New stock news | Shenzhen Yechang Property Hong Kong IPO prospectus invalidated.

On April 16, the Hong Kong IPO prospectus submitted by Shenzhen Yuexiu Property Management Group Co., Ltd. (Shenzhen Yuexiu Property) on October 16, 2024 will expire on April 16, 2025. According to the prospectus, as a comprehensive property management, commercial operation, and urban service provider in China, Shenzhen Yuexiu Property was a subsidiary of SHENZHEN INVEST before the spin-off. SHENZHEN INVEST is mainly engaged in property development, property investment, property management, and industrial manufacturing businesses. Following the completion of the spin-off, Shenzhen Yuexiu Property will remain a subsidiary of SHENZHEN INVEST. As of June 30, 2024, Shenzhen Yuexiu Property's total contracted building area is approximately 92.3 million square meters, with a total of 498 projects under management and a total managed building area of approximately 89.2 million square meters, covering 46 cities and 14 provinces in China. As of June 30, 2024, the total managed building area in the Greater Bay Area is approximately 60.2 million square meters, accounting for 67.5% of its total managed building area. Shenzhen Yuexiu Property's property management coverage has enhanced its financial position and market share in the comprehensive property management, commercial operation, and urban service market in China. According to Frost & Sullivan data, in 2023, by revenue, Shenzhen Yuexiu Property ranked ninth among comprehensive property management, commercial operation, and urban service providers in China, and fifth among state-owned comprehensive property management, commercial operation, and urban service providers in China, each holding 0.3% market share. Specifically, the top ten companies collectively hold 10.9% of the market total revenue.