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[Contemporary technology industry: Publicly condemned by Shanghai Stock Exchange for information disclosure violations]
Wuhan Contemporary Technology Industry Group Co., Ltd. was publicly condemned by the Shanghai Stock Exchange for failing to disclose the 2024 interim report on time and committing repeated violations. The company and relevant responsible persons failed to fulfill their legal information disclosure obligations and violated relevant regulations. The punishment will be notified to the China Securities Regulatory Commission and the Hubei Province Local Financial Administration Bureau and recorded in the integrity file.
Wuhan Contemporary Science and Technology Industry Group Co., Ltd. previously failed to pay the principal and interest of “19 Handangke MTN001” and “17 Handangke MTN002” in full on schedule, which constituted a material breach of contract. At present, the company has entered the reorganization process, and the second creditors meeting will be held on February 13, 2025. As some creditors need to complete the internal approval process, the voting deadline is March 31, 2025.
There are a total of 3 Chinese-funded offshore bonds in the contemporary technology industry, with a remaining balance of US$743.9 million.
[Jilin Province Credit Financing Guarantee Investment Group: The total amount involved in two executed matters is approximately 678 million yuan]
Jilin Province Credit Financing Guarantee Investment Group Co., Ltd. issued an announcement involving two matters to be enforced. Case 1 was a loan contract dispute involving an amount of approximately 509 million yuan; case 2 was a financial loan contract dispute involving an amount of approximately 169 million yuan. As a guarantor, the company must bear joint and several liability, but has not received relevant judicial documents and its assets have not been frozen.
Jilin Province Credit Financing Guaranteed Investment Group has 3 existing bonds, with a stock scale of 628 million yuan.
[Zhenhua Convertible Bonds: Expected to trigger conditional redemption clause]
Hubei Zhenhua Chemical Co., Ltd. issued an announcement that “Zhenhua Convertible Bonds” is expected to meet redemption conditions. From February 19 to March 4, 2025, the closing price of the company’s stock has been no lower than the conversion price for 10 trading days. 130% of the price of 11.64 yuan/share. If this condition is met on 5 trading days within the next 20 trading days, the redemption clause will be triggered. At that time, the board of directors will decide whether to redeem the unconverted “Zhenhua Convertible Bonds” at the face value of the bonds plus the current accrued interest. Investors need to pay attention to subsequent announcements and pay attention to investment risks.
Rating agency China Securities Pengyuan is concerned that Ke Yusheng, general manager of Hubei Zhenhua Chemical Co., Ltd., has been filed by the China Securities Regulatory Commission for suspected short-term trading of Zhenhua shares. China Securities Pengyuan believes that the incident has not had a significant adverse impact on the company so far, and maintains the company’s main credit rating at AA, the rating outlook is stable, and the Zhenhua Convertible Bonds credit rating at AA.
Hubei Zhenhua Chemical has 1 existing bond, with a bond stock of 406 million yuan.
[Progress of Jinke Real Estate’s multiple defaulted bonds: Restructuring investors determine and sign agreements]
The “21 Jinke Real Estate SCP004” and “20 Jinke Real Estate MTN002” issued by Jinke Real Estate Group Co., Ltd. failed to pay the principal and interest on schedule, which constituted a breach of contract. From December 18, 2024 to January 17, 2025, the company signed a restructuring investment agreement with industrial and financial investors, and held the second creditor meeting in February 2025 to continue to promote the resolution of default.
Jinke Real Estate Group Co., Ltd. issued a progress announcement on the company’s reorganization matters on February 19. According to the announcement, on April 22, 2024, the Fifth Intermediate People’s Court of Chongqing City has ruled to accept the reorganization application of the company and its wholly-owned subsidiary Chongqing Jinke. At present, the company is cooperating with the manager to carry out creditor’s rights declaration review and preparation for investor group meetings. If the reorganization fails, the company risks bankruptcy and the stock may face termination of listing. In addition, the company expects negative net assets at the end of 2024, which may trigger a delisting risk warning. Investors need to pay attention to investment risks.
Jinke Real Estate has defaulted on a total of 14 bonds, involving an amount of 15.842 billion yuan.
