Jiangsu Boxin Investment Holding Co., Ltd. (*ST Boxin) stated on January 17 that due to the company’s total market value being lower than 500 million yuan (RMB, the same below) for 20 consecutive trading days, it had triggered the condition for delisting.
In the announcement “Notice of Receipt of the Preliminary Notice of Delisting of the Company’s Stock” on January 17, *ST Boxin disclosed that on January 16, the company received the “Preliminary Notice of Delisting of the Stock of Jiangsu Boxin Investment Holding Co., Ltd.” issued by the Shanghai Stock Exchange.
The “Notice” stated that as of January 16, 2025, the company’s daily closing market value for its stock had been below 500 million yuan for 20 consecutive trading days, and the stock price had reached the delisting condition, prompting the decision to delist the company’s stock.
The “Notice” indicated: “If your company applies for a hearing, it should submit a written hearing application that includes the hearing request and defense reasons within 5 trading days after receiving this notice.”
*ST Boxin’s stock was suspended from trading starting on the 17th of January, with the stock price being 0.92 yuan/share on January 16 and a total market value of about 212 million yuan.
According to the news from “Times Weekly” on January 18, *ST Boxin predicted a loss of 29 million to 58 million yuan in 2024, and high-level executives consecutively resigned.
The report mentioned that since its listing, *ST Boxin’s profitability has been consistently unsatisfactory, struggling on the edge of being “delisted”. From 1997 to 1999, the company incurred accumulated losses exceeding 700 million yuan for three consecutive years, setting a “record” in the A-share market at that time.
In 2018, although *ST Boxin achieved an operating income of 1.566 billion yuan, the net profit attributable to the parent company was a loss of 52 million yuan. Over the following years, the net profit attributable to the parent company has fluctuated between losses and meager profits.
In the first three quarters of 2024, *ST Boxin recorded an operating income of 64.468 million yuan, a year-on-year decrease of 71.89%; a net profit attributable to the parent company of -25.872 million yuan, a year-on-year decrease of 73.27%; and a non-net profit loss of 31.6412 million yuan, a year-on-year decrease of 104.87%.
As per *ST Boxin’s 2024 performance forecast, the company expects a continued net loss of 29 million to 58 million yuan for the full year 2024.
Regarding the main reasons for the loss in 2024, *ST Boxin cited its limited resources and the implementation of a business contraction strategy on smart hardware and related products to control operational risks, resulting in a reduction in the scale of its smart hardware and related product business.
“Times Weekly” reported that since 2007, *ST Boxin has frequently issued delisting risk warning announcements, with the latest one occurring on January 16, 2025. On that date, *ST Boxin stated in the delisting risk warning announcement that the audited net assets attributable to the company’s shareholders at the end of 2023 were negative. If the financial indicators in the audited financial statements for 2024 again reach the mandatory delisting condition stipulated by the Shanghai Stock Exchange, the company’s stock will be delisted by the exchange.
Jiangsu Boxin Investment Holding Co., Ltd., formerly known as the state-owned Hongguang Electron Tube Factory founded in 1958, is the earliest and largest comprehensive electronic beam device base in China and the birthplace of China’s first color cathode ray tube. The company primarily engages in the production of electronic components and other related products.