DEXIN CHINA was delisted this morning, ending nearly 7 years of listing history

According to Sing Tao Global Network, Hong Kong Exchanges and Clearing Limited (the Exchange) announced that starting from 9:00 AM on January 7, 2026, the listing status of DEXIN CHINA (2019) Holdings Limited (in liquidation) will be canceled in accordance with Rule 6.01A(1) of the Listing Rules, officially bidding farewell to the Hong Kong capital market. Delisting Due to Long-term Debt Crisis and Liquidation Status The direct reason for this delisting is DEXIN CHINA's long-term debt crisis and liquidation status. In 2021, DEXIN CHINA increased its land investment by 32.2 billion yuan, laying the groundwork for liquidity risks. In 2022, the company's debt crisis erupted, failing to pay a dollar bond interest, leading to a liquidation petition submitted by creditor China Construction Bank (Asia); in November of the same year, the company proposed an offshore debt restructuring plan but failed to gain sufficient creditor support. In 2024, the court officially ordered liquidation, and the company's assets and affairs have been taken over by the provisional liquidator. According to Hong Kong Stock Exchange rules, if a company is suspended for 18 consecutive months and fails to remedy the issues leading to the suspension within the specified period, which for DEXIN CHINA is before December 10, 2025, the Exchange has the right to delist it. DEXIN CHINA, being in liquidation, is unable to meet any resumption guidelines. DEXIN CHINA was listed on the Hong Kong Stock Exchange on February 26, 2019, raising HKD 1.684 billion at a price of HKD 2.80 per share. As one of the "Four Little Dragons" of Zhejiang real estate companies, it was once awarded the title of one of China's top 100 real estate enterprises. Weak Property Market Drags Down Cash Flow When DEXIN CHINA was listed in 2019, it set a goal of "entering the 100 billion yuan club within three years," but aggressive expansion not only failed to help the company achieve its goal but also drained its cash flow. At the same time, affected by the sluggish real estate market, its sales have shown a downward trend in recent years. In 2021, DEXIN CHINA set a record for the highest sales, with contract sales amounting to 73.98 billion yuan, a year-on-year increase of 16.45%; however, in 2022, sales dropped to approximately 36.1 billion yuan, a year-on-year decrease of 51.2%; in 2023, contract sales were approximately 22.16 billion yuan, a year-on-year decrease of 38.6%; in 2024, the company's total sales were 8.21 billion yuan, barely making it into the top 100 real estate companies. Before delisting, DEXIN CHINA reported HKD 0.085 per share, with a market value of only HKD 252 million. Reporter: Zhong Kai, Intern Reporter: Hu Xinlan, Shenzhen Report