Country Garden was valued at 0 yuan by a well-known public offering, and its share price has fallen by 97%

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2024-06-27 17:45

Country Garden is not favored by public funds.

On June 25, China Universal Asset Management announced that it would adjust the valuation of 7 stocks held by its funds.

Among them, since June 24, the "Country Garden" held by its fund has been valued at HK$0.00 per share; "Puli Pharmaceutical" was valued at 9.12 yuan per share.

Valuation of "Tunghsu Blue Sky" at 0.8 yuan per share; "ST Fortis" is valued at 0.01 yuan per share; "*ST Chaohua" is valued at 0.01 yuan per share; "ST Changkang" is valued at 0.00 yuan per share.

Previously, Invesco Great Wall Fund had adjusted the valuation price of ST Fortis to 0 yuan/share, and ICBC Credit Suisse Fund had valued the shares of Weichuang held by its fund at 0 yuan/share.

According to public information, China Universal Fund Management Co., Ltd. was established in February 2005 and is one of the comprehensive asset management companies in China.

Headquartered in Shanghai, the company has branches in Beijing, Shanghai, Guangzhou, Chengdu, Nanjing, Shenzhen and other places, and subsidiaries in Hong Kong, Shanghai and the United States - China Universal Asset Management (Hong Kong) Co., Ltd., China Universal Capital Management Co., Ltd., and China Universal Asset Management (USA) Holdings Co., Ltd.

CUAM Asset Management's managed fund products include equity funds, index funds, hybrid funds, segregated funds, bond funds, money market funds and QDII funds.

The total asset management scale of China Universal exceeds 800 billion yuan.

Tianyan check shows that Country Garden Holdings Co., Ltd. was established in 2007 with a share capital of 10000000 Hong Kong dollars, and the founder is Yang Guoqiang.

Yang Guoqiang was born in a peasant family in 1955, and his life was miserable.

After graduating, Yang Guoqiang entered the housing management office as an ordinary construction worker, and after having a certain amount of savings, he bought a construction company with a few friends and began to embark on the road of entrepreneurship, which is called "Guangdong Tengyue Construction Engineering Company", which is the predecessor of Country Garden.

Yang Guoqiang adopts the one-stop model of "school + club + real estate + hotel + vacation", which makes the real estate of Country Garden sell very hot.

On April 20, 2007, Country Garden was listed on the main board of the Hong Kong Stock Exchange, and its market value once exceeded HK$110 billion on the day of listing.

In 2017, Country Garden achieved annual sales of 550.8 billion yuan, jumping to the first place in the industry, and for the first time on the Fortune Global 500, ranking 467th.

In March 2023, Yang Guoqiang resigned as chairman and executive director, handing over the burden to his daughter Yang Huiyan.

In July last year, Country Garden announced that Yang Huiyan, the company's controlling shareholder, non-executive director and chairman of the board of directors, donated 675 million shares to Guoqiang Public Welfare Foundation (Hong Kong) Co., Ltd. for charity purposes.

Based on the share price at the time, the equity value of the donation was approximately HK$6.4 billion, or approximately RMB5.9 billion. Yang Guoqiang and Yang Huiyan's father and daughter also became the first charity in China because of this donation.

However, in August last year, Country Garden officially declared a debt default, and Country Garden fell into crisis.

However, in the face of the crisis, Country Garden actively saved itself and did not choose to lie down. Yang Huiyan also said that the family will smash the pot and sell iron to support the company, and explore an effective path to resume normal operations as soon as possible.

On April 2 this year, Country Garden announced that trading in its shares would be suspended on the Stock Exchange. Up to now, Country Garden has not resumed trading, and the stock is fixed at the closing price of HK$0.485 per share on March 28, with a total market value of HK$13.57 billion.

Country Garden hit a high of HK$16.76 per share in 2018 and then fell all the way to HK$0.48 per share, a 97% drop from the peak.

On May 13 this year, Country Garden Group held a monthly management meeting, and Yang Huiyan, chairman of the board of directors of the group, said that as long as it persists in surviving the trough, the real estate industry will definitely usher in spring.

We will wait and see whether Country Garden, a real estate giant, will be able to survive the cold winter.

Author | Zhang Xiaolei

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