Guanghui Auto to Be Delisted Stock Price, Sales, and Financial Woes

TapTechNews August 25th news, Guanghui Auto released an announcement stating that the company's stock had a daily closing price lower than $1.50 for 20 consecutive trading days from June 20, 2024, to July 17, 2024, touching the delisting condition.

The company received a self-regulatory decision letter issued by the Shanghai Stock Exchange on August 21, 2024, and the Shanghai Stock Exchange decided to terminate the listing of the company's stocks and convertible corporate bonds, and the delisting and delisting date is August 28, 2024.

In the 2024 Top 100 Dealer Group Rankings of the China Automobile Distribution Industry released on May 29, Guanghui Auto ranked first with a sales volume of 713,467 vehicles. There were news this week that Guanghui Auto had a financial crisis, with difficulties in taking delivery of cars, wage arrears, and store closures, etc..

According to TapTechNews' previous report, Guanghui Auto disclosed a performance forecast on the evening of July 12, expecting a net loss of $87.45 million to $104.85 million for the first half of 2024 for shareholders of the listed company, compared to a profit of $90.15 million in the same period last year; the net profit after deducting non-recurring损益 for shareholders of the listed company was a loss of $113.4 million to $130.8 million, compared to a profit of $50.05 million in the same period last year.