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].