Earlier, the boxing match between the original second-generation King of Fighters Zhong Peisheng and the insurance broker Lin Zuo caused a hot topic in the local area. Many people who didn't know the King of Fighters asked to find out how sacred the Qu family was. It turned out to be the grandson of the "King of Industrial Buildings" Zhong Jianghai, who founded China by Zhong Jianghai. Xiamen Real Estate was listed as Huaxia Real Estate (0278) in 1972. Recently, due to insufficient business, it hit the stock exchange's Meteor Hammer 13.24 and faced the risk of delisting.
Readers who have followed the Diao Lao column are no strangers to Rule 13.24 of the Listing Rules, "Insufficient Business Operations", especially the series of operations that have been carefully dismantling Guoneng's assets over the past few months.
Huaxia Real Estate owns a lot of assets with good location but not high quality. Generally speaking, if a company holds major assets, it should be excluded from 13.24. However, Huaxia Real Estate holds major assets in the form of investment in an associate company and is subject to the exchange It is believed that Huaxia Real Estate has no control over its assets and business operations, so the group's holdings are only investments and not part of the business, and the rent collected from the rental properties in hand is limited, which is not enough to support the operation of the company. , thus failing to comply with 13.24.
Huaxia Properties stated in the announcement that "The Group has maintained a very low business operation in the past five years, with rental income of less than HK$7 million. The company has not expressed any intention to increase the scale of this business operation." Listen, I have very little rental income and have no intention of increasing it.
However, Huaxia Real Estate is actually quite a lot of water, but the boxing family likes to keep a low profile. Even if the major assets of 800 million yuan are only held in the form of investment in affiliated companies, and the minority shareholders of the group have no control over the affiliated companies, even if The rental income of the associates is so lucrative that none of Huaxia Real Estate can control the dividend distribution or dividend policy to make a profit.
Therefore, only the major shareholders of the associate company and the management have the best understanding of how much rental income the properties invested by Huaxia Real Estate have.
This time, the Stock Exchange Yu Huaxia Real Estate saw the problem of overcorrection in 13.24. Huaxia Real Estate is currently sitting on 1.358 billion yuan in assets and has a market value of only 510 million yuan. If Diao is a greedy major shareholder, I am very happy with the Stock Exchange. Take the initiative to use 13.24 to get rid of our card, because even the privatization money is returned, small shareholders automatically become shareholders of public non-listed companies, lose the trading platform of the Stock Exchange, and small shareholders have no way to escape, and the law sometimes Like a double-edged sword, if it is not used carefully, it will not only protect the minority shareholders, but also become an accomplice to push the minority shareholders down.
Sometimes I really don't know what the exchange and the CSRC see as fairness.
Look at the members of the board of directors of Huaxia Real Estate, Zhong Qiwei, Zhong Renwei and Zhong Yingwei are all Zhong Peisheng's daddy uncles, and Zhong Peisheng is in his thirties and has no part in the game.
You estimate that the listed company is Miss Yuan, friends can be together, and it is best to separate the assets in the world.
[Finance Column]
Diao Chang's Fantastic Record
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Diao
Introduction: Wandering between black and white in Central, I feel like a young and dangerous boy in a suit. In the turbulent financial market, I study the secret of invincibility.
Disclaimer:
The above content only represents the author's personal position and opinion, and does not represent any position of Hong Kong 01, and Hong Kong 01 cannot verify the authenticity, accuracy and originality of the above content.
In addition, the above is purely personal research and sharing, and does not represent the position of any third-party organization, nor is it any investment advice or inducement.
Readers are urged to use their independent thinking skills to make their own investment decisions.
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