On December 21, Kangqiao Yue Life officially resumed trading. As of **, Kangqiao Yue Life closed up 1677% at **0HK$78, with a total market capitalization of 5HK$4.6 billion. Since the suspension, Kangqiao Yue Life has been actively "responding" and has reached five resumption guidelines, so as to achieve the official resumption of trading.
Unlike the resumption of property enterprises, the delisting of Hong Kong-listed real estate companies continues. On the evening of December 20, Sansheng Holdings announced that the Hong Kong Stock Exchange decided to cancel the company's listing status from December 27, 2023 due to the failure to resume trading on or before November 15, 2023.
Guan Rongxue, a senior analyst at Zhuge Data Research Center, said that the delisting of Sansheng Holdings and the resumption of trading of Kangqiao Yue Life reflect to a certain extent that property management companies are seriously affected by the drag of real estate parent companies, and the independent development of property enterprises may become a trend.
Hong Kong stock companies resumed trading
According to the announcement, Kangqiao Yue Life has reached five resumption guidelines. It published its 2022 annual results and 2023 interim results on July 28 and August 31 this year, respectivelyThe key findings and findings of the related independent investigation and internal control review were also published on 16 October.
In addition, pursuant to Rule 13 of the Listing RulesArticle 24 to maintain assets of sufficient value to conduct business and publish all material information that it deems necessary and appropriate for shareholders and investors to evaluate the company's position in order to achieve the resumption of trading guidelines.
*: Company announcement).
In this regard, Guan Rongxue said that when the industry has entered the stage of deep adjustment, the active "response" of enterprises can play a more important role.
It is worth noting that in addition to not lying flat, the successful resumption of Kangqiao Yue Life also benefits from the consolidation of its long-term development fundamentals.
According to the 2023 interim performance report released by Kangqiao Yue Life, the revenue in the first half of the year was about 44.5 billion yuan (RMB, the same below), a year-on-year increase of 196%；Gross profit is about 11.2 billion yuan, a year-on-year increase of 59%；Net profit is about 0600 million yuan, a year-on-year increase of 49%；The net profit attributable to the parent company is about 05.1 billion yuan, a year-on-year increase of 28%。
As of the first half of the year, the number of projects under management reached 252, with a contracted GFA of approximately 65.5 million square meters, an increase of 7 over the same period in 20222%, of which about 52.7 million square meters came from third-party property developers, accounting for 805%；The gross floor area under management was approximately 36.9 million square meters, an increase of 251%, of which about 29.4 million square meters came from third-party property developers, accounting for 796%。
It can be seen that whether it is operating income, net profit, property management area, and projects under management, Kangqiao Yue Life has shown a good development trend. Industry insiders also said that as an important link in the real estate industry chain, property companies have changed from extensive growth to high-quality development after experiencing a fluctuating market cycle.
In terms of Hong Kong, Kangqiao Yue Life is the fifth property management company to resume trading this year after Cai Life, Aoyuan Health, Evergrande Property and CIFI Yongsheng Services. At present, there are still three property companies in the suspension stage: Xinyuan Service, Redgo Healthy Life, and Jiayuan Service.
A Hong Kong-listed real estate company was delisted
Different from the resumption of property enterprises, at the moment when the real estate market risk continues to clear, there are still a number of real estate companies in Hong Kong stocks that are still standing on the edge of the dangerous cliff, some of which have announced their delisting, including Sansheng Holdings.
On the evening of December 20, Sansheng Holdings announced that it would be decided by the Hong Kong Stock Exchange to cancel the company's listing status from December 27, 2023.
According to the announcement, Sansheng Holdings ceased trading on May 16, 2022, and received resumption guidance on July 27 of the same year, but failed to complete five resumption guidelines on or before November 15, 2023, thereby resuming trading. Finally, the Hong Kong Stock Exchange decided to cancel the listing of Sansheng Holdings on December 8.
*: Company announcement).
So far, Sansheng Holdings has not released its 2022 interim results, 2022 annual results, and 2023 interim results after the suspension of trading.
According to the unaudited results of 2021 announced by Sansheng Holdings, the company achieved revenue of 9.9 billion yuan during the period, a year-on-year increase of 128%；Profit attributable to equity shareholders of the Company was 59.9 billion yuan;Basic earnings per share were 122 yuan. The stock price of Sansheng Holdings was 3 before the suspensionHK$98 shares, with a market capitalization of about 19HK$500 million.
According to incomplete statistics, Sansheng Holdings is the fourth real estate company to be delisted from the Hong Kong Stock Exchange this year. Previously, Sinic Holdings, Nanhai Holdings, and Carnival International were cancelled from listing by the Hong Kong Stock Exchange on April 13, November 16, and December 6 this year, respectively.
At present, there are still four real estate companies in Hong Kong, including Jiayuan International Holdings, Dafa Real Estate, Redco Group and Huijing Holdings, which are suspended.
Guan Rongxue said that the delisting of Sansheng Holdings reflects that the current risk of thunderstorms in real estate companies still exists, and the pressure on survival is still great.
Liu Shui, director of corporate research at the China Index Research Institute, believes that real estate risks are still spreading, and listed real estate companies may still be delisted in the coming year. This year, more than 10 new debt defaults have occurred, and a number of listed companies that previously defaulted on their debts are still suspended, and if they are suspended for more than 18 months, the exchange will cancel their listing status.
Drive its own value with high-quality development
With the continuous clearing of property market risks and the continuous deep adjustment of the real estate market, how will the real estate industry develop in 2024?
In this regard, the China Index Research Institute predicts that in 2024, there is still room for policies at both ends of supply and demand in the real estate market, and the "three major projects" will be the main direction of policy development, which is expected to play a positive role in sales recovery and stable expectations. However, on the whole, the new home sales market will still face adjustment pressure in 2024.
At present, the first economic work conference emphasized that it is necessary to actively and steadily resolve real estate risks, meet the reasonable financing needs of real estate enterprises of different ownership systems without discrimination, and promote the steady and healthy development of the real estate market.
The real estate risk is mainly reflected in the debt resolution of real estate enterprises and the guaranteed delivery of projects. The China Index Research Institute predicts that in 2024, the financial support policies for real estate enterprises are expected to continue to be refined, and the financing environment for real estate enterprises will improve.
In this case, for the insuring real estate enterprises, the China Index Research Institute recommends taking active actions to solve the current problems.
On the one hand, with the help of the current financial policy window, we will actively connect with financial institutions to fully display the debt, and at the same time, actively market and collect money, and make every effort to ensure delivery. On the other hand, we should dispose of assets, speed up clearance, and seize policy opportunities to revitalize the stock, including unsold residential, non-residential, and unstarted land, and actively seek opportunities in combination with policy opportunities.
In addition, for property companies, it is necessary to actively consolidate the fundamentals of development, improve operational independence, and drive their long-term sustainable value with high-quality development.
Cui Ruiting, text.