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[Shenzhen Stock Exchange: Plans to publicly condemn Shenwu Group and its Chairman Wu Daohong]
The Shenzhen Stock Exchange issued a delivery announcement stating that Shenwu Technology Group Co., Ltd.(referred to as “Shenwu Group”) and its chairman Wu Daohong were suspected of violating the relevant provisions of the “Listing Rules for Non-Public Issuance of Corporate Bonds”. The exchange plans to impose disciplinary sanctions on Shenwu Technology and Wu Daohong with public condemnation. Since the relevant parties could not be contacted, the “Advance Notice of Disciplinary Punishment” was served in the form of an announcement.
The People’s Court of Yuhuatai District of Nanjing City issued information on an execution case involving Shenwu Technology Group Co., Ltd. According to the case number (2025) Su 0114 Zhi No. 388, the case was filed on January 16, 2025, with an execution amount of 611,469 yuan. Shenwu Technology Group Co., Ltd. was executed by the court in accordance with the law for failing to perform relevant debt obligations. This execution case once again attracted market attention to the company’s financial situation. As a technology company, Shenwu Technology Group Co., Ltd.’s debt problems may have a certain impact on its business operations and market reputation.
Shenwu Group defaulted on two bonds, involving an amount of 2.449 billion yuan.
[Rongqiao Group: CITIC Finance sued Shihe Investment for a loan of 220 million yuan, and Rongqiao Group assumed guarantee responsibility]
Rongqiao Group Co., Ltd. announced that due to a financial loan contract dispute, Fujian Province Branch of China CITIC Financial Asset Management Co., Ltd. filed a lawsuit with Fuzhou Intermediate People’s Court against Fuzhou Shihe Investment Consulting Co., Ltd., its subsidiary Minhou Rongqiao Real Estate Co., Ltd., its subsidiary Fuzhou Rongqiao New Port Hotel Co., Ltd., and Fuzhou Bogao Investment Consulting Co., Ltd. filed a lawsuit with Fuzhou Intermediate People’s Court.
Defendant Shihe Investment was required to repay the loan principal of 220 million yuan and related interest, penalty interest and other expenses, and requested priority rights over relevant mortgage assets. At the same time, some subsidiaries are required to bear joint and several liability for settlement. At present, the case has not yet been decided, and the company will actively respond to the lawsuit and strive for a negotiated settlement.
Rongqiao Group Co., Ltd. is facing liquidity risk, some debts are not repaid as scheduled, and there are outstanding litigation and arbitration related matters. As of December 31, 2024, the total principal balance of loans from financial institutions that the company and its holding subsidiaries failed to repay as scheduled was approximately 1,619.9328 million yuan, and the total amount of commercial acceptance bills that the company and its holding subsidiaries failed to pay as scheduled was 20.6362 million yuan. In addition, the company also has a cumulative number of litigation and arbitration cases involving a total amount of approximately 2.949 billion yuan.
Rongqiao Group currently has 9 bonds in stock with a scale of 7.583 billion yuan.
[19 Gome 01: The holders ‘meeting reviewed and approved the proposal on the exemption notice period and adjustment of the redemption plan]
The first bondholders meeting of Gome Electrical Appliances Co., Ltd.”19Gome 01″ in 2025 was held from February 20 to 21. It reviewed and approved the notice period for the exemption meeting, the deadline for submitting interim proposals, and the adjustment of the “19Gome 01” payment plan. Proposal. Among them, the principal redemption will be completed in ten installments. During the extension period, the interest rate will be lowered to 5.00%, and the interest will be paid with the principal. The resolution of the meeting is legally binding on all bondholders.
Gome issued an announcement revealing that many new cases were executed in January 2025, with a total amount of execution targets reaching 419.4 million yuan. In addition, the company is also listed as a person subject to breach of trust. The specific situation is that it has the ability to perform but refuses to perform the obligations specified in the effective legal document. These situations have a certain adverse impact on the company’s solvency, and the company will raise funds to repay its debts through various methods.
Gome currently has two defaulted bonds with an amount of 123 million yuan.
[Cosco Group will restructure its domestic debts again, and four bonds have been suspended]
On February 25, trading of four bonds of COSCO Group, namely H18 COSCO 1, H19 COSCO 2, and H21 COSCO 1, were suspended, and four corporate bonds faced repayment, but all of them had a 30-day grace period clause.
After the overseas debt restructuring plan was approved, COSCO Group began to process domestic debt. The issuer, Beijing Ocean Holdings Group Co., Ltd., stated that the company will continue to communicate with investors during the grace period, strive to formulate and implement solutions to relevant issues, and strive to properly resolve relevant debt issues. According to sorting out, there are a total of 7 outstanding domestic public bonds under COSCO Group, with a total principal amount of 13.27 billion yuan.
COSCO Group announced, which includes, among other things, the petitioner filed a liquidation petition against the company. On February 14, 2025, after all parties unanimously filed an application for postponement, the High Court cancelled the hearing of the petition originally scheduled for February 17, 2025 and postponed the hearing of the petition to April 14, 2025.
Cosco Group has a total of 8 Chinese-funded offshore bonds with a remaining balance of US$3.7180 billion.
