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Securities Times reporter Kang Yin

*ST Yaxing (600213) has made new progress in its voluntary delisting process, and has formally clarified the compensation mechanism.

*ST Asia Star disclosed an announcement on the progress of planning major events on August 4. At present, the delisting work is proceeding in an orderly manner. In order to protect the interests of small and medium-sized investors, the company's controlling shareholder Weichai Yangzhou (the party proposing the delisting) plans to provide cash options to other shareholders, that is, other shareholders can sell the *ST Asia Star shares in their hands to Weichai Yangzhou at the cash option exercise price.

As for how the cash option price will be determined, the announcement stated that the arithmetic average of the daily weighted average prices of *ST Asia Star in the 30 trading days before the suspension of listing was 5.75 yuan/share, and the closing price on the last trading day before the suspension (August 2) was 5.84 yuan/share. Combined with market case conditions, the exercise price of the cash option is planned to be given a certain premium on the basis of 5.84 yuan/share. The specific price shall be subject to the relevant announcement when the application for resumption of trading is submitted.

After delisting, *ST Yaxing’s shares will apply for transfer transactions on the National Equities Exchange and Quotations.

In terms of specific procedures, the delisting matter still needs to be submitted to the special meeting of *ST Asia Star's independent directors, the board of directors, and the shareholders' meeting for deliberation (in addition to being approved by more than 2/3 of the valid votes held by all shareholders attending the shareholders' meeting, it must also be approved by more than 2/3 of the valid votes held by small and medium shareholders attending the meeting), and obtain review and approval from relevant state-owned assets regulatory agencies and the Shanghai Stock Exchange.

*ST Yaxing said that it is actively promoting the approval of the termination of listing. As of now, the company's direct controlling shareholder Weichai Yangzhou has completed the internal decision-making procedures and promoted the relevant state-owned assets supervision and approval procedures of the superior shareholders.

According to the previous announcement, the company's shares will be suspended from trading from the opening of the market on August 5, 2024 (Monday). It is expected that the relevant announcement will be disclosed and the shares will resume trading after the suspension period does not exceed 5 trading days.

Looking back at the whole story, *ST Yaxing announced on the evening of August 2 that the company's controlling shareholder proposed to voluntarily withdraw the company's stock listing based on the current market environment and company situation.

*ST Yaxing is actually controlled by the State-owned Assets Supervision and Administration Commission of Shandong Province. The company is a long-established listed company that was listed on August 31, 1999 and is also the first listed company in Yangzhou. In recent years, the company has suffered a double blow in stock prices and performance, and its market value has shrunk to less than 1.8 billion yuan.

*ST Yaxing's operating performance has been dismal since 2020. From 2020 to 2023, the company's net profit was -158 million yuan, 1.892 million yuan, -196 million yuan and -337 million yuan respectively.

In the 2023 annual report, *ST Yaxing stated that the bus industry is affected by the total volume of residents' travel, travel structure, and the linkage of national and local policies. With the continued development of diversified transportation modes such as high-speed rail, private cars, and shared travel, there are more and more alternative elements for buses, and the bus industry continues to be in a weak cycle state.

*ST Asia Star said that the overseas market has great development potential; it is expected that (in 2024) my country's bus sales will recover as a whole, and the overall prosperity of the industry will improve. Since the beginning of this year, *ST Asia Star's operations have indeed picked up. *ST Asia Star's 2024 semi-annual performance forecast shows that the company expects to lose 18 million to 27 million yuan in the first half of the year. The company said that benefiting from the development of overseas markets in the early stage, this year's export business has increased significantly. Sales revenue in the first half of the year is expected to be 1 billion to 1.3 billion yuan, a year-on-year increase of 161% to 239%. The substantial increase in sales revenue has led to better operating performance of the company.

Historically, not many A-share companies have chosen to voluntarily delist. In 2015, Erzhong Heavy Equipment became the first A-share company to voluntarily delist (in June 2020, Erzhong Heavy Equipment was relisted as China National Machinery Heavy Equipment). In 2019, Shanghai Putian and Little Swan A voluntarily delisted. In 2021, Aerospace Communications and Yingkou Port voluntarily terminated their listings.