Shimao Group (00813) fell more than 4% in the intraday period. As of press release, it was down 3.13% to HK$0.31, with a turnover of HK$2.135,900.
The Zhitong Finance App learned that Shimao Group (00813) fell by more than 4%. As of press release, it fell 4.69% to HK$0.305, with a turnover of HK$2.1362 million.
According to the news, Citi published a report stating that Shimao Group's core net loss for fiscal year 2023 reached 14.5 billion yuan, hampered by financial assets and property inventory impairment provisions of 2 billion yuan and 3 billion yuan respectively. The bank maintains its “sale/high risk” rating. The target price was reduced from HK$0.7 to HK$0.25. Shimao Group previously issued an announcement stating that China Construction Bank (Asia) Co., Ltd. filed a winding-up petition against the company with the Hong Kong Special Administrative Region High Court on April 5, involving the company's financial obligations of approximately HK$1,579.5 billion.
Furthermore, on April 12, ST Shimao's closing price fell below RMB 1. According to relevant regulations, listed companies that only issue A-shares on the Shanghai Stock Exchange may be terminated by the Shanghai Stock Exchange if the daily stock closing price falls below 1 yuan for 20 consecutive trading days.