After being listed for 5 years, Jinke Service officially delisted from the Hong Kong Stock Exchange, becoming the fourth property company to delist.

After more than five years listed on the Hong Kong Stock Exchange, Jinke Service (09666.HK) officially delisted from the HKEX on February 20.

As a result, Jinke Service became the fourth property company to delist from the HKEX, following Blu-ray Jiabao Service, Huafa Property, and Ronshine Service.

Jinke Service was established in Chongqing in 2000 and was listed on the Hong Kong Stock Exchange on November 17, 2020. The company once carried the halo of being the “No. 1 Southwest Property Stock” when it was listed, but subsequently, due to its parent company Jinke Properties falling into a liquidity crisis, consecutive losses, and other factors, the company’s operational condition deteriorated, ultimately leading to Boyu Capital becoming its actual controller.

Boyu Capital’s initial investment in Jinke Service can be traced back to December 2021. At that time, Boyu Capital acquired a 22.69% stake in Jinke Properties, the parent company of Jinke Service, for HKD 3.734 billion, becoming the second-largest shareholder.

Later, Boyu Capital continued to increase its holdings. It launched a partial offer at HKD 12 per share to acquire an additional 11.94%, spending approximately HKD 930 million, raising its stake to 34.63%, and becoming the largest shareholder of Jinke Service.

In March 2025, Boyu Capital further acquired 108 million shares of Jinke Properties through judicial auction at approximately HKD 718 million, increasing its stake to 55.91%, officially becoming the actual controller of Jinke Service. This also triggered the Hong Kong Stock Exchange’s “Takeover Code” requirement that shareholders holding between 30% and 50% must make a mandatory offer to acquire additional shares.

Subsequently, on November 18, 2025, Jinke Service and Boyu Capital’s subsidiary Broad Gongga Investment Pte. Ltd. jointly announced the initiation of privatization.

The offeror, represented by China International Capital Corporation, proposed to acquire all shares and recommended delisting, with a basic offer price of HKD 6.67 per share. After an increased offer, the price rose to HKD 8.69 per share, a 26.49% premium over the market price.

This marks Boyu Capital’s second “full takeover” of Jinke Service since September 2022, with the clear goal of privatizing and delisting the company.

Jinke Service stated regarding this privatization, “Privatization will enable the offeror and the company to implement long-term growth and value creation strategies without the pressure of inherent market expectations and stock price fluctuations. This move will also reduce the administrative and compliance burdens associated with maintaining the company’s listed status, allowing management to focus time and financial resources on the company’s core business.”

The latest interim financial data disclosed by Jinke Service for 2025 shows that in the first half of 2025, the company’s total revenue was approximately HKD 2.334 billion, a year-on-year decrease of about 3.1%. Revenue from residential services, corporate services, and other services accounted for approximately 74.8%, 20.6%, and 4.6% of total revenue, respectively. Revenue from residential services was about HKD 1.746 billion. Revenue from core property management services slightly declined to HKD 1.63 billion, a decrease of approximately 0.5% year-on-year.

In the first half of 2025, the company’s gross profit was approximately HKD 457 million, down about 8.4% year-on-year; net profit was approximately HKD 72.3 million, with owner’s attributable net profit around HKD 65 million.