2026年3月3日，五矿地产将在香港联交所正式撤销上市地位。五矿地产作为中国五矿集团的下属企 业，是国资委首批确定的16家地产主业央企之一。虽然背靠中国五矿集团，五矿地产天生具备央企 属性，但在行业调整中，三年来连续营收下滑、净利亏损，最终选择在年报披露季前，以每股1港元 的价格面值退市。该事件也折射出在当前市场环境下，无论企业的所有制背景是什么，房企普遍面临 生存压力测试。 一、私有化过程耗时4月半，当前上市地位已不具吸引力 五矿地产的私有化之路始于2025年10⽉23⽇，彼时五矿地产的控股股东宣布以每股1港元现⾦（公告前最 后交易⽇收盘价0.49港元）提出全⾯私有化要约，同步申请撤销上市地位。 2026年1⽉16⽇，五矿地产寄发完整私有化计划⽂件；2⽉4⽇⾄9⽇暂停股份过⼾登记锁定股权结构；2⽉9 ⽇私有化⽅案在法院会议及股东特别⼤会均获⾼票通过，最后交易⽇定为2⽉10⽇。再到最终五矿地产于3 ⽉3⽇完成除牌，全程仅耗时4个半⽉。 与此同时，五矿地产的⼈事层⾯也迎来换防，2025年11⽉，因中国五矿集团内部的⼈员轮换与继任规划安 排，何剑波辞任五矿地产董事会主席，由43岁的戴鹏宇接任，外界普遍解读此次轮换 ...

Core Viewpoint - The recent management change at Minmetals Land comes amid ongoing financial struggles, with the company facing significant losses and entering a privatization process shortly after announcing its plans to go private [1][3]. Management Changes - He Jianbo has resigned as Chairman of the Board, with Dai Pengyu, aged 43, taking over the role during a critical period for the company's privatization efforts [1][3]. - He Jianbo has been a key figure in Minmetals Land for over 30 years, having joined in 1992 and served as Chairman since 2019 [3]. Financial Performance - Minmetals Land has reported cumulative losses of nearly 6 billion HKD over the past three years, with net losses of 1.36 billion HKD in 2022, 1.02 billion HKD in 2023, and projected losses of 3.52 billion HKD in 2024 [3][4]. - The company's revenue has fluctuated, with total revenue reaching 7.66 billion HKD in 2020, increasing to 12.89 billion HKD in 2021, but dropping to 10.07 billion HKD in 2022 before rebounding to 12.63 billion HKD in 2023 [3]. Operational Challenges - The core issue leading to losses is the pressure on the main business of real estate development, which accounted for 88.2% of total revenue but saw a significant decline of 63.7% year-on-year in the first half of 2025 [4]. - The company has reported a cash and bank deposit balance of 2.82 billion HKD as of 2024, a decrease of 17.27% from the previous year, indicating cash flow pressures [4]. Privatization Plan - The privatization plan involves a buyout offer at 1 HKD per share, representing a premium of 104.08% over the last trading price of 0.49 HKD [5]. - The maximum cash consideration required for the privatization is approximately 1.28 billion HKD, assuming no further share issuance before the record date [5]. Market Context - The high premium in the privatization offer is aimed at preventing asset devaluation and ensuring the company retains the potential for future project development and financing [5][6]. - Similar high-premium privatization strategies have been observed in other real estate companies, indicating a trend in the market [5][6].