【导读】北京建设私有化退市计划正式生效，周五撤销联交所上市地位 历时不到三个半月，又一只港股"丝滑"完成私有化退市。 8月24日，北京建设、皓明控股发布联合公告，皓明控股提出的私有化北京建设、并撤销后者上市地位的计划，获得法院批准及北京建设股东大会通过。 该计划于8月27日（星期三，百慕达时间）正式生效，北京建设的股份将于8月29日下午4时撤销在联交所的上市地位。 北京建设退市，对控股股东方面和中小股东可谓双赢。近年来，房地产等行业出现调整，北京建设连续亏损，股价远低于净资产，基本失去了再融资能 力，其股价、交易量长期低迷，中小股东也无法实现投资回报。 退市后，北京建设日常经营和战略将更具灵活性，也能节省维持上市地位相关的成本，而中小股东此次私有化获得相对停牌前股价溢价250%的超高对 价，也一点不亏。实际上，在6月18日北京建设公布方案复牌后，其股价当天便跳涨了220%。 | く 気 00925 BMP ▼ | ■北京建设 | | --- | --- | | 0 139 今天 | | | 换手 停牌 | | | 总值⊙9.69亿 市盈™ -1.67 市净 1.09 | 更多 | 此次所谓的计划股份，是指除北 ...

Core Viewpoint - The number of companies delisting from the Hong Kong stock market has reached 30 this year, with 15 opting for privatization, indicating a trend driven by low liquidity and high costs of maintaining a listing [1][3]. Group 1: Privatization Trends - The privatization of Hong Kong-listed companies spans various sectors, including logistics, software development, and retail, with many offering premiums to shareholders [3]. - An example includes Anke Systems, which offered HKD 1.10 per share, representing a 37.5% premium over its pre-suspension price [3]. - The common methods for privatization include tender offers, agreements, and mergers, providing compensation to shareholders who do not trade before delisting [3]. Group 2: Market Conditions - Despite an overall improvement in liquidity for the Hong Kong stock market, small-cap and micro-cap stocks continue to face significant liquidity challenges, with 474 companies having a market capitalization below HKD 100 million [1]. - Some companies experience daily trading volumes of less than HKD 100,000, prompting them to consider privatization as a viable exit strategy [1]. Group 3: Costs of Maintaining Listing - The costs associated with maintaining a listing on the Hong Kong stock exchange are substantial, with initial listing fees ranging from HKD 150,000 to HKD 600,000 and annual fees between HKD 145,000 and HKD 1,069,000 for companies with market caps between HKD 100 million and HKD 5 billion [4]. - Companies like Bosideng International Group have seen their market value shrink by over 90%, leading to difficulties in raising funds and prompting privatization [4]. Group 4: Implications for Shareholders - Privatization offers a means for shareholders to realize value in companies with low stock liquidity, as seen with Fosun Tourism Culture and Ronshine Services Group, which cited low trading liquidity as a reason for their delisting [3]. - However, not all privatization efforts are successful, as demonstrated by the failed proposal of Goldlion Group, while others like Tan Zai International have successfully passed their privatization resolutions [4]. Group 5: Market Dynamics - Experts suggest that privatization through industrial mergers can help concentrate resources in more promising companies, but there are ongoing concerns regarding the protection of minority shareholders' rights and the need to enhance market vitality for small-cap companies [4].

Core Viewpoint - Privatization has become an important path for delisting in the Hong Kong stock market, with 30 companies delisted this year, 15 of which were through privatization, matching last year's total [1] Group 1: Market Trends - The overall liquidity of the Hong Kong stock market has improved significantly this year, but small-cap and micro-cap stocks still face severe liquidity constraints, with 474 companies having a market capitalization below HKD 100 million [1] - The lack of liquidity, low valuations, and high costs of maintaining a listing are primary reasons for companies choosing to privatize and delist [1] - Privatization can help optimize the market structure by concentrating resources on high-quality companies, thereby enhancing overall market quality and investor confidence [1][3] Group 2: Privatization Cases - Companies from various sectors, including logistics, software development, and retail, have pursued privatization, often offering premiums above market prices to attract shareholder acceptance [2] - For instance, Anke Systems offered HKD 1.10 per share, a premium of approximately 37.5% over its last trading price before suspension [2] - Notable privatization transactions include Yuefeng Environmental Power's privatization by a subsidiary of Hanlan Environment for approximately HKD 11 billion and COFCO Packaging's delisting through a voluntary cash offer totaling HKD 6.066 billion [2] Group 3: Challenges and Costs - Some companies are forced to privatize due to low liquidity, providing shareholders with an opportunity to cash out their investments [4] - Fosun Tourism Culture's privatization was driven by extremely low trading liquidity, with a final share price of HKD 7.75, more than double its last trading price before suspension [4] - The costs associated with maintaining a listing are significant, with fees for companies with market capitalizations between HKD 100 million and HKD 5 billion ranging from HKD 145,000 to HKD 1,069,000 annually [4] Group 4: Market Dynamics - The privatization process is not always successful, as seen with Goldlion Group's failed proposal [6] - Companies like Tan Zai International have successfully passed shareholder meetings for privatization, indicating ongoing trends in the market [6] - Overall, whether seeking to provide exit paths for shareholders or embracing strategic adjustments, privatization is a crucial option for Hong Kong-listed companies to navigate the current market environment [6]