On January 28, another 100 billion real estate enterprise Jinke Property Group Co.Ltd(000656) ranked in the top 20 of the industry suddenly fell to the limit. The previous day, corporate bonds fell sharply by 27% and temporarily suspended trading.
Yesterday, a video of the company being impacted by debt collectors was fermented and circulated on the Internet. At noon on the 28th, the company urgently responded through an interactive platform that the transmitted video was related to the company’s EPC Construction Project, and the company was fully cooperating with the EPC settlement. All the wages of migrant workers involved were fully entered into the special account, and the company and its subsidiaries have not been overdue so far. According to the third quarterly report of 2021, Jinke Property Group Co.Ltd(000656) total liabilities reached 315.9 billion yuan, and excluding advance collection liabilities, it still exceeded 170 billion yuan.
Just two weeks ago, Jinke Property Group Co.Ltd(000656) had an equity change, and then the daughter of the actual controller of the company reduced nearly 78 million shares and cashed out more than 400 million yuan. On January 21, the Shenzhen Stock Exchange issued a letter of concern to Jinke Property Group Co.Ltd(000656) , asking to explain whether there were situations such as evading shareholders’ obligation of tender offer by terminating the relationship of concerted action, and asked to reply and disclose before the 26th, but so far, there has been no reply to the company’s announcement.
debt collector impact video fermentation
company emergency response
This morning, in the case of the overall shock and rise of the real estate sector, Jinke Property Group Co.Ltd(000656) continued to fall mysteriously after the opening. The limit was closed less than half an hour after the opening, at 4.5 yuan / share. Its share price has halved since its peak in August 2020.
Jinke Property Group Co.Ltd(000656) corporate bonds have also changed significantly in the past two days.
Yesterday, Jinke Property Group Co.Ltd(000656) “21 Jinke 03” was temporarily suspended because the intraday transaction price fell by 20% or more than the previous closing price for the first time. After the resumption of trading, it continued to dive, with a final decline of 27%. Today, the bond price continued to fall by 4%.
At the same time, a video about the company being impacted by debt collectors was widely circulated on the Internet, and some netizens on the investor interaction platform asked about the relevant situation, and the company replied at noon on the 28th.
According to the company, the video transmitted yesterday has been found by the company and is highly concerned about the development of the situation. The video transmitted is related to the general contracting construction project of the company. The specific circumstances are as follows: 1. The projects undertaken by the general contracting unit are Caijia Jinke City, Caijia Academy of fine arts, Longxing Yulin River, 150 mu of Kaizhou Yunxi platform, 59 mu of Kaizhou Yunxi platform, 69 mu of new land Yunyang Jinke world city. At present, all projects undertaken by the general contractor have been completed. In the spirit of friendly cooperation, the company is fully cooperating with the general contractor in settlement. 2. The funds involving migrant workers have been comprehensively sorted out. According to the policy requirements, the special account for migrant workers of the general contractor undertaking all projects of the company should be credited with 461.7043 million yuan, but actually 574.2263 million yuan has been credited, all of which have been fully credited, meeting the requirements of relevant policies. 3. Jinke is an excellent company with a credit rating of AAA. Up to now, the bank loans, domestic and foreign bonds issued by the company and its holding subsidiaries, as well as trust, commercial paper and other forms of financing have paid the principal and interest in full on schedule, and there is no case of overdue.
In addition, in view of the suspension of some projects of the company, the company said it was the reason for the winter break in the northern region.
However, many netizens said, “it’s necessary to smash the door for friendly negotiation? This answer feels secretive.” “Why are companies with good fundamentals killed and stopped?” “no wonder China Construction fell and Jinke fell directly. They are afraid of Jinke’s thunder”.
excluding advance collection liabilities exceeding 170 billion
sales fell by 16% in 2021
According to the third quarterly report of 2021, Jinke Property Group Co.Ltd(000656) debt ratio exceeds 80%, and the total debt amount is 315.9 billion yuan. Excluding the advance contract debt of 145.4 billion yuan, there is still 170.5 billion yuan.
In 2021, the sales situation of Jinke real estate is not ideal.
On January 17, the data released by the National Bureau of statistics showed that the national commercial housing sales in 2021 was 18.19 trillion yuan, an increase of 4.8%; An increase of 13.9% over 2019 and an average increase of 6.7% over the two years. However, with the growth of the whole industry, the sales of Jinke Property Group Co.Ltd(000656) fell by more than double digits, including more than 50% in December last year.
It was announced on January 14 that in 2021, Jinke real estate group and its invested companies realized a sales amount of about 187.6 billion yuan and a real estate sales area of about 1997 million square meters. In 2020, the sales data was 223.3 billion yuan, a year-on-year decline of 16%. Among them, the sales amount in December last year was only 13.4 billion yuan, down 52% from 27.9 billion yuan the previous year.
Due to the decline in sales, Jinke Property Group Co.Ltd(000656) fell from No. 16 in 2020 to No. 18 in 2021.
concerted action relationship change is concerned
the daughter of the actual controller cashed out more than 400 million
Jinke Property Group Co.Ltd(000656) recently, it has also been concerned by the Shenzhen stock exchange due to the change of concerted action relationship, and the company has not replied beyond the specified time limit.
On January 14, the company disclosed that Tao Hongya and Huang Sishi, the shareholders of the company, and Huang Hongyun, the actual controller of the company, dissolved the relationship of concerted action. Meanwhile, Huang Hongyun signed a concerted action agreement with the company’s shareholders Hongxing Furniture Group and Guangdong Hongmin, and Huang Hongyun’s shareholding ratio decreased from 29.99% to 29.36%. After this equity change, Huang Hongyun is still the actual controller of the company.
In the announcement, as the daughter of Huang Hongyun, the actual controller, Huang Sishi said that in the actual business activities of the company in recent years, there were significant differences with Jinke investment, Huang Hongyun and Tao Hongya in important aspects such as development strategy and business philosophy, and it was impossible to maintain a consistent action relationship. In addition, Huang Sishi said that since he has not worked in Jinke Property Group Co.Ltd(000656) for many years and does not participate in the production and operation activities of Jinke Property Group Co.Ltd(000656) , he and Huang Hongyun are no longer qualified to maintain a concerted action relationship.
To this end, the Shenzhen stock exchange requires the company to explain whether the basis for the termination of concerted action by both parties is sufficient and reasonable, whether the relevant letters have legal effect, whether the relationship between the two parties has been terminated and whether the termination procedure is in compliance, The company determined that Huang Sishi and Huang Hongyun did not form a concerted action relationship, and asked the lawyer hired by the company to check and express opinions.
In addition, the Shenzhen stock exchange requires the company to explain whether the concerted action relationship between the two parties has taken effect, whether the relevant matters have triggered the obligation of shareholders’ tender offer, and whether there is a situation of evading the obligation of shareholders’ tender offer by terminating the concerted action relationship in combination with the current situation of directors stationed by Hongxing Furniture Group and Guangdong Hong and the current shareholding proportion of Huang Hongyun, Lawyers are also required to check and comment.
The Shenzhen stock exchange requires the company to make a written statement on the above issues and submit relevant explanatory materials and disclose them to the public before January 26, 2022. However, as of January 28, the reporter issued the press release, Jinke Property Group Co.Ltd(000656) has not made an announcement and reply.
It is worth mentioning that Huang Sishi quickly reduced his holdings just a week after the two sides announced the lifting of the relationship of concerted action. On January 23, Jinke Property Group Co.Ltd(000656) announced that Huang Sishi, the daughter of Huang Hongyun, the actual controller, had reduced her holdings of 77.9362 million shares of Jinke in the previous three trading days, with a price range of 4.96 yuan / share to 5.59 yuan / share, and the average reduction price was 5.31 yuan / share, with a total cash out of 414 million yuan, and the shareholding ratio decreased from 2.31% to 0.85%.
