On February 17, The Paper learned from the Qingke Investor Relations website that Qingke Apartment (NASDAQ: QK), the first long-term rental apartment service provider listed in the United States, released its 2021 fiscal year annual report as of September 30, 2021.

According to the annual report data, in fiscal year 2021, the net loss of Qingke Apartment was 569 million yuan. Although the loss decreased by 62.89% year-on-year, it has not gotten rid of the loss in recent years.

According to the financial report, the net losses of Qingke Apartment in fiscal years 2018 and 2019 were 499 million yuan and 498 million yuan respectively; in fiscal year 2020, the net loss of Qingke Apartment reached 1.534 billion yuan.

  According to data released by Qingke Apartment, as of September 30, 2021, the accumulated loss of Qingke Apartment was 4.379 billion yuan.

  According to the financial report data, in fiscal year 2021, Qingke Apartment achieved revenue of 1.036 billion yuan, a year-on-year decrease of 14.2%.

Among them, rental service income decreased by 15% from 1.1052 billion yuan in fiscal year 2020 to 939.2 million yuan in fiscal year 2021; value-added services and other net income also decreased by 5.6% to 97.03 million yuan.

During the period, the total operating costs and expenses of Qingke were 1.436 billion yuan.

  According to the data, as of September 30, 2021, the number of contracted houses in Qingke Apartment was 62,757 (units), a decrease of 23.6% compared with the same period of the previous year, of which 57,255 units (units) had been leased.

Qingke Apartment said in its annual report that the decrease in listings was mainly due to the COVID-19 pandemic. Qingke Apartment terminated leases with some landlords and retained some rental units with higher profit margins to optimize its product mix.

  According to the financial report, in fiscal year 2021, the average occupancy rate of Qingke Apartment’s cycle was 89.9%. With the gradual recovery of the new crown pneumonia epidemic, this ratio slightly increased from 83.8% in fiscal year 2020, and the average monthly rent was 1,080 yuan.

  The annual report of Qingke Apartment shows that its current liabilities have exceeded its current assets. As of September 30, 2021, its current liabilities exceeded its current assets by approximately 2.171 billion yuan.

  As of September 30, 2021, the cash and cash equivalents of Qingke Apartment were RMB 16.3 million.

However, Qingke Apartment said that its current cash and cash equivalents can meet the general-purpose needs of the enterprise in the next 12 months.

  The official website shows that Shanghai Qingke Equipment Leasing Co., Ltd. (“Qingke Apartment”), established in 2012, is a public rental housing provider in China.

At the end of 2018, its housing inventory was nearly 100,000, and its business scope covers Shanghai, Suzhou, Hangzhou, Nanjing, Wuhan, Beijing, Jiaxing and other cities.

On November 5, 2019, Qingke Apartment was listed on the Nasdaq Global Market, and it became the first domestic long-term rental apartment brand listed in the United States.

  As a "second landlord", Qingke Apartment has been under pressure from public opinion since 2020.

At the beginning of 2020, Qingke Apartment "forced rent reduction" for some of the unfulfilled rental properties under its management on the grounds of loss, and terminated the contract for homeowners who did not accept the rent reduction.

The ensuing new crown pneumonia epidemic has made long-term rental apartment companies even worse.

The news of "Qingke Apartment's collapse" also came out from time to time, but at that time, Qingke Apartment responded that "it encountered financial difficulties, but the company is still operating normally".

  At the beginning of 2021, there will be a major change in the management of Qingke Apartment, including the company's founder, chairman of the board of directors, and CEO Jin Guangjie, who resigned at the same time.

According to Qingke Apartment, the resignation of Jin Guangjie and other management team members was due to personal reasons and had no objection to the company.

After Jin Guangjie resigned, Qu Chengcai, director, chief operating and vice president of Qingke Apartment, held several positions. He was also appointed as chairman of the board of directors, chief executive officer, chairman and member of the Remuneration Committee, and chairman and member of the Nomination and Corporate Governance Committee. .

In the current shareholder list of Qingke Apartment, the major shareholder of Qingke Apartment is Crescent Capital Investments Ltd., a subsidiary of Kaixin Asia Investment Group (Kaixin Capital), with a current shareholding ratio of 31.8%. Kaixin Capital also once invested in Qingke. In the C-round financing of the apartment, it was jointly led by a private equity fund managed by Morgan Stanley.

  In addition, on January 20 this year, The Paper learned from the National Enterprise Bankruptcy and Reorganization Case Information Network that the Shanghai Third Intermediate People's Court issued a public announcement on the case on the 18th of the same month, and the court ruled to accept Shanghai on January 4, 2022. In the bankruptcy liquidation case of Qingke Public Rental Housing Leasing Management Co., Ltd., the announcement shows that its creditors should declare their claims online before March 20.

Shanghai Qingke Public Rental Housing Leasing Management Co., Ltd. is also an affiliated company of Qingke Group.

  According to the risk information of the Tianyancha App, Shanghai Qingke Public Rental Housing Leasing Management Co., Ltd. was associated with nearly 1,000 orders to restrict consumption, and was listed as a dishonest person subject to execution 599 times, with an unfulfilled amount of 28.19 million yuan.

  At the same time, the listed entity Qingke is also facing delisting risks. Qingke received a notice from the staff of the Listing Qualification Department of Nasdaq Securities Market Co., Ltd. on September 28, 2021, indicating that Qingke’s American Depositary Shares (ADS) ) has closed below $1 per share for 30 consecutive business days and the company has not met the minimum bid requirements set forth in Nasdaq Listing Rule 5450.

  As of February 16, Eastern Time, Qingke reported $0.46 per share, an increase of 5.5%.