皇庭国际（000056.SZ）公布"以物抵债"最新情况后，该公司股票今日上午跌停。 首次拍卖流拍，这家上市公司似乎暂时躲开了一场"劫难"。不过，业内人士认为，因债务纠纷问题未能 在根本上得以解决，在皇庭国际头上的"达摩克里斯之剑"，仍然高悬。 就此，皇庭国际披露，2024年深圳皇庭广场项目收入36860万元，占公司全年营业收入的56.03%。本次 以物抵债后，公司将失去该部分业务收入。截止2024年12月31日，皇庭广场的评估值为57.498亿元， 2025年6月30日公司的归母净资产为1.72亿元，以物抵债后公司净资产约为-19.21亿元。 "公司未来存在可能触发《深圳证券交易所股票上市规则》9.3.1的财务类强制退市的风险警示情形。"皇 庭国际方面称。 事实上，皇庭国际目前所公布的前述信息，记者一个月前已对此进行了报道。 记者了解到，今年9月9日至9月10日，深圳市中级人民法院在司法拍卖平台上，对深圳皇庭广场进行公 开拍卖。该资产市场价值约43.61亿元，而本次拍卖起拍价30.53亿元，以此计，该资产本次拍卖价格较 拍卖平台所公布的评估价，相当于打了7折。 截至9月10日，本次拍卖有1人报名，但无出价记录 ...

10月8日，皇庭国际一纸公告宣告其核心资产命运尘埃落定，公司全资子公司深圳融发投资有限公司 （下称"融发投资"）名下的晶岛国商购物中心（即深圳皇庭广场）被深圳市中级人民法院裁定以30.53 亿元抵偿债务，这一价格与9月流拍的首次法拍起拍价持平，意味着这座运营12年的商业地标正式易 主。 10月8日，皇庭国际一纸公告宣告其核心资产命运尘埃落定，公司全资子公司深圳融发投资有限公司 （下称"融发投资"）名下的晶岛国商购物中心（即深圳皇庭广场）被深圳市中级人民法院裁定以30.53 亿元抵偿债务，这一价格与9月流拍的首次法拍起拍价持平，意味着这座运营12年的商业地标正式易 主。 债务处置历经多重波折 据公告披露，皇庭国际子公司融发投资曾于2016年与中信信托有限责任公司（下称"中信信托"）签订信 托贷款合同，获贷30亿元，借款期限为2016年3月30日至2021年3月30日。 公告提到，目前，申请执行人【光曜夏岚（深圳）投资有限公司】已向深圳中院提交书面申请，请求将 上述财产以首次拍卖起拍价30.52966亿元，抵偿对应债务。 皇庭国际痛失"现金牛" 据了解，深圳皇庭广场坐落于福田CBD核心区域，毗邻深圳会展中心，商业 ...

Core Viewpoint - The company is facing significant financial distress due to the judicial auction of its core asset, Shenzhen Huangting Plaza, which has resulted in a failed auction and poses risks of forced asset execution and potential delisting from the Shenzhen Stock Exchange [1][3]. Group 1: Asset and Financial Impact - Shenzhen Huangting Plaza has a book value of 5.75 billion yuan, accounting for 71.57% of the company's total assets as of December 31, 2024 [1]. - The project generated revenue of 369 million yuan in 2024, representing 56.03% of Huangting International's total annual revenue [1]. - The asset is located in a prime area of Shenzhen, making it a benchmark project in the commercial real estate sector [1]. Group 2: Legal and Financial Obligations - In 2016, the company entered into a trust loan agreement with CITIC Trust for 3 billion yuan, secured by Shenzhen Huangting Plaza and its land use rights [2]. - Due to the inability to renew the loan, CITIC Trust initiated legal proceedings in May 2021, leading to the freezing of the asset for 36 months [2]. - In the second half of 2024, creditors applied for a judicial auction to recover debts, with the asset's assessed value at approximately 4.361 billion yuan and a starting bid set at about 3.053 billion yuan [3]. Group 3: Auction Outcome - The recent auction on September 10, 2025, attracted over 46,000 views but resulted in no bids, leading to a second failed auction [3].

Core Viewpoint - The company announced that its wholly-owned subsidiary, Rongfa Investment, will have its asset, the Crystal Island Commercial Center (Shenzhen Royal Court Plaza), publicly auctioned due to judicial enforcement, with the auction scheduled for September 9-10, 2025, resulting in a failed auction [1] Financial Impact - As of December 31, 2024, the book value of Shenzhen Royal Court Plaza is 5.75 billion, accounting for 71.57% of the company's total assets [1] - The project generated revenue of 369 million in 2024, representing 56.03% of the company's total annual revenue [1] Potential Risks - If the asset continues to be subject to judicial enforcement, the company will lose ownership of the asset, leading to a significant asset restructuring [1] - The loss of Shenzhen Royal Court Plaza, as a major asset, will have a substantial impact on the company's assets, liabilities, and daily operations, potentially triggering financial warning signs under the Shenzhen Stock Exchange's listing rules [1]

Core Viewpoint - The core asset of Huangting International, Shenzhen Huangting Plaza, is set to be auctioned due to the company's ongoing debt crisis, which has resulted in significant financial losses over the past five years [1][2][4]. Financial Performance - Huangting International has reported continuous losses since 2020, with cumulative losses exceeding 4.4 billion yuan from 2020 to 2024, including net profits of -292 million yuan, -1.157 billion yuan, -1.231 billion yuan, -1.127 billion yuan, and -640 million yuan respectively [1][4]. - The company's revenue from its main real estate business has been declining, with commercial operations generating 350 million yuan in 2024, a year-on-year decrease of 1.95%, and property management revenue dropping to 230 million yuan, down 21.43% year-on-year [4]. Asset and Debt Situation - As of the end of 2024, the book value of Shenzhen Huangting Plaza is 5.75 billion yuan, accounting for 71.57% of Huangting International's total assets, and it generated 370 million yuan in revenue, representing 56.03% of total operating income [1][2]. - The auction of Shenzhen Huangting Plaza is a result of a key financing deal in 2016, where the property was used as collateral for a 3 billion yuan loan from Citic Trust, which has since led to overdue payments and subsequent legal actions [2][3]. Strategic Failures - Huangting International's attempt to diversify into the semiconductor industry has not yielded positive results, with the acquisition of a 27.81% stake in Yifa Power Semiconductor Co., resulting in significant goodwill impairment of 154 million yuan due to continuous losses from the subsidiary [5]. - The revenue from Yifa Power has drastically decreased from 151 million yuan in 2022 to 72.67 million yuan in 2024, with cumulative revenue over three years falling short of 350 million yuan [5]. Future Risks - The potential auction of Shenzhen Huangting Plaza could lead to a significant asset restructuring, impacting the company's financial health and possibly triggering a warning for forced delisting under the Shenzhen Stock Exchange's regulations [2][3].

Core Viewpoint - *ST Dayao (603963.SH) is set to be delisted from the Shanghai Stock Exchange on March 21 due to negative net profit and revenue below 100 million yuan in 2023, marking a significant decline in its financial health since its IPO in 2017 [1][2][4]. Financial Performance - The company's market capitalization is currently 259 million yuan, the lowest among A-share listed companies [2]. - Since its peak revenue of 401 million yuan in 2018, *ST Dayao has experienced a continuous decline in revenue for six consecutive years, dropping below 100 million yuan in 2023 [5]. - The company has reported losses for three consecutive years from 2021 to 2023 [5]. Delisting Circumstances - The Shanghai Stock Exchange has decided to terminate the company's listing without a delisting adjustment period due to its failure to meet financial performance standards [1][4]. - The company has triggered both financial and trading-related delisting criteria, making it one of the few companies in A-share market to face such circumstances [2][4]. - The company’s stock price fell below the 5 billion yuan threshold, leading to a trading-related delisting decision after 20 consecutive trading days of market capitalization below this level [4][6]. Management and Control Issues - The company's controlling shareholder, Yang Junxiang, faced legal issues that hindered his ability to fulfill his duties, impacting the company's management [3][4]. - Following Yang's investigation, his family members took over the management responsibilities, but the company missed its last opportunity for self-rescue [3][4]. Future Outlook - With the new delisting regulations set to take effect in 2025, the revenue threshold for delisting will increase to 300 million yuan, further complicating *ST Dayao's ability to meet compliance standards [6]. - The company is projected to report negative profits and revenues between 62 million to 74 million yuan for 2024, far below the new revenue threshold [6][9].