The ticker EHIC corresponds to eHi Car Services Limited, a Cayman Islands incorporated company headquartered in Shanghai that listed American depositary shares on the New York Stock Exchange in November 2014. The company filed a delisting notice with the SEC in early April 2019. A registration termination form followed, ending the company's obligation to report under the Exchange Act.
The company completed a going-private merger in April 2019, at which point each outstanding share was cancelled in exchange for $6.125 in cash per share. The consideration equaled $12.25 per ADS. No filings of any kind appear in the EDGAR record after an ownership amendment in February 2020. The ticker is defunct, the listing is terminated, and the company operates as a private entity with no public disclosure obligations.
This report documents the finding and provides context from the available filings so that any residual position in the ticker or any reference to EHIC in a portfolio can be properly dispositioned. The last substantive periodic filing in the EDGAR record is the annual report for the most recent fiscal year before delisting. The most recent annual report shows a company in solid growth mode. Net revenues for the fiscal year reached RMB 2,739.5 million, up 29.9 percent from the prior year. Gross profit expanded to RMB 859.2 million, a margin of 31.4 percent. The prior year margin was 28.1 percent. Net income attributable to common shareholders reached RMB 122.2 million. Adjusted EBITDA stood at RMB 1,227.8 million, a margin of 44.8 percent.
The balance sheet carried RMB 1,283.5 million in cash and cash equivalents at year-end 2017. Total assets stood at RMB 10,928.5 million. The company had issued senior unsecured notes in August 2017, and interest on that issue drove the annual interest line to RMB 280.6 million. The operating profile was improving, but the capital structure was levered, and the going-private process that followed was motivated in part by the desire to eliminate the public market discount and the cost of maintaining an NYSE listing.