April 6, the Hong Kong Stock Exchange officially announced that Xinli Holding Group would cancel its listing status (delisting) from 9 A. M. on April 13.
According to the regulations of the Stock Exchange, if a suspended company fails to resume trading within three years, it will face the risk of delisting. Since its suspension on September 20, 2021, Xinli Holdings failed to resume trading until March 19, 2023, and was eventually disqualified from listing. According to
public information, Xinli Holdings was founded in 2010 and landed on the Stock Exchange in 2019. As of September 20, 2021, the stock price of Xinli Holdings was HK $0.5, with a total market value of HK $1.785 billion.
Sony Holdings released its last interim financial report on September 24, 2021. By the end of the first half of 2021, the company had achieved a revenue of 11.218 billion yuan, an increase of 28.9% over the same period last year, a gross profit of 2.438 billion yuan, a decrease of 7.28% over the same period last year, and a gross profit rate of 21.7%, a decrease of 8.5 percentage points; Net profit attributable to shareholders was 763 million yuan, a decrease of 7.06% over the same period.
In addition, in the first half of 2021, the total assets of Xinli Holdings were 112 billion 38 million yuan, an increase of 15.9% over the same period last year.
At the same time, the total liabilities of the company are 91.8 billion yuan, and the total debt ratio is nearly 82%, of which the total non-current liabilities are 16.376 billion yuan;
Current liabilities amounted to 75.428 billion yuan, short-term debts due within one year amounted to about 13.24 billion yuan, cash and bank balances amounted to about 19.35 billion yuan, and short-term debts accounted for 68.4% of cash.
Sony Holdings is a real estate enterprise from Nanchang, Jiangxi Province to the whole country, founded by Zhang yuanlin in 2010;
in 2017, the company moved its headquarters from Nanchang to Shanghai, further accelerating the national expansion strategy. At that time, the asset-liability ratio of Xinli Holdings was as high as 90.58%, and the total liabilities increased from 17.219 billion yuan to 44.205 billion yuan.
In 2018, Zhang Garden set the performance target of "protecting 80 billion yuan and striving for 100 billion yuan", and in order to achieve this goal, it adopted the high turnover development mode of "120 days to start development and 180 days to reach the pre-sale standard". This year, Sony Holdings was fined eight times just because its projects were constructed without a construction permit.
Meanwhile, from 2016 to 2018, the net asset-liability ratio of Xinli Holdings was 190%, 270% and 240%, which was much higher than industry warning line. On November 15,
2019, Sony Holdings (02103. HK), which has been developing rapidly, landed in Hong Kong stocks and achieved an important development moment.
In 2020, the total contract sales of Sony Holdings exceeded 100 billion yuan, and the company also ranked 29th in the "2020 Top 100 Real Estate Enterprises in China". On September 20,
2021, the share price of Sony Holdings collapsed, falling from HK $3.95 per share to HK $0.5 per share, plunging 87%, suspending trading at 3:38 p.m. on the same day, and evaporating more than HK $12 billion in market value.
Until September 30, 2021, Xinli Holdings gave the answer to the stock price crash, because the group recently faced unexpected liquidity problems caused by macroeconomic conditions. Certain subsidiaries of the Company failed to pay the interest payable on 18 September 2021 in respect of the two onshore financing arrangements on or before the relevant due dates, in an aggregate amount of approximately RMB38.74 million. The overdue debt caused the liquidation of part of the shares of the major shareholder of the company, namely the actual controller Zhang yuanlin. On October 11 of
the same year, Xinli Holdings announced again that a series of previous problems had led to a technical default in overseas financing arrangements, and that there were no resources available to repay the principal and interest of the $250 million debt due on the 18th of this month, and that no specific plan had been formulated for remedial measures. The suspension will continue for a short time.
Since then, Xinli Holdings has been suspended due to the breakdown of the capital chain, successive debt defaults and other reasons. Since then, Xinli Holdings has not issued any financial reports. The company has explained that the group's financial reporting unit is short of personnel, and the company's financial reporting function can not operate normally and effectively.
Under the pressure of debt, on December 20, 2021, Xinli Holdings announced the latest quarterly information and said that its domestic debt was overdue by 6.394 billion yuan, and confirmed that it had defaulted.
Thereafter, in August 2022, the creditors of Sony Holdings filed a winding-up petition to the High Court of Hong Kong;
on December 7, 2022, the High Court of Hong Kong formally issued a winding-up order to Sony Holdings at the hearing.
Eventually, Xinli Holdings became the first delisting real estate company and the first 100 billion delisting real estate company since the debt storm. Xinli Holdings, listed in
2019, achieved annual sales of 113.8 billion yuan in the second year (2020), and entered the 100 billion camp, known as "the first brother of Jiangxi real estate".
"Xinli Holdings is an enterprise that has been plagued by debt problems in the last two years.". In 2022, its operating data began to show problems, but it did not attract the attention of investors and the real estate industry. Xinli Holdings is also the first delisting enterprise since the debt storm of real estate enterprises, or the first case of delisting of real estate enterprises. Yan Yuejin, director of research at the think tank center of Yiju Research Institute, said that this also means that other suspended real estate companies still need to speed up their business recovery if they intend to retain their listing status.
"From the delisting reasons of such enterprises, in fact, it is directly related to the poor improvement of business conditions, to a large extent, it shows that the solution of the current problems of some dangerous housing enterprises is more complex, and it is difficult to move closer to the direction of resumption in the short term." Yan Yuejin said.
According to statistics, as of April 7, 15 listed real estate companies were still suspended and subject to delisting warning, including China Hengda, Hengda Property, Rongchuang China, Shimao Group, China Zhongao, Fancy Year, Sunshine 100, Contemporary Real Estate, Nanhai Holdings and Tianshan Development. The delisting warning time of Jingrui Holdings, Weiye Holdings and China Uptown is from November to December.
In addition, Jiayuan International, Xiangsheng Holdings, Dafa Real Estate, Ligao Group, Datang Group Holdings, Kangqiaoyue, Jiayuan Services, Ligao Healthy Life and other listed companies are in suspension, and the risk of delisting is also hanging in front of them.
This means that the "first brother" may only be the starting point of delisting, if it can not resume trading according to the regulations or apply for a legal extension, all of you will face delisting.
Sony Holdings was once a brilliant, 100 billion-grade listed company, which achieved the first share in Jiangxi Province, and was regarded as the leader in Jiangxi Province, leaving a mark in many cities.
He is also the representative of "desire expansion", playing not only high leverage, but also non-standard high leverage, trust loans accounted for more than 20% of the company's total loans.
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