Dongguan The first real estate company listed on Hong Kong stock HK stock Huijing Holdings today resumed trading , which once rose nearly 80% at the opening and finally closed up 67%, with a market value of 1.576 billion yuan. On that day, Huijing Holdings' transaction volume was 2.595 billion, a turnover rate of 40.4%, and a trading volume of 2.123 billion shares, setting a record high since its listing.
Some netizens also said that has to double its profit after falling by 50%, and 88% has to rise by nearly 6 times before it can recover its profit after falling by 6 times. This rebound is of no use at all.
It turns out that on the day Huijing Holdings closed down on July 22, the stock price fell 88%, setting a record low. The opening on the day was less than three hours, with a trading volume of 654 million shares and a turnover rate of 12.44%.
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Faced with such unusual fluctuations, Huijing Holdings issued an announcement on Tuesday night titled "On unusual fluctuations in stock prices and trading volumes, insider information and resume trading", saying that the board of directors has paid attention to the decline in the price of Huijing shares and the increase in trading volume on July 22, 2022. According to the board of directors' inquiry, the 315 million shares held by Huijing Holdings' controlling shareholder Huiying Holdings Co., Ltd. (a company wholly owned by Mr. Lun Ruixiang, the chairman and non-executive director), were forcibly sold on the open market through margin securities accounts by several securities companies. In addition, at the request of Huijing Holdings, the shares have been temporarily suspended on the Stock Exchange since the morning of July 22, and have applied to resume trading on the Stock Exchange from 9:00 am on July 27.
It turns out that it is , the chairman and non-executive director of the company, Lun Ruixiang, was forced to close the position, and the 315 million shares held by Huiying were forced to sell by several securities companies.
According to Futu Securities trading data, the top five brokers in Huijing Holdings in the past five days are China Merchants Bank International, Guojin, China Tonghai, Qianlishuo and Bedes, with net sales of 133.57 million shares, 97.98 million shares, 68.18 million shares, 26.72 million shares and 9 million shares, respectively. The latest trading day data after the review showed that on July 27, the Shenzhen-Hong Kong Stock Connect contributed 23.16 million shares of net purchases of . In addition, Bank of China International , Futu Securities , Zhifu Securities and HSBC were the top.
It is reported that Huijing Holdings landed on the main board of the Hong Kong Stock Exchange in January 2020, and is the first listed real estate company to go out of Dongguan. It was founded by Lun Ruixiang in 2004. On the first day of listing, Huijing Holdings opened at HK$1.82, with a highest price of 2.8 yuan in August of the same year. After falling at a high level until it fell sharply at 722. Its stock prices fluctuated around 1.7 yuan to 1.9 yuan.
just passed the debt restructuring plan before the suspension
On July 25, when Huijing Holdings was suspended, it issued an overseas regulatory announcement on the Hong Kong Stock Exchange, saying that on July 22, Huijing Holdings announced that the 12.5% coupon due in 2022 priority notes exchange offer was completed, and the 12.5% coupon due in 2023 was issued, with the principal amount of US$110 million. Huijing Holdings said that the old notes were refinancing and extended the debt maturity period of Huijin Holdings in order to improve its debt structure.
It is reported that the above-mentioned notes for the exchange offer of Huijing Holdings were issued in August 2020 and should have expired in 2021, but in July 2021, Huijing Holdings completed the first exchange offer of the notes and issued a 12.5% priority notes for the expiration of the coupon in 2022.
Just after Huijing Holdings announced the completion of its second exchange offer on July 22, 2022, its stock price collapsed. As of the afternoon of the same day, its share price was temporarily suspended, and its share price was HK$0.18, a drop of 88.31%. Huijing Holdings' single-day market value evaporated by more than HK$7 billion, with only HK$946 million remaining. According to the 2021 annual report released by Huijing Holdings, data shows that Huijing Holdings' annual contract sales (including contract sales of joint ventures) increased by 3.9% to approximately 8.005 billion yuan; revenue increased by 3.0% to approximately 5.309 billion yuan; gross profit was approximately 1.667 billion yuan, of which the gross profit of property development was approximately 1.676 billion yuan, and the gross profit margin of this segment was approximately 31.6%.In 2021, Huijing Holdings' net profit was approximately RMB 550 million, a year-on-year decrease of 25.7%, of which the net profit attributable to the parent company's owners was approximately RMB 256 million, a year-on-year decrease of 50.4%.
From the financial report, we can find that although Huijing Holdings' revenue increased slightly year-on-year in 2021, the net profit attributable to the owners of the parent company has been halved year-on-year. Moreover, in recent years, no securities firm has published relevant research reports on Huijing Holdings.
Zhengrong Real Estate has also experienced flash crashes and forced sanitation
The capital market story about flash crashes and forced sanitation has been staged in real estate companies this year.
htmlOn the afternoon of February 11, Hong Kong stock market Zhengrong Real Estate and Zhengrong Services crashed, with a drop of more than 80% at one point, and then the stock price rebounded. As of the closing of the day, Zhengrong Services fell 57.7%, and its market value evaporated by HK$2.45 billion; Zhengrong Real Estate fell 66.4%, and its market value evaporated by HK$10.61 billion.On the day of Zhengrong Real Estate's sharp drop, some media said that some of the shares of Zhengrong Real Estate's actual controller Ou Zongrong were forced to close. Zhengrong Real Estate said that on February 11, an investor closed its position and triggered an accelerated decline in the stock price, which was not triggered by the actual controller’s closed position. Relevant information shall be subject to the company announcement.
Although the plunge in February was not due to the forced closing of the actual controller Ou Zongrong, five months later, rumors about Zhengrong's controlling shareholder being forced to settle was once again lingering in the capital market.
htmlOn July 22, Zhengrong Real Estate Hong Kong Stock Exchange issued an announcement stating that on July 20, 29.5 million shares held by RoYue, wholly owned by the controlling shareholder Ou Zongrong, were forcibly sold, accounting for approximately 0.68% of the total issued share capital of the company on the date of this announcement. After the transfer, RoYue held a total of 2.05 billion shares, accounting for 46.95% of Zhengrong Real Estate's total share capital. In addition, Ou Zongrong and his family members collectively hold an interest in the company's total issued share capital of approximately 59.35%, and still maintain the absolute controlling position of .As of the close of July 27, Zhengrong Real Estate's share price was HK$0.485, with a market value of 2.118 billion, a decrease of HK$3.2 billion from the flash crash on February 11.
It is worth noting that on February 8, before the sharp drop in Zhengrong's stock price, Haitong International published an industry research report, saying that it would maintain Zhengrong Service's rating better than the market, and give a target price of HK$8.09 per share. On February 7, Zhengrong Service's closed at 3.67, which was only about half of the target price of Haitong International. By the close of July 27, Zhengrong Services was reported at HK$0.65. At the same time, after the stock price plummeted in February this year, no brokerage firms have publicly released research reports on Zhengrong Real Estate and Zhengrong Services.
This article is from Cailianshe
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