On May 20, today’s “19 Jinke 03” plummeted by more than 34%, and trading was temporarily suspended Jinke Property Group Co.Ltd(000656) share prices also plunged rapidly, hitting the limit in the session, and then opening the limit for a time, but falling again near the end of the session. It is rumored that the corporate bonds issued by Jinke Property Group Co.Ltd(000656) may be extended. It is worth mentioning that up to now, Jinke Property Group Co.Ltd(000656) is one of the few private real estate enterprises that have maintained the record of “zero default and no extension” in the domestic and foreign bond market.
As a large-scale real estate development company in China, Jinke Property Group Co.Ltd(000656) since this year, there has been constant negative news and tight capital chain. At the beginning of this week, due to the sharp year-on-year decline in annual report profits, the Shenzhen Stock Exchange has just issued an inquiry letter on the company’s 2021 annual report, requiring that the company’s gross profit margin showed a significant downward trend during the reporting period.
“19 Jinke 03” plummeted by more than 34%
Jinke Property Group Co.Ltd(000656) stock price limit
On Friday, “19 Jinke 03” plummeted by more than 34% and was temporarily suspended in the session, Jinke Property Group Co.Ltd(000656) also opened low against the trend and hit the limit. Although the daily limit was once opened, the daily limit was closed again near the end of the trading, and it was not opened until the closing.
As of the closing, the Jinke Property Group Co.Ltd(000656) share price fell 9.98 to 3.7 yuan / share, with a full day turnover of 2.163 billion yuan, a turnover rate of 10.87%, and the latest total market value of 19.8 billion yuan.
The corporate bond “19 Jinke 03” plummeted by more than 34% and was temporarily suspended in the session. This signal not only caused the Jinke Property Group Co.Ltd(000656) share price to fall by the limit, but also led to the collective weakness of the whole real estate sector. In the morning, Hubei Fuxing Science And Technology Co.Ltd(000926) opened nearly 8% higher and plunged straight. The lowest in the session also hit the limit, Shenzhen Centralcon Investment Holding Co.Ltd(000042) , Langold Real Estate Co.Ltd(002305) etc. all fell rapidly for a time.
As of the close, the real estate sector closed down 1.22%, and 18 of the 21 stocks in the real estate industry closed down Jinke Property Group Co.Ltd(000656) fell to the limit and closed at 3.7 yuan / share, with an amplitude of 6.08% Cccg Real Estate Corporation Limited(000736) closed down 6.2% to close at 19.5 yuan, with an amplitude of 9.14%; St Taihe closed up 4.73% to close at 1.55 yuan, with an amplitude of 5.41%.
On the same day, Jinke service, the property listing platform of Jinke Property Group Co.Ltd(000656) under Jinke Property Group Co.Ltd(000656) , opened at HK $22.35 in the morning, down 6.09%; As of the morning closing, it was reported at HK $19.16, down 19.5%. As of the afternoon closing, it fell 15.34%.
Jinke Property Group Co.Ltd(000656) announced today that in view of the large fluctuation in the price of Jinke Property Group Co.Ltd(000656) bonds recently, according to relevant regulations, Jinke Property Group Co.Ltd(000656) will adjust the above-mentioned management arrangements for the suitability of bond investors for “19 Jinke 03”, “20 Jinke 01”, “20 Jinke 02”, “20 Jinke 03”, “20 Jinke 04”, “21 Jinke 01”, “21 Jinke 03” and “21 Jinke 04” from May 20, After adjustment, the above bonds can only be purchased by institutional investors among professional investors. Individual investors among the professional investors who originally held the above corporate bonds can choose to continue to hold the matured bonds or choose to sell the bonds.
company response: corporate bonds have the risk of rollover
Jinke Property Group Co.Ltd(000656) is a large-scale real estate development company in China, with development projects in Chongqing, Beijing, Jinan and other first and second tier cities.
According to the securities times, song kezeng, Jinke Property Group Co.Ltd(000656) vice president and financial director, said that the company was preparing to issue a small public offering of 2 billion yuan and return 1.25 billion yuan of the principal of “20 Jinke 03” due on May 28 and 696 million yuan of the principal of “19 Jinke 03” due on July 8.
The interest rate issued by “Jinke” on June 20, 2020 is and the interest rate is .
In addition to the issuance of the above 2 billion yuan bonds and accelerating the de payment collection, Jinke Property Group Co.Ltd(000656) at that time, it also said that it would deposit various funds through measures such as revitalizing the capital supervision account, urging the payment of accounts receivable and strictly controlling unnecessary expenses, so as to ensure the payment of due debts.
In addition, Jinke Property Group Co.Ltd(000656) at that time, it was also announced that for the debts due in the second half of the year, the company would make issuance arrangements in advance, and “Jinke Cixi Aegean Sea 690 million yuan ABS has received the no objection letter from the exchange and promoted the registration of 4 billion yuan medium votes” through “issuing new and returning old” and optimizing the pre-sale capital supervision account
However, there are rumors in the market that the corporate bonds issued by Jinke Property Group Co.Ltd(000656) may be extended. For the above rumors, Jinke Property Group Co.Ltd(000656) responded that there may be less than expected risks in the issuance of small public offering, and “20 Jinke 03” also has the risk of extension.
just received annual report inquiry letter
At the beginning of this week, the Shenzhen Stock Exchange issued an inquiry letter on the annual report of Jinke Property Group Co.Ltd(000656) 2021.
According to the inquiry letter, the Shenzhen stock exchange is concerned that Jinke real estate achieved a net profit of 3.6 billion yuan in 2021, a year-on-year decrease of 48.78%, a net profit of 2.869 billion yuan after deducting non recurring profits and losses, a year-on-year decrease of 53.61%, and an operating revenue of 112.31 billion yuan, a year-on-year increase of 28.05%.
Therefore, the Shenzhen Stock Exchange asked the company to explain the main reasons for the deviation between the change trend of net profit and operating income during the reporting period, and whether it is significantly different and reasonable from the comparable companies in the same industry and the average level of the industry.
In addition, the Shenzhen Stock Exchange also required Jinke real estate to explain the main reasons and rationality of the obvious downward trend of gross profit margin, the reduction of the scale of interest bearing liabilities but the increase of financial expenses, the change of capitalization rate of loan interest and the change of fair value of investment real estate during the reporting period.
company’s capital chain is tight
In fact, Jinke Property Group Co.Ltd(000656) since this year, negative news has been spreading.
On May 19, it was widely rumored on the Internet that the Chongqing municipal government had formulated relevant rescue measures for Jinke group. Including the wholesale release of relief funds to Jinke group in the form of loans and pledge of project equity. At present, 300 million yuan of relief funds have been in place; Lead the state-owned enterprises in Chongqing to negotiate the equity stake in Jinke group.
Boosted by this news, Jinke Property Group Co.Ltd(000656) ‘s share price rose sharply in the afternoon to close at 4.11 yuan, with a total market value of about 21.947 billion yuan.
It is worth mentioning that, according to the data from enterprise early warning link, as of the latest date, Jinke Property Group Co.Ltd(000656) only one overseas US dollar bond has survived, with a balance of US $325 million, but the bond will not expire until May 2024.
Jinke Property Group Co.Ltd(000656) more cashing pressure comes from bonds issued in China. As of the latest, 19 domestic bonds have been issued in Jinke Property Group Co.Ltd(000656) and the corresponding stock size is 15.442 billion yuan; The specific part due within one year is 3.616 billion yuanP align = “center” Jinke Property Group Co.Ltd(000656) existing domestic bonds overview, source: enterprise early warning link
According to the latest financial report, Jinke Property Group Co.Ltd(000656) achieved a total revenue of 12.672 billion yuan in the first quarter of this year, a slight increase of 2.21% year-on-year, the lowest increase since 2002; The net profit turned from profit to loss of 260 million yuan, a year-on-year decrease of 138% and 680 million yuan in the same period last year.
By the end of the first quarter of this year, the monetary capital on Jinke Property Group Co.Ltd(000656) book was 21.88 billion yuan (without disclosure of restrictions); The corresponding short-term borrowings are 4.328 billion yuan and the non current liabilities due within one year are 23.7 billion yuan, both of which have accumulated 28.028 billion yuan.
