Wen Leju Finance and Economics Yan Ming Association
History is always somewhat similar, there was a "temporary escape" before the meeting, and then there was the IPO cancellation of the A-share listed seed player Ming Zhe Group.
On December 15, the Shenzhen Stock Exchange** information showed that the IPO review status of Mingzhe Group's shares was terminated (withdrawn). At the same time, the Shenzhen Stock Exchange also issued the "Decision on Terminating the Review of the Initial Public Offering of Mingzhe Group's Shares and Listing on the Main Board".
Since 4 years ago, after the new Zhengda knocked on the door of the A** field, except for a few property companies listed on the backdoor, no property company has cleared customs. In less than two years, the IPO of two independent third-party property companies that went to A-shares was terminated, and in addition to the property companies' own reasons, the capital market's enthusiasm for the property management industry has changed from what it used to be.
The intensification of A-share supervision, the decline in the valuation of property enterprises, and the downturn in the real estate industry are all affecting the capital trend of property enterprises. In fact, the Hong Kong market, which has low constraints on the proportion of related party transactions of property enterprises, is also not optimistic.
The four companies queuing up in front of the Hong Kong Stock Exchange, Zhuhai Wanda Commercial Management, Shum Yip Property, Hongying Service, and Jingfa Property, still have not heard from each other.
The prospectus of Zhuhai Wanda Commercial Management, which has been submitted four times, will expire again on December 28;The first-time submission of the Prosperity service will expire on 25 DecemberIn addition, Shum Yip Properties, which submitted their forms for the second time at the end of August, and the properties that submitted their forms for the first time in September, are still queuing up for the hearing.
From the first submission in October 2021 to the fourth submission, Zhuhai Wanda Commercial Management's listing has gone through two years, and the validity period of the latest stock book is less than 10 days.
Whether Zhuhai Wanda Commercial Management can be listed, and when it will be listed, is still unknown, but under the timely rain of the new investment agreement with PAG on Double Twelve, Wang Jianlin's 38 billion listing VAM crisis was lifted, and the "IPO nail household" has no original motivation, even if it is not listed, "Wanda Commercial Management can still live very well" has industry insiders analyzed.
Under the new investment agreement, backed by a strong circle of investment friends and the stable output of Zhuhai Wanda's commercial management business, it may be able to "wait for the flowers to bloom" like Longfor Zhichuang Life.
The tide of listing of property enterprises has faded, and the state-owned property enterprises that are gearing up have the momentum of taking over the listing of private property enterprises, and the skinny reality always pours cold water. At present, among the property companies that have submitted the form, except for Zhuhai Wanda Commercial Management, they are all state-owned property enterprises, and they seem to have encountered a bottleneck in listing.
The prospectus of Hongying Service, which is affiliated to the Changsha State-owned Assets Supervision and Administration Commission, will expire on December 25. There are 12 days left in 2023 to come to an end, and the list of newly listed property companies during the year is likely to be fixed on Runhua Services and Zhong'an Smart Life, which were listed in the first half of the year.
In terms of operation, relying on the local Hongying service in Hunan, it is facing problems such as continuous decline in gross profit margin, shrinking revenue from commercial operation services, and dependence on the supply of related party area.
Another national team property company Shenye Property Co., Ltd. who lined up to submit the form, the prospectus has expired once. In August, Shum Yip Property was questioned by the China Securities Regulatory Commission (CSRC), which required Shum Yip Property to explain whether it was occupied by the funds of the controlling shareholder or other related parties, and whether there was any external guarantee and guarantee for the controlling shareholder.
Some analysts believe that Evergrande property 13.4 billion illegal occupation incident, is forcing the improvement of listing supervision, regardless of whether there is a state-owned background, for the property enterprises born from the real estate enterprises, the capital market at this stage still retains concerns about the transfer of property enterprises.
In fact, there are also doubts about the independence of the state-owned property enterprises that submitted their statements in September. Some industry insiders pointed out that 30% of its income comes from the Xi'an Economic and Technological Development Zone Management Committee, and whether it is reasonable for the Xi'an Economic and Technological Development Zone Management Committee, as the indirect controlling shareholder behind the economic development property, to be called an independent third party.
At present, state-owned property enterprises are the main force in the listing of the property sector, and the aura of their state-owned assets background has also weakened with the tightening of listing supervision, and the capital market's undifferentiated requirements for independence may be its fairness.