On February 7, Yango Group Co.Ltd(000671) announced that it had received a notice from Dongfang Jincheng International Credit Evaluation Co., Ltd. that Dongfang Jincheng lowered the credit rating of Yango Group Co.Ltd(000671) subject from AA to BBB on February 6, and the rating outlook was negative. At the same time, it lowered the credit ratings of “20 Yangcheng 01”, “20 Yangcheng 02”, “20 Yangcheng 03” and “21 Yangcheng 01” from AA to BBB.
The main reasons for the rating adjustment are that Yango Group Co.Ltd(000671) expects a significant loss in net profit in 2021 and Yango Group Co.Ltd(000671) fails to pay “21 Yango Group Co.Ltd(000671) mtn001” interest on schedule.
According to the relevant regulations of Shenzhen Stock Exchange, upon the application of Yango Group Co.Ltd(000671) , “20 Yangcheng 01”, “20 Yangcheng 02”, “20 Yangcheng 03”, “20 Yangcheng 04”, “21 Yangcheng 01” and “21 Yangcheng 02” will be suspended for one trading day from the opening of the market on February 8, 2022, and will be resumed from the opening of the market on February 9, 2022. From the date of resumption, the above-mentioned bond trading method will be adjusted to only the agreed block trading method, Maintain the original net pricing method.
On January 29 a week ago, the Shenzhen Stock Exchange issued a concern letter to Yango Group Co.Ltd(000671) , asking it to explain the impact of controlling shareholder debt and liquidity risk on the company’s production and operation.
According to the performance forecast disclosed in Yango Group Co.Ltd(000671) , the net profit loss in 2022 was 4.5-5.8 billion yuan, and the net profit loss after deduction was 7.3-8.6 billion yuan. The main reason for the decline in performance was the company’s provision for large inventory falling price and the decline in the settlement scale of real estate business.
As of today’s (February 7) closing, Yango Group Co.Ltd(000671) reported 2.6 yuan / share, down 9.72%.
