智通财经记者 | 王妤涵 曾被称为"西南物业第一股"的金科服务，正式告别港股市场。 近日，金科服务（09666.HK）完成私有化，结束长达五年多的上市之旅。回望2020年初登港交所之际，这家公司一度站上550亿港元市值巅峰，被资本市场 视作高成长物企的标杆；而到退市落幕，市值仅剩约52亿港元，较历史高点蒸发超过90%，停牌前市盈率不足6倍。 "金科服务的市值崩塌，并非单纯的个体经营问题，而是一个时代的缩影。"中物智库高级研究员宋子谦在接受智通财经采访时表示，"它标志着资本市场对 物管行业的估值逻辑发生了根本性重构——从过去看重与房企关联的'规模扩张故事'，回归到看重独立生存、稳定盈利和优质服务的'基本面价值'。" 巅峰入市 金科服务上市之时，恰逢物管板块被资本追捧的黄金窗口期。 作为金科股份旗下的物业服务板块，金科服务于2020年11月17日登陆港交所，发行价44.8港元，募资净额约35.9亿港元。上市首日股价高开高走，盘中涨幅 突破20%，市值迅速站上300亿港元；短短数月后，市值冲破550亿港元，创下西南物企上市后的市值纪录。 彼时的物业板块，估值普遍偏高，本质上是行业红利与资本情绪共同催生的泡沫。作为西 ...

在登陆港交所5年多后，金科服务（09666.HK）在2月20日正式从港交所退市。 由此，金科服务也成为了继蓝光嘉宝服务、华发物业、融信服务之后第四家从港交所退市的物业企业。 金科服务2000年在重庆成立，2020年11月17日在港交所挂牌上市。公司曾头顶"西南物业第一股"的光环 在港交所上市，但此后因母公司金科股份陷入流动性危机，业绩连续亏损等一系列因素，公司自身的经 营状况也日渐下滑，最终博裕资本成为了其实际控制人。 中金公司代表要约人提出收购全部股份并建议撤销上市地位的要约，基本要约价为每股6.67港元，而经 提高要约价则达每股8.69港元，较市价溢价26.49%。 这已是博裕资本继2022年9月后对金科服务发起的第二次"全面要约收购"，而这次的目的十分明确，要 将金科服务进行私有化退市。 金科服务对于此次私有化曾表示，"私有化将使要约人和公司得以推行以长期增长和价值创造为导向的 战略决策，免受上市公司固有的市场预期和股价波动的压力。此举亦将减轻维持公司上市地位所带来的 行政和合规负担，使管理层能够将时间和财务资源集中于公司的核心业务"。 2025年上半年公司毛利约4.57亿元，同比下降约8.4%；公司净 ...

观点网讯：2月20日，金科服务正式从港交所退市，这距离其2020年11月挂牌上市仅过去了五年零三个 月。 至此，金科服务成为继蓝光嘉宝服务、华发物业、融信服务之后，第四家退出港股舞台的物业企业。 资料显示，金科服务2000年在重庆成立，该公司曾头顶"西南物业第一股"的光环在港交所上市。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 来源：观点地产网 ...

Group 1 - Green Cloud Software has submitted a listing application to the Hong Kong Stock Exchange, with CICC as its sole sponsor. The company is the largest PMS provider in China's accommodation industry, holding market shares of 16.8% and 16.3% in sales and room coverage respectively as of 2024 [1] - Kinko Service officially delisted from the Hong Kong Stock Exchange on February 20, marking the fourth property company to do so. Once valued at over HKD 55 billion, its market value plummeted to approximately HKD 5.2 billion, a decline of over 90% from its peak [2] - Hengyu Group's listing status will be canceled starting February 26, 2026, as the company has decided not to appeal the delisting decision. This reflects the ongoing optimization and clearing of weaker companies in the Hong Kong property sector [3] Group 2 - Yunbai International issued a profit warning, expecting a net profit attributable to shareholders of HKD 2.5 million to HKD 6.5 million for the fiscal year 2025, a significant decrease of approximately 65% to 85% from HKD 18 million in fiscal year 2024. The decline is attributed to a drop in sales of high-margin products, leading to a reduction in gross margin from about 8.74% in 2024 to 2% to 5% in 2025 [4]

在登陆港交所5年多后，金科服务（09666.HK）在2月20日正式从港交所退市。 由此，金科服务也成为了继蓝光嘉宝服务、华发物业、融信服务之后第四家从港交所退市的物业企业。 金科服务2000年在重庆成立，2020年11月17日在港交所挂牌上市。公司曾头顶"西南物业第一股"的光环 在港交所上市，但此后因母公司金科股份陷入流动性危机，业绩连续亏损等一系列因素，公司自身的经 营状况也日渐下滑，最终博裕资本成为了其实际控制人。 博裕资本最早入股金科服务可追溯至2021年12月。当时，博裕资本以37.34亿港元收购金科服务母公司 金科股份所持有的22.69%股权，成为第二大股东。 之后，博裕资本继续增持。又以12港元/股的价格发起部分要约，增持11.94%，耗资约9.3亿港元，持股 比例升至34.63%，成为金科服务第一大股东。 2025年3月，博裕资本又通过司法拍卖以约7.18亿港元的价格竞得金科股份1.08亿股，持股比例达到 55.91%，正式成为金科服务的实际控制人，同时也触及了港交所《收购守则》对30%—50%股东增持 2%以上必须发起强制要约的规定。 此后的2025年11月18日，金科服务与博裕资本旗下Bro ...

Core Viewpoint - Jinke Services has officially delisted from the Hong Kong Stock Exchange after over five years, marking it as the fourth property management company to do so, reflecting structural contradictions in the Hong Kong property management sector [1][4]. Group 1: Company Background and Financial Performance - Jinke Services was once regarded as a high-growth property management company with a market capitalization exceeding HKD 55 billion, but its value plummeted to approximately HKD 5.2 billion before delisting, representing a loss of over 90% from its peak [1][4]. - The company reported significant losses in recent years, with net profits of -1.819 billion, -0.951 billion, and -0.587 billion for the years 2022 to 2024, respectively [6][7]. - As of mid-2025, Jinke Services had total revenue of HKD 2.335 billion, a slight decline of 3.1% year-on-year, but maintained cash and liquid assets of HKD 2.6512 billion [6][7]. Group 2: Ownership Changes and Delisting Process - In 2021, Boyu Capital became a strategic investor in Jinke Services, acquiring approximately 22.69% of its shares for HKD 3.734 billion, with an initial share price of HKD 26 [2][3]. - Following a series of financial difficulties, Boyu Capital increased its stake to 55.91% by acquiring shares through judicial auction at a significantly reduced price of HKD 6.67 per share [3][4]. - Boyu Capital initiated a privatization process, offering a mandatory cash buyout at HKD 6.67 per share, which was later revised to include an increased offer of HKD 8.69 per share, contingent on meeting specific delisting conditions [4][5]. Group 3: Strategic Implications Post-Delisting - The delisting allows Jinke Services to pursue long-term growth strategies without the pressures of market expectations and stock price volatility, enabling a focus on core business operations [5][6]. - The company aims to reduce its reliance on its former parent company, Jinke Group, by cleaning up debt relationships and minimizing related party transactions [7]. - Future strategies will emphasize improving profitability and cash flow, with a focus on solidifying successful projects and discontinuing unprofitable ones [7].

Core Viewpoint - Kins Services, once valued at over 55 billion HKD, has officially delisted from the Hong Kong stock market after five years of listing, marking a significant shift in its operational strategy and ownership structure [1][4]. Group 1: Company Overview - Kins Services was initially part of Kins Holdings and was listed on the Hong Kong Stock Exchange in October 2020, with an initial share price of 44.8 HKD, reaching a market cap of over 280 billion HKD on its first trading day [2][3]. - The company experienced a peak market valuation exceeding 550 billion HKD during its early years, positioning itself alongside other major property management firms [2]. Group 2: Ownership Changes - The ownership of Kins Services transitioned significantly when its parent company, Kins Holdings, faced a liquidity crisis, leading to the sale of a 22% stake to Boyu Capital for 37.34 billion HKD in December 2021 [3]. - Boyu Capital gradually increased its stake, becoming the largest shareholder by acquiring additional shares through a series of strategic moves, including a partial tender offer in November 2022 and a court-ordered auction in March 2025 [3][4]. Group 3: Delisting and Privatization - The delisting was initiated by Boyu Capital as part of a voluntary privatization process, with a tender offer made at 8.69 HKD per share, resulting in a 95.56% acceptance rate from shareholders [4][5]. - Following the privatization, Kins Services' market cap was approximately 52 billion HKD, reflecting a decline of over 90% from its historical peak [4]. Group 4: Financial Performance - Kins Services reported a total revenue of 2.335 billion CNY for the first half of 2025, a slight decrease of 3.1% year-on-year, while maintaining cash and liquid assets of 2.65 billion CNY [5]. - The company has faced cumulative losses of around 3.4 billion CNY over the past three years, leading to a significant reduction in its market valuation and operational capabilities [5]. Group 5: Industry Context - The delisting of Kins Services reflects broader trends in the real estate and property management sectors, where companies are increasingly opting for privatization due to low public market valuations and financial pressures [9]. - Similar cases of privatization and mergers have been observed in the industry, indicating a shift towards a focus on asset consolidation and operational efficiency in a challenging market environment [9].

股票近期走势 经济观察网金科服务(09666.HK)近7天的核心热点围绕退市进程展开。根据公司公告，股份最后交易日 为2026年2月10日，自愿撤销上市地位预计于2026年2月20日下午四时正式生效。强制性现金要约于2026 年2月13日截止，要约人博裕资本及其一致行动人士持股比例达99.49%，未接纳要约的股东需关注股份 流动性丧失风险。 以上内容基于公开资料整理，不构成投资建议。 退市整理期交易清淡，股价稳定在要约价8.69港元。2026年2月10日成交额418.7万港元，换手率 0.08%；2月9日成交额327.9万港元。2月11日起无成交记录，因港股通已终止且退市程序推进。技术面 显示MACD柱状图负值扩大(-0.07)，短期动能偏弱。 ...

金科服务(09666)发布公告，于2026年2月13日该公司注销330.02万股已购回股份。 ...

智通财经APP讯，金科服务(09666)发布公告，于2026年2月13日该公司注销330.02万股已购回股份。 ...