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Grand Baoxin (01293.HK) shareholder triggers conditions for delisting on Shanghai Stock Exchange and can apply for defense.
Grand Baoxin (01293.HK) announced that it has been informed by its controlling shareholder, China Grand Automotive Services Group (600297.SH), that it has received a notice from the Shanghai Stock Exchange. Due to the fact that the daily closing price of its A shares has been below CNY 1 yuan for 20 consecutive trading days from June 20 to July 17, triggering the conditions for termination of listing under the listing rules of the Shanghai Stock Exchange, the Shanghai Stock Exchange will make a decision to terminate the listing of the company's stocks and convertible corporate bonds. China Grand Automotive Services Group can apply for a hearing and make a defense within five trading days after receiving the notice. China Grand Automotive Services Group holds 68.56% of the company's issued shares.
Grand Baoxin Auto Faces Potential Delisting
Grand Baoxin (01293.HK): The controlling shareholder has received the notice of the proposed termination of listing from the Shanghai Stock Exchange.
On July 21, Great Wall Huitong reported that Grand Baoxin (01293.HK) has received a prior notice from the Shanghai Stock Exchange about the proposed termination of the listing of Grand Automotive Services Group's stocks and convertible bonds (Shanghai Stock Exchange Letter[2024] No. 1004) for its A shares having been traded at or below CNY 1.00 for 20 consecutive trading days from June 20, 2024 to July 17, 2024.
Hong Kong stock market anomalous movements: Grand Baoxin (01293) fell nearly 14%, with an expected loss of no more than 0.1 billion yuan in the first half of the year. The controlling shareholder, China Grand Automotiveservices Group, has locked in the de
Grand Baoxin (01293) fell nearly 14% and, as of press time, fell 13.92%, reported at 0.136 Hong Kong dollars, with a turnover of 0.2321 million Hong Kong dollars.
Grand Baoxin Auto Group Expects to Turn to Loss in Six Months Ended June 30, Shares Down 10%
Grand Baoxin (01293.HK) is estimated to have a loss of no more than 0.1 billion yuan in the first half of the year according to 'Winning Warning'.
Grand Baoxin (01293.HK) issued a profit warning, expecting a loss of no more than 0.1 billion yuan for the six months ending in June compared to a surplus of 0.324 billion yuan in the same period last year. The main reason is the downgrading of market consumption and the intensified competition in the industry, with major manufacturers engaging in a price war to seize market share, resulting in a decline in the company's sales volume and gross margin for new cars.
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