On the evening of June 23, Xiamen Overseas Chinese Electronics Co., Ltd. (delisted Xiamen Overseas Chinese, formerly referred to as "Xiahua Electronics", 600870) issued an announcement stating that as of June 23, the company's shares had been traded for ten years during the delisting period. After five trading days, the delisting adjustment period has ended.
June 23 was the last trading day for the delisting of Xiamen China's A shares. As of the close of the day, the delisted price of Xiamen China was 0.6 yuan per share, and the final market value was only 314 million yuan.
According to the announcement, the company's stock will be delisted from the Shanghai Stock Exchange on June 30, and the company's stock will be terminated from listing. This also means that this generation of color TV giants listed in 1995 will bid farewell to A shares.
The company has been on the brink of delisting in recent years.
According to the announcement, the company’s stock has been issued a delisting risk warning since May 6, 2021 because its audited net profit in 2020 was negative and its operating income was less than 100 million yuan.
On April 29, 2022, the company's 2021 annual report and the "Special Verification Opinions on the Deduction of Xiamen Overseas Chinese Electronics Co., Ltd.'s 2021 Operating Income" issued by the company's annual audit accountants showed that the company's 2021 non-recurring gains and losses were deducted. The net profit was -6.2377 million yuan, the operating income was 152 million yuan, and the amount after deducting the income unrelated to the main business or without commercial substance was zero yuan. The above circumstances belong to the termination of listing as stipulated in Article 9.3.11 of the Rules Governing the Listing of Stocks on the Shanghai Stock Exchange.
On May 25 this year, Xiamen Overseas Chinese received the Shanghai Stock Exchange's "Decision on the Termination of Listing of Xiamen Overseas Chinese Electronics Co., Ltd." (Shanghai Stock Exchange Self-Regulatory Supervision Decision [2022] No. 148), Shanghai Stock Exchange Decided to terminate the company's stock listing. The company's stock will enter the delisting adjustment period for trading on June 2, 2022.
On June 2, the first day of its delisting consolidation period, the delisted Xiamen China stock price plummeted by nearly 90%, to a minimum of 0.35 yuan.
According to the announcement, after the delisted Xoceco stock is terminated from the listing, it will enter the National Small and Medium Enterprises Share Transfer System Co., Ltd. and the two network companies and delisted companies established and managed by the original securities company's agency share transfer system. Regarding the relevant procedures and specific arrangements for the confirmation, registration and custody of the company's shares after the delisting is terminated, the leading brokerage will issue a share confirmation announcement on the delisting sector on the 5th trading day after the company's shares are delisted.
