like China Evergrande [4]. - As of September 2025, there are still 8 H-share real estate companies under suspension, with potential delisting risks if they do not resume trading [5]. Group 2: A-share vs H-share Delisting - A-share companies face delisting primarily due to stock prices falling below RMB 1 per share for 20 consecutive trading days, while H-share companies are more affected by liquidity crises and inability to publish annual reports [6]. - Following the favorable policies introduced in 2024, A-share real estate companies have seen a recovery in confidence, distancing themselves from the delisting risk associated with low stock prices [6]. Group 3: Reasons for Privatization and Delisting - The main reasons for privatization and delisting among real estate companies include insufficient stock liquidity, loss of financing capabilities, and continuous losses leading to debt crises [11]. - Privatization allows companies to implement long-term strategies and enhance operational flexibility, reducing regulatory burdens and costs associated with being a public company [11]. - The challenging market environment, characterized by declining sales and low valuations, further drives companies towards privatization to avoid valuation discounts [12]. Group 4: Future Outlook - The trend of passive delisting and privatization is seen as a necessary outcome during the deep adjustment period of the real estate industry, with expectations that this trend will continue for the next 2-3 years [12]. - Companies are urged to adapt to market changes through strategic adjustments and operational optimizations to address the challenges posed by declining valuations and potential delisting risks [12].