After the A-share market entered the full registration system, the delisting system became more and more stringent, and many listed companies were forced to embark on the road of delisting. According to statistics, starting in 2023, more than 30 listed companies have been determined to be delisted.
The real estate sector is the hardest hit by delisting. Blu-ray Development, the former Sichuan real estate leader, and Zhongtian Financial, the first listed company in Guizhou, have both received delisting warnings from the exchange. MyHome and Grand Castle have also triggered delisting conditions at face value. In addition, there are some real estate companies whose stock prices have fallen below 1 yuan, such as Sunshine City, Yuetai and Songdu.
The sluggish share prices of these companies reflect their tight capital chains and declining performance in recent years.
Also facing difficulties is the former 100 billion real estate enterprise Tahoe Group, which has continuously fallen and 140,000 shareholders.
On May 24, ST Tahoe's share price fell again, and the ** price was 061 yuan, there are 2.36 million sell orders on the fall limit. The data shows that since May 16, ST Tahoe has fallen for 7 consecutive trading days, and since May 8, its share price has been below 1 yuan for 13 consecutive trading days.
In fact, on May 23, ST Tahoe's share price had fallen to 064 yuan, triggering the risk of delisting at face value.
As early as before, Huang Qisen, chairman of Tahoe Group, said at the work conference that it is necessary to have the mentality of starting over, because the situation faced is very complicated.
Founded in 1996 and backdoor listed in 2010, Tahoe Group is a large-scale enterprise specializing in residential and commercial real estate development, and is also the only listed real estate company in China at that time. The Tahoe yard products created by it have been selected as "Asia's Top Ten Super Luxury Houses" four times.
With the help of the power of the capital market, Tahoe Group has expanded rapidly. According to the data, in 2013, Tahoe Group's sales were 16.8 billion yuan, which increased to 23 billion yuan, 32.3 billion yuan and 40 billion yuan in 2014, 2015 and 2016 respectively, and broke through the 100 billion mark in 2017, reaching 100.7 billion yuan.
At the same time, Tahoe Group's performance has also been climbing, with operating income from 61 in 20132.8 billion yuan, an increase to 243 in 2017300 million yuan, net profit attributable to the parent company from 72.8 billion yuan grew to 21$2.4 billion. In addition, Tahoe Group's total assets have also increased from 35.7 billion yuan to 206.4 billion yuan.
In this process, Huang Qisen, the founder of Tahoe Group, made full use of financial leverage. He once said that if you don't understand finance, you can't do real estate well.
Around 2017, Huang Qisen was full of confidence, regardless of the policy of "housing for living, not speculation", and put forward the goals of "sales revenue in 2018 to reach 200 billion yuan" and "to enter the top ten real estate enterprises". At that time, Wang Mengde, the executive president of Sunac China, announced shrinkage strategies such as "not taking land", while Tahoe acquired land on a large scale through "mergers and acquisitions", and the land reserve and cost reached the peak, and even became the king of land in the industry.
However, the rapid expansion of Tahoe Group has also laid hidden dangers for the future. In 2018, Tahoe Group's sales were only about 130 billion yuan, not achieving the goal of "200 billion yuan", although the annual operating income and net profit both hit a record high of 309800 million and 255.5 billion yuan. However, with the growth of performance, Tahoe Group's total liabilities have also reached an all-time high of 211.2 billion yuan.
Unexpectedly, in 2019, Tahoe Group had a crisis. Its operating income fell to 2362.1 billion yuan, the net profit attributable to the parent company is only 46.6 billion yuan, a year-on-year decrease of 2377% and 8174%, and the net profit after deducting non-recurring gains and losses was a loss of 400 million yuan, which was the first loss since Tahoe Group's backdoor listing. In addition, Tahoe Group's bonds and borrowings are also frequently overdue and defaulted.
Due to liquidity problems, Tahoe Group's performance has completely collapsed, and from 2020 to 2022, its operating income is 361.5 billion yuan, 491.1 billion yuan and 880.3 billion yuan, and the net profit attributable to the parent company was -499.9 billion yuan, -401.3 billion and -537.4 billion yuan.
According to the announcement, as of April 28, Tahoe Group's overdue loan principal was 5820.3 billion yuan, 54 of the guarantees provided to the outside worldThe debt of 1.6 billion yuan has been substantially overdue.
In this regard, Tahoe Group said that it is working hard to promote debt restructuring and actively solve the debt problem, but has not yet reached a comprehensive debt restructuring plan.