China Property Group Sinic Holdings is First Property Group to Delist from Hong Kong Exchange, Trading Suspended Since September 2021 after Defaulting on $5.6 Million Interest Payments & Had IPO in 2019 with $1.82 Billion Market Value
7th April 2023 | Hong Kong
China property group Sinic Holdings is the first property group to be delisted from Hong Kong Exchange (HKEX) effective 13th April 2023, with trading suspended since September 2021 after defaulting on $5.6 million of interest payments. Sinic Holdings had a market capitalization of $229 million (HKD 0.50) in September 2021, having IPO in 2019 with $1.82 billion market capitalization (2019 November). China property groups on delisting warning list include China Evergrande, China Aoyuan, Shimao Group, and Sunac Group. Sinic Holdings is founded by Zhang Yuanlin in 2010. HKEX: The Exchange announces that the listing of the Company’s shares will be cancelled with effect from 9:00 am on 13 April 2023 under Rule 6.01A(1). Trading in the Company’s shares has been suspended since 20 September 2021. Under Rule 6.01A(1), the Exchange may delist the Company if trading does not resume by 19 March 2023. The Company failed to fulfill the resumption guidance set by the Exchange and resume trading in its shares by 19 March 2023. On 24 March 2023, the Listing Committee decided to cancel the listing of the Company’s shares on the Exchange under Rule 6.01A(1). The Exchange has requested the Company to publish an announcement on the cancellation of its listing. The Exchange advises shareholders of the Company who have any queries about the implications of the delisting to obtain appropriate professional advice.
” China Property Group Sinic Holdings is First Property Group to Delist from Hong Kong Exchange, Trading Suspended Since September 2021 after Defaulting on $5.6 Million Interest Payments & Had IPO in 2019 with $1.82 Billion Market Value “
China Property Group Sinic Holdings is First Property Group to Delist from Hong Kong Exchange
Sinic Holdings
Sinic Holdings (Group) Company Limited is a large-scale and comprehensive property developer in the PRC, focusing on the development of residential and commercial properties. Through nearly 10 years of operations, the Company has successfully established a leading position among residential property developers in Jiangxi Province and expanded its property development business into the Yangtze River Delta Region, the Greater Bay Region and the Central and Western China Core Cities and Other Regions with High-Growth Potential. According to the rankings of CRIC, China Index Academy and EH Consulting, the company ranked 35th, 32nd, and 34st in terms of sales amount (including all income) among real estate development enterprises of China in 2020.The Company was recognized as one of the China’s Top 50 Real Estate Developers jointly by the China Real Estate Industry Association, Shanghai Yiju Real Estate Research Institution and China Real Estate Appraisal in 2018 and 2019, and one of the China’s Top 30 Real Estate Developers in 2020 and Growth Top 10 in 2020 by the China Real Estate Top 10 Research Committee and China Index Academy in 2020.
Mr. Zhang Yuanlin CEO and Chairman
Mr. Zhang Yuanlin (張園林), founded the Group in March 2010. Mr. Zhang has been a Director since 18 September 2018 and was re-designated as the chairman of the Board, an executive Director and the CEO on 14 May 2019. He ceased to be the CEO and was re-designated as the co-chairman of the Board on 2 March 2020, and was appointed as CEO and redesigned as Chairman on 1 October 2020. Mr. Zhang is primarily responsible for the overall business direction and strategic development of the Group. Mr. Zhang has also served as a director of Jiangxi Sinic Properties Investment Co., Ltd. (江西新力置地投資有限公司), a subsidiary of the Group, since March 2010. He has over 18 years of experience in the PRC real estate industry. From January 2002 to January 2006, he worked in Jiangxi Province Fifth Construction Group Co., Ltd. (江西省第五建設集團有限公司), a general contractor for construction engineering projects and infrastructure construction projects, with his last position as the general manager. From December 2005 to October 2018, he served as the executive director of Jiangxi Yuren Investment Co., Ltd. (江西裕仁投資有限公司). From August 2007 to January 2014, he served as the executive director of Jiangxi Fengcheng Hilton Properties Co., Ltd. (江西省豐城市希爾頓置地有限公司), a company engaged in the development of residential properties in Fengcheng City in Jiangxi Province of the PRC.
Mr. Zhang has received multiple awards in recognition of his outstanding achievements. He was named one of the “100 Most Influential Entrepreneurs in China’s Real Estate Industry in 2018” (2018中國房地產百強企業貢獻人物) as well as the “Leading Person of Real Estate in Nanchang in 2016” (2016南昌樓市領軍人物) by China Real Estate Top 10 Research Group (中國房地產Top 10研究組) in 2018 and 2016, respectively. In 2015, Mr. Zhang was recognized as a “Person with Outstanding Contributions in China’s Real Estate Industry in 2015” (中國品牌地產榮譽榜2015年傑出人物) by China Real Estate Business Alliance (全國房地產商會聯盟). He was also awarded the “Top 10 Figures in Jiangxi’s Real Estate Industry of the Year” (江西地產年度十大名人) by Jiangxi Real Estate Association (江西省地產協會) in January 2015.
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