Delisting! Once 100 billion big white horse Kangde Xin, market value evaporated 99%, 130,000 shareholders “buried”

Once a hundred billion dollar white horse in the materials industry, Kangde Xin is about to make a gloomy farewell to A shares and usher in the delisting moment.

On the evening of May 30, Kangde retired (002450) announced that as of May 28, the company’s shares have been terminated by the Shenzhen Stock Exchange and the delisting period is over, and will be delisted on May 31.

As early as April 6 this year, the company received the decision of termination of listing by the Shenzhen Stock Exchange, the stock has entered the delisting period on April 14, the stock abbreviation also changed from “*ST Kangde” to “Kangde Retirement”.

In November 2017, its share price was once as high as 26.71 yuan per share, with a market value of more than 95 billion, approaching 100 billion.

Kangde retreat monthly K-line chart

It is worth noting that Kangde Xin’s “bright moment” came to an abrupt end in 2019. in January 2019, seemingly “not bad” Kangde Xin was exploded 1.5 billion yuan short-term financing bonds default, causing high concern in the market, and was investigated by the regulatory authorities.

In July 2019, the SFC issued a prior notice of administrative penalty to the company and those responsible, unveiling the inside story of the company’s four-year-long financial fraud. It was found that Kangde Xin inflated operating revenue by means of fictitious sales operations, and inflated operating costs, R&D expenses and selling expenses by means of fictitious procurement, production, R&D expenses and product transportation expenses, resulting in inflated total profits of RMB 2.381 billion, RMB 3.089 billion, RMB 3.974 billion and RMB 2.477 billion, respectively, from 2015 to 2018, amounting to a total of RMB 11.9 billion.

Since CondeXin was investigated, its share price has been sinking. As of the close of business on May 28, the company’s share price was only 0.2 yuan per share, and the latest market value was 710 million yuan, evaporating 99% from the peak of market value. And now, Kangde Xin ended up with delisting and delisting.

Data show that as of March 31, 2021, the number of shareholders of Kangde Xin is 133,100, the average household shareholding market value of 90,000 yuan. Among them, the number of institutional holdings was 1.03 billion shares, with a combined shareholding of over 30%.