On the afternoon of February 11, Zhengrong real estate and Zhengrong service, listed companies in Hong Kong stocks, collapsed during the session. As of press time, Zhengrong real estate and Zhengrong services once fell by more than 80%.
“20 Zhengrong 03” fell more than 20% and was temporarily suspended in the session.
Founded in 1998, Zhengrong group’s business is mainly divided into three parts: “Zhengrong real estate, Zhengrong capital and Zhengrong service”. The actual controller is Ou Zongrong, but he no longer holds a position in Zhengrong service and Zhengrong real estate. Among them, ou Zongrong holds 54.6% of Zhengrong real estate and China Oriental assets holds 13.16% of the mortgage.
Ou Zongrong is also the actual controller of Zhengrong service, holding 63.26%.
According to the data of wind, there is about RMB 1.6 billion of foreign debt due this year, of which the largest one is wind real estate.
There are rumors that Zhengrong will no longer redeem us $200 million of perpetual bonds in March this year as previously planned, and Zhengrong’s foreign debt will be restructured. Relevant rumors triggered a double kill of Zhengrong real estate shares and bonds today.
According to the financial associated press on February 11, for the above rumors, Zhengrong real estate responded to investors that the company would redeem $200 million of perpetual bonds as originally planned. The relevant rumors are untrue. For the sharp decline in share price, Zhengrong real estate said that today, some institutions may maliciously short and buy again. The company is further understanding the reasons for the decline in share price .
After Zhengrong real estate responded, its share price rebounded. As of press time, Zhengrong real estate’s decline narrowed to 63%.
According to public information, Zhengrong real estate has invested in six economic regions: the Yangtze River Delta, the Bohai Sea, the central, western, Haixi and the Pearl River Delta, and has settled in 35 cities such as Shanghai, Nanjing, Fuzhou, Suzhou, Hefei, Tianjin, Jinan, Wuhan, Changsha, Nanchang, Zhengzhou, Xi’an, Chengdu and Foshan.
