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Grand Baoxin: Controlling shareholder China Grand Automotive Services Group has received a delisting notice from the Shanghai Stock Exchange.
Grand Baoxin (01293) announced that on July 21, 2024, the company was informed by its controlling shareholder, China Grand Automotive Services Group Co., Ltd. (a company listed on the Shanghai Stock Exchange (Stock Code: 600297, Bond Code: 110072)) (Grand Automotive), that it had received the "Notice of Prior Notification of the Planned Termination of the Listing of Stocks and Convertible Corporate Bonds of China Grand Automotive Services Group Co., Ltd." (SZSE Letter [2024]1004) (the "Notice") from the Shanghai Stock Exchange on the same day, because from June 20, 2024 to 20.
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.
Grand Baoxin Auto Group Expects to Turn to Loss in Six Months Ended June 30, Shares Down 10%
Grand Baoxin Forecasts Significant Mid-Year Loss
Grand Baoxin (01293) issued a warning of loss, expecting that the loss attributable to the parent company's owners in the first half of the year will not exceed 0.1 billion yuan, a year-on-year profit to loss reversal.
Grand Baoxin (01293) announced that it is expected to incur a loss of no more than 0.1 billion yuan attributable to the owners of the parent company in the first half of 2024, while during the same period in 2023, the owners of the parent company shall enjoy a surplus of 0.324 billion yuan. The main reason for the loss is due to the impact of the market consumption degradation and the intensified competition pattern in the industry. Major OEMs are engaged in price wars to win market share, resulting in a decline in the company's new car sales volume and gross margin compared to the same period last year.
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