On the evening of June 23, the delisted Xohua Electronics (formerly known as "Xohua Electronics") issued an announcement stating that the company's shares would be delisted by the Shanghai Stock Exchange on June 30, and the company's shares would be terminated from listing.
Image source: Company announcement
As a well-known color TV giant in the past, XomoChina Electronics has been hovering on the edge of delisting for more than ten years. In the end, it failed to escape the fate of delisting. The stock price was only 0.6 yuan in the end, and the market value was only 314 million yuan. .
Farewell to A-shares
html On June 23, delisting XomoChina ended its last day of trading in A-shares. That night, the company issued an announcement stating that as of June 23, the company's shares had been trading for fifteen trading days during the delisting consolidation period, and the delisting consolidation period had ended. The company's shares will be delisted from the Shanghai Stock Exchange on June 30. This means that XomoChina Electronics, which has been listed for 27 years, will bid farewell to A shares .On the last trading day, the delisted XomoChina once again staged a "roller coaster" trend. It plunged sharply in the early trading and once hit the daily limit. However, it rebounded strongly in the afternoon and once hit the daily limit. It closed at 0.6 yuan per share, with a final market value of 314 million. Yuan. After
entered the delisting consolidation period, the stock price of delisted XomoChina surged and plummeted. On the first day of the delisting consolidation period, the stock price plunged nearly 90%, falling as low as 0.35 yuan. But then 6 boards rebounded strongly in the next 7 days, and the stock price continued to fluctuate violently.
Image source: Company announcement
It is worth noting that in July last year, the company’s stock price was also wildly hyped, with a surge of more than 75% on the 12th board in 14 days. But in less than a year, the company's stock price has shrunk by nearly 90% from last year's high.
The road to delisting
In recent years, XomoChina Electronics has been on the verge of delisting. From 2018 to 2020, the company's financial statements have been issued with non-standard audit reports for three consecutive years, believing that there are major uncertainties in the company's continued operations. Because
’s audited net profit in 2020 is negative and its operating income is less than 100 million yuan, the company’s stocks have been subject to a delisting risk warning since May 6, 2021.
On April 29, 2022, the 2021 annual report disclosed by the company and the "Special Verification Opinions on the Deduction of Operating Income of Xiamen Overseas Chinese Electronics Co., Ltd. in 2021" issued by the annual audit accountant showed that the company deducted non-recurring gains and losses The net profit after that was -6.2377 million yuan, and the operating income was 152 million yuan. After deducting the income that has nothing to do with the main business or does not have commercial substance , the amount was zero yuan.
The above situation belongs to the listing termination situation stipulated in Article 9.3.11 of the " Shanghai Stock Exchange Stock Listing Rules ". According to the relevant regulations of the Shanghai Stock Exchange and after review by the Shanghai Stock Exchange Listing Committee, the Shanghai Stock Exchange decided to terminate the listing of the company's shares.
Color TV giant has fallen
According to data, Xohua Electronics was founded in 1985 and listed on the Shanghai Stock Exchange in 1995. It was the first plasma TV manufacturer in China and the first to transform from CRT TVs (old-fashioned picture tube TVs) to flat-panel TVs. The company was once the leading brand and iconic company of high-end color TVs in China. In the heyday of
, the well-known actor Chen Daoming was the spokesperson of the company. The classic advertising slogan "With XoChinese plasma, I really want to live another 500 years" is deeply rooted in the hearts of the people. In 2008, the "Xohua" brand value reached 11.255 billion yuan.
But times have changed. At the end of the last century, the company launched a diversified expansion strategy and entered the fields of mobile phones, monitors, computers, etc. However, it all ended in failure due to poor management. On the other hand, the increasingly fierce color TV price war has intensified. After entering 2000, the company suffered losses for many consecutive years, with the highest loss exceeding 1 billion yuan in 2008. In order to "preserve its shell" and survive, the company was once reduced to struggling to survive by selling factories.
In April 2014, XoC Electronics officially announced that it would withdraw from the TV production business. In 2017, the "XoC" brand, which was once worth tens of billions, was forced to give it away at a low price of 12 million yuan. In the following years, the company continued to stage dazzling restructuring plans, targeting popular areas such as , Internet finance, , big data, TMT, etc., but in the end they all came to nothing, and its operating performance worsened. In the end, the "shell preservation" failed and was forced to delist.
Editor: Li Ruoyu Wang Yin
