Securities code: Cedar Development Co.Ltd(002485) securities abbreviation: ST Xuefa Announcement No.: 2022054 Cedar Development Co.Ltd(002485)
Announcement on receipt of civil ruling
The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete without false records, misleading statements or major omissions.
Cedar Development Co.Ltd(002485) (hereinafter referred to as “the company”) has recently received the civil ruling (2022) Yue 01 min Chu No. 679 of Guangzhou intermediate people’s Court of Guangdong Province (hereinafter referred to as “Guangdong intermediate people’s court”), and now the relevant information is announced as follows:
1、 Basic information of litigation
Applicant: Guangdong Branch of China Huarong Asset Management Co., Ltd. (hereinafter referred to as “Guangdong Branch of China Huarong”), domicile: Room 401, floor 8-12, No. 3, Qingyi street, Tianhe District, Guangzhou, Guangdong (for office purposes only).
Person in charge: Chen Feng.
Entrusted agent ad litem: Liu Fengmao, lawyer of Guangdong Fasheng law firm.
Entrusted agent ad litem: Yuan Jianyang, lawyer of Guangdong Fasheng law firm.
Respondent: Shangri La Renhua Real Estate Co., Ltd. (original name: Shangri La Renhua Cultural Tourism Development Co., Ltd.), domicile: No. 67, Dawa Road, Shangri La, Diqing Prefecture, Yunnan Province.
Legal representative: Su Qi.
Respondent: Xi’an Tiannan Cultural Tourism Development Co., Ltd., domicile: room 803, unit 1, building 18, Ziwei yonghefang, Qujiang New Area, Xi’an, Shaanxi Province.
Legal representative: Zhou Ting.
Respondent: Jiaxing songlv Cultural Tourism Development Co., Ltd. (original name: Jiashan Kanghui Xitang tourism real estate development Co., Ltd.), domicile: floor 1, building 25, puyue Park, Xitang Town, Jiashan County, Jiaxing City, Zhejiang Province. Legal representative: Su Qi.
Respondent: Jiashan Kanghui Chuangshi Tourism Development Co., Ltd., domicile: floor 1, building 24, puyue Park, Xitang Town, Jiashan County, Jiaxing City, Zhejiang Province.
Legal representative: Su Qi.
Respondent: Cedar Development Co.Ltd(002485) (original name: xinur men’s wear Co., Ltd.), domicile: No. 7877, Shunwang Avenue, Shunwang street, Zhucheng City, Shandong Province.
Legal representative: Fan Jiayu.
Respondent: cedar Industrial Group Co., Ltd. (original name: Junhua Group Co., Ltd.), domicile: Room 405, No. 4, Hengjun street, Baiyun District, Guangzhou, Guangdong Province (for office use only).
Legal representative: Zhang Jin.
Respondent: Zhang Jin, male, born in 1971, permanent resident of the Hong Kong Special Administrative Region, Hong Kong Identity Card No.: r66.
The plaintiff China Huarong Asset Management Co., Ltd. Guangdong branch and the defendant Shangri La Renhua Real Estate Co., Ltd., Xi’an Tiannan Cultural Tourism Development Co., Ltd., Jiaxing songlv Cultural Tourism Development Co., Ltd., Jiashan Kanghui Chuangshi Tourism Development Co., Ltd., Cedar Development Co.Ltd(002485) , cedar Industrial Group Co., Ltd. and Zhang Jin, The applicant, Guangdong Branch of China Huarong Asset Management Co., Ltd., applied to the court for property preservation, requested to take preservation measures for the property under the name of each respondent with a value of 49164655944 yuan, and submitted a property preservation guarantee to the court to provide guarantee for the above property preservation.
2、 Court ruling
After examination, the court held that the application of Guangdong Branch of China Huarong Asset Management Co., Ltd. was in conformity with the provisions of the law. In accordance with the provisions of articles 103, 105 and paragraph 1 of Article 106 of the Civil Procedure Law of the people’s Republic of China, the court ruled as follows:
Freeze the bank deposits of 49164655944 yuan under the names of Shangri La Renhua Real Estate Co., Ltd., Xi’an Tiannan Cultural Tourism Development Co., Ltd., Jiaxing songlv Cultural Tourism Development Co., Ltd., Jiashan Kanghui Chuangshi Tourism Development Co., Ltd. Cedar Development Co.Ltd(002485) , cedar Industrial Group Co., Ltd. and Zhang Jin, or seal up or detain other equivalent properties.
This ruling shall be implemented immediately.
3、 Other undisclosed litigation and arbitration matters
As of the disclosure date of this announcement, the company still has contract and bill disputes. In addition to the above matters, the company and its holding subsidiaries have no other major litigation and arbitration matters that should be disclosed but not disclosed.
4、 Possible impact of the ruling result on the company’s current profit or later profit
At present, the above matters have not had a significant adverse impact on the daily operation of the company. The company and its related parties are actively negotiating with China Huarong Guangdong branch on the repayment and extension plan of due debts. As of March 31, 2022, the total assets of the company were 3.358 billion yuan, the net assets were 1.735 billion yuan, and the asset liability ratio was 47.88%. The overall liability ratio remained at a risk controllable level, and the asset value had a high coverage of the above debts. At present, no more than 19 shops / properties under the company’s name (the total original book value does not exceed 640 million yuan) are planned to be sold at the market fair price or evaluation price to accelerate the return of funds and enhance the financial strength, so as to ensure the sustainable and healthy development of the company.
The case has not yet been heard in court, and the company may be liable for paying off the debt, and the final execution of the lawsuit shall prevail. This lawsuit may have an impact on the company’s current or future profits, and the company will timely perform the obligation of information disclosure according to the progress of the case.
The information disclosure media designated by the company is www.cninfo.com info. com. cn. And China Securities News, Shanghai Securities News, securities daily and securities times. All information of the company shall be subject to the information disclosed in the above designated media. Please pay attention to the subsequent announcements of the company and pay attention to the investment risks. 5、 Documents for future reference
1. Guangzhou intermediate people’s Court of Guangdong Province (2022) Yue 01 min Chu No. 679 civil ruling.
It is hereby announced.
Cedar Development Co.Ltd(002485) board of directors
May 21, 2022
