在各类退市情形中，强制退市尤为引人关注。2025年，港股退市的三大路径中，被取消上市地位（即强制退市）的公司占 比达50%，这一数据反映出港交所对上市公司持续停牌、财务违规、信息披露失真等行为的"零容忍"。 自2018年港交所推出"快速除牌"机制以来，港股"劣质股"出清进程明显加快。2019年被强制退市的公司有19家，2020年至 2025年累计强制退市公司达219家，且每年强制退市数量均维持在30家以上。 从具体案例来看，重庆洪九果品股份有限公司因无法按时披露财报、高管涉嫌经济犯罪，于2025年12月30日被正式摘牌； 中国恒大集团因长期财务困境、虚假记载及巨额债务违约，被取消上市地位，2025年8月25日正式摘牌；诺辉健康则在2025年 10月27日正式退市，成为港股第18A板块首家被强制退市的生物科技企业，退市原因包括未能在规定期限内履行复牌指引，涉 嫌财务造假且长期未披露年报。此外，西王特钢有限公司、中泛控股有限公司、上置集团有限公司等多家企业，因连续亏损、 年报延迟披露或停牌时间过久且未能在规定期限内复牌，触发强制退市机制。 根据港交所规则，若主板公司证券连续停牌18个月（GEM即"香港创业板"公司 ...

Core Viewpoint - Beijing Construction has successfully completed its privatization and delisting process, which is seen as a win-win situation for both the controlling shareholders and minority shareholders [3][6]. Group 1: Privatization Details - The privatization plan was approved by the court and the shareholders' meeting, becoming effective on August 27, with shares delisted from the Hong Kong Stock Exchange on August 29 [1][3]. - The controlling shareholder, North Control Group, holds significant stakes in Beijing Construction, with North Control Real Estate (Hong Kong) owning 36.26% and Haoming Holdings 22.35% [7]. - The privatization offer was made at HKD 0.14 per share, representing a 250% premium over the pre-suspension price of HKD 0.04 [7][8]. Group 2: Financial Context - Beijing Construction has faced continuous losses and a stock price that has remained below net asset value, limiting its ability to raise funds from the capital markets [3][8]. - The company has experienced low liquidity, making it difficult for investors to sell shares at favorable prices, thus the privatization offers an attractive exit opportunity for public shareholders [8]. Group 3: Market Trends - A total of 36 companies have delisted from the Hong Kong Stock Exchange this year, with 17 through privatization and 17 through cancellation of listing status [10]. - The real estate sector has seen the highest number of delistings, with eight companies, including notable cases like China Evergrande [10][11].

Core Viewpoint - Tan Zai International, known as "Hong Kong Rice Noodle King," is set to be privatized by its controlling shareholder, with plans to delist from the Hong Kong Stock Exchange after the market closes on August 19, 2023 [2][10]. Group 1: Company Overview - Tan Zai International primarily engages in investment holding, food procurement, and trading, with over 90% of its revenue generated from Hong Kong [7]. - The company operates two major brands: "Tan Zai Yunnan Rice Noodle" and "Tan Zai San Ge Rice Noodle," with its first restaurant opening in Hong Kong in 1996 [7]. - The company was listed on the Hong Kong Stock Exchange in 2021 at an issue price of HK$3.33 per share, becoming a "star" IPO in the restaurant sector that year [7]. Group 2: Financial Performance - The company's revenue for the fiscal years from 2022 to 2025 is projected to be HK$22.75 billion, HK$25.95 billion, HK$27.48 billion, and HK$28.43 billion, respectively [8]. - Net profits for the same period are expected to decline from HK$2.03 billion in 2022 to HK$798.43 million in 2025, indicating a decreasing profit margin from 8.9% to 2.8% [8][9]. Group 3: Market Context - Tan Zai International will be the 36th company to delist from the Hong Kong Stock Exchange in 2023, and the 18th to do so through privatization [5][11]. - The number of companies delisting has increased compared to the previous year, reflecting a faster "metabolism" in the Hong Kong stock market [12][14]. - Despite the delisting trend, the IPO market remains robust, with 53 new listings in the first seven months of the year, raising approximately HK$127 billion, a year-on-year increase of over six times [5].