Xinhua Finance and economics, Beijing, April 22 – Shanghai new century credit evaluation and Investment Service Co., Ltd. announced on the 22nd that it decided to downgrade the credit rating of Shenzhen Hongtao Group Co.Ltd(002325) subject from BB to B, maintain a negative rating outlook, and downgrade the credit rating of “Hongtao convertible bonds” from BB to B
By the end of September 2021, Shenzhen Hongtao Group Co.Ltd(002325) monetary fund balance was RMB 656 million, of which RMB 509 million was restricted. On April 20, 2022, the company announced that it had signed an entrusted loan agreement with Shenzhen guarantee Group Co., Ltd. China Construction Bank Corporation(601939) Shenzhen Shangbu sub branch, intended to apply for an entrusted loan of 150 million yuan with a term of 6 months from Shenzhen guarantee Group Co., Ltd. to supplement working capital, and provided collateral guarantee to Shenzhen guarantee with the use right of state-owned construction land in Zhangkeng path, Guanlan street, Bao’an District, and some accounts receivable.
At the same time, the “19 Hongtao 01” issued by the company will expire on April 24, 2022. 19 Hongtao 01 shall cash the total principal and interest of 213.6 million yuan, which shall be guaranteed by Shenzhen with joint and several liability. In addition, Hongtao convertible bonds will expire on July 29, 2022. The company’s debt repayment pressure is concentrated, and the liquidity risk is further increased.
