Hitachi’s New York Stock Exchange Applying for Delisting to Abandon Consumer Electronics to New Energy

January 20, 2019

March 31 news, Hitachi has just changed hands, from yesterday on the news came about to withdraw from the New York Stock Exchange. Due to the low sales of American depositary receipts, Hitachi will submit a delisting application in mid-April to reduce the cost of listing.

According to reports, Hitachi Corp. announced that it will withdraw from the New York Stock Exchange on the 30th. The company will also apply for delisting from two stock exchanges in Fukuoka and Sapporo on the grounds of low transaction volume. Hitachi will continue to list on the three stock exchanges in Tokyo, Osaka and Nagoya.

Hitachi was listed on the New York Stock Exchange in April 1982 in order to achieve diversification of funding and increase visibility. Although the number of stocks of Hitachi stocks of foreign investors increased in the Japanese stock market, the trading situation on the New York Stock Exchange was not as expected.

It is reported that previously accompanied by bleak performance, Japanese electronic giants are making non-stop business reorganization and high-level exchange of blood. Hitachi also announced the management adjustments. Hitachi Construction Machinery Co., Ltd. announced on the 19th that Honionichi Ichikawa will take over the current president, Rinji Ichikawa, as the new president.

Japanese electronics companies that have undergone major earthquakes have received ugly transcripts. According to the financial statements released by major companies in the first three quarters of fiscal 2011: NEC had a deficit of 100 billion yen in fiscal year 2011, and laid off 10,000 people worldwide; Toshiba lowered its operating profit forecast for fiscal 2011 to 200 billion yen; Sharp's 2011 fiscal year Pre-loss of 290 billion yen, the largest annual loss since the founding of the company; Sony's 2011 fiscal year net loss of 2014 billion yen, the 2011 fiscal year loss is expected to increase to 222 billion yen, which means that Sony will continue to Four-year loss occurred; Hitachi’s net profit for the first three fiscal quarters of fiscal 2011 was 85.2 billion yen, a decrease of 61.3% year-on-year, and it was expected to have a net loss of 780 billion yen in fiscal year 2011, setting a record for the biggest loss of the year... World No. 3 Major memory manufacturer Elpida Corp. filed for bankruptcy protection a few days ago, which further hit Japan’s electronic information industry ecosystem.

According to the previous report of Pingdingshan Coal, Hitachi reduced its investment in consumer electronics and shifted its focus to new energy and infrastructure. After the reorganization, Hitachi is striving to shift from the traditional consumer electronics industry to the social infrastructure such as electricity, railway systems, and information technology.

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