GrandAuto, Evergrande, Kaisa: Stock and Bond Delisting Amid Real Estate Debt Crisis
1 广汇汽车股价触发交易类强制退市倒计时
广汇汽车(600297.SH)于6月20日发布公告称，公司股票收盘价为0.98元/股，是首次跌破人民币1元。据有关规定，如果公司股票连续20个交易日的每日收盘价均低于人民币1元，公司股票可能会被上海证券交易所终止上市。此外，若公司股票被终止上市，其发行的广汇转债(110072.SH)将相应终止上市。
广汇汽车公司全称广汇汽车服务集团股份公司，是中国领先的汽车经销商之一，根据公开披露信息，广汇汽车在全国范围内拥有超过780家经销店，拥有近70家新能源品牌汽车的授权。
1.2 证券交易所退市相关规则
根据上交所最新业务规则《上海证券交易所股票上市规则》第九章第二节列明交易类强制退市包括：
- 在本所仅发行A股股票的上市公司，连续120个交易日通过本所交易系统实现的累计股票成交量低于500万股，或者连续20个交易日的每日股票收盘价均低于1元；
- 在本所仅发行B股股票的上市公司，连续120个交易日通过本所交易系统实现的累计股票成交量低于100万股，或者连续20个交易日的每日股票收盘价均低于1元；
- 在本所既发行A股股票又发行B股股票的上市公司，其A、B股股票的成交量或者收盘价同时触及第（一）项和第（二）项规定的标准；
- 上市公司股东数量连续20个交易日（不含公司首次公开发行股票上市之日起20个交易日）每日均低于2000人；
- 在本所仅发行A股股票的上市公司或者既发行A股股票又发行B股股票的上市公司连续20个交易日在本所的每日股票收盘总市值均低于5亿元；
- 在本所仅发行B股股票的上市公司连续20个交易日在本所的每日股票收盘总市值均低于3亿元；
- 本所认定的其他情形。
1.3 如何避免广汇汽车退市
Wind数据显示，截至6月28日周五，广汇汽车收盘价0.69元已连续7个交易日收盘价低于1元，期间股价累计下跌 35.51%，成交金额22.4亿元，换手率35.96%。最新流通市值跌至56.82亿元。
根据交易所10%涨跌幅限制，广汇汽车需要连续4个交易日涨停板才能使股价恢复到1元以上，并终止交易类强制退市条件。
上述计算的具体过程欢迎到AI AGENT智能助手进行查询👇
1.4 广汇汽车股票质押融资触发平仓线
Wind数据显示，广汇汽车控股股东新疆广汇实业投资(集团)有限责任公司近两年的股票质押明细如下：
广汇汽车最新两笔控股股东股票质押融资涉及约24,324万股（质押日对应市值合计17,189.1万元）。除最新两笔及已解押的三笔，其余质押融资均已触发平仓线。
而最新两笔股票质押融资的平仓线分别是0.62元、0.64元。
1.5 广汇汽车最新股东户数
截至2024-03-31，广汇汽车股东总户数106,507户，户均持股市值11.58万元。
1.6 广汇汽车股权质押、境外债情况
根据wind数据，广汽汽车未解押股数占总股本32.78%，疑似平仓市值60.63亿元：
广汇汽车 9.109% 永续债
1.7 广汇汽车欠薪
相关信息见xiaohongshu笔记
1.8 股票退市对散户、上市公司及控股股东债务影响
散户：可依法申请维权。
债权人：要求债务人追加抵押资产；处置资产回笼资金（拍卖资产等）。
债务人：申请破产、重新申请股票上市等。
1.9 广汇集团、广汇系背景
实控人孙广信。广汇系包括：广汇能源、广汇物流、广汇汽车等。
2 恒大与广汇的渊源
2.1 股权穿透后的恒大踪影
广汇汽车控股股东新疆广汇实业投资(集团)有限责任公司的股东结构。
2.2 恒大汽车与广汇汽车
根据广汇汽车于2020年11月1日发布的公告，恒大地产与申能集团及其实际控制人孙广信签署了一份关于广汇集团股份转让的协议。根据协议，恒大地产将其持有的广汇集团近41%的股份以总价148.5亿元出售给申能集团。
《中国证券监督管理委员会深圳监管局行政处罚决定书〔2022〕5号》提到：
广汇集团2018年上半年因资金链紧张，从2018年6月开始对外寻找战略合作伙伴。广汇集团董事长孙某信和总裁尚某强出于战略考虑和对未来经济形势的判断，计划发展广汇集团房地产业务板块，希望引进恒大集团合作。
2.3 恒大以广汇股权抵债
公开信息提到，盛京银行向恒大追债326亿 望通过拍卖所持广汇集团股份偿还。
2.4 恒大持有广汇股权全部流拍
而根据阿里司法拍卖，恒大集团有限公司持有的新疆广汇实业投资（集团）有限责任公司数笔的股权均流拍。
3 佳兆业抵债最新进展、清盘聆讯及慈父救儿
3.1 佳兆业高管入职广汇汽车
根据广汇汽车公告信息，杨明任职广汇汽车董事，任职日期为2023-11-6
杨明女士同时是创业板上市公司佳云科技(300242.SZ)监事会主席。佳云科技董事长郭晓群是佳兆业老板郭英成的爱儿。
3.2 可能是清盘聆讯最后一次延期
根据FT，香港法院聆讯延期至8月12日可能是最后一次。
Kaisa narrowly avoids liquidation order but receives a stern warning from Hong Kong judge
A Hong Kong judge has issued a stern warning to defaulting Chinese property developer Kaisa, indicating that the company could face liquidation if it fails to make significant progress on its offshore debt restructuring plan.
The case has been postponed to August 12 after a lawyer representing Citicorp International, the trustee for a major group of bondholders behind the liquidation petition, consented to the company’s request for an additional extension.
However, Judge Peter Ng cautioned that the company would “have no excuse” for any lack of progress in its offshore debt restructuring efforts. Ng expressed uncertainty about whether another extension would be granted at the next hearing.
3.3 佳兆业债务重组最新进展
谭礼宁 TAM LL 在最新股东周年大会指出佳兆业债务重组方案已与各相关方协商得“差不多”，对债务重组表现乐观。
Kaisa Group Holdings Ltd., is currently navigating through a critical phase of its debt restructuring process. Facing a winding-up petition from the court, the company is making concerted efforts to address the concerns of both the stock exchange and its creditors.
In response to the recent ultimatum issued by the court, Kaisa has reiterated its commitment to preserving its status as a listed company. The management team is actively engaged in discussions with various stakeholders to reach a mutually beneficial agreement. These efforts underscore the company’s dedication to maintaining its listing status and ensuring long-term stability.
Kaisa acknowledges the importance of its listing on the stock exchange and is taking all necessary steps to comply with regulatory requirements. The company is working diligently to formulate a comprehensive debt restructuring plan that aligns with the interests of all parties involved. While specific details of the ongoing negotiations cannot be disclosed at this time, Kaisa assures its stakeholders that significant progress is being made.
The company is in continuous dialogue with its creditors, aiming to secure their support for the proposed restructuring plan. Kaisa’s management is confident that a collaborative approach will yield positive outcomes, ultimately benefiting both the company and its creditors. The company is also coordinating closely with legal and financial advisors to navigate the complexities of the restructuring process.
The company appreciates the patience and understanding of its stakeholders during this challenging period. Kaisa’s primary focus is to achieve a resolution that ensures the company’s financial health and preserves its value for shareholders.
Kaisa’s key advantage lies in its urban renewal projects, which require a high level of professional expertise to manage effectively. Maintaining Kaisa’s listing status is evidently the best choice for creditors, as it ensures that these valuable assets are handled by a capable and experienced team.
In conclusion, Kaisa Group Holdings Ltd. is actively working towards a resolution of its debt issues, with a strong emphasis on maintaining its listing status and fostering positive relationships with its creditors. The company is confident that its ongoing efforts will lead to a successful restructuring and a stable future.
3.4 郭英成十年后再度踏足内地
根据凤凰周刊、财新等媒体报道，佳兆业老板郭英成已于年初返回内地深圳处理事务。
佳兆业爆雷以来，郭公子一直滞留内地。郭英成此次返回内地，带来新的违约理财产品兑付方案。
3.5 锦恒财富最新兑付方案：广汇汽车股票抵债
根据上述提到的公开信源：
In September 2017, a consortium of nine major financial institutions led by China International Capital Corporation Limited provided a loan of approximately HKD 5.81 billion to Rui Tai Group Holdings Limited and Huge Auto Investment Holdings Limited. As of December 2020, the outstanding principal balance of this loan was approximately HKD 2.93 billion.
Subsequently, seven institutions within the consortium (accounting for approximately 86.4% of the loan) transferred their held debt rights to Da Rong Limited Company at a total consideration of approximately HKD 2.62 billion, making Da Rong Limited Company the holder of this 86.4% debt right. Da Rong Limited Company (BVI) is currently the largest holder of this debt right with a stakeholding ratio of 86.4%. The cumulative amount including principal, interest, and penalty interest for this 86.4% debt right is approximately HKD 3.94 billion.
Rui Tai Group Holdings Limited and Huge Auto Investment Holdings Limited hold around1 .622 billion shares in 广汇汽车, which serves as one collateral for this debt right.
佳兆业理财产品的违约债务，最新可选方案包括以广汇汽车股票作为抵债资产。债务抵消的路径需设立多个合伙企业接收理财产品持有人的债务作价入股。根据深圳市市场监督管理局公示的工商信息，相关合伙企业设立的工作已于去年启动，以深圳锦恒财富管理有限公司作为执行事务合伙人，公开信源指出，部分合伙企业的自然人合伙人即理财产品持有人。
3.6 佳兆业境外债券
佳兆业集团 11.25% N20250416
佳兆业集团 11.7% N20251111
佳兆业集团 9.95% N20250723
佳兆业集团 10.5% N20250115
佳兆业集团 10.875% 永续债
佳兆业集团 11.65% N20260601
根据wind数据，上述债券最新中间价约3.3元。一年内到期境外债务金额为7亿美元，其他剩余境外债务金额为25亿美元。
4 结语
本文整理已公开信息不构成对相关上市公司证券作出任何投资建议。The content compiles publicly available information and does not constitute any investment advice on the stocks or bonds of relevant listed companies.
广汇与未偿还债务金额排名靠前的内房股牵连。十万散户中，有些人博弈广汇汽车最终不会退市而进行豪赌。
Last edited: 2024-6-29
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