On May 20, Jinke Property Group Co.Ltd(000656) ( Jinke Property Group Co.Ltd(000656) ) staged a double kill of shares and debts. The stock fell by the limit in large volume, closing at 3.70 yuan / share, with a turnover of 2.163 billion yuan throughout the day. The company’s bonds “19 Jinke 03” and “21 Jinke 01” fell sharply in the morning and were temporarily suspended. In addition, Hong Kong stock Jinke services also fell by nearly 16%.
on the same day, Jinke Property Group Co.Ltd(000656) announced that from May 18 to 19, the controlling shareholder Jinke holdings and its concerted actor Guangdong Hongmin had reduced the shares of the company by 1%, of which Jinke holdings was the passive reduction caused by the compulsory closing of the credit guarantee account, and Guangdong Hongmin was the reduction caused by the return of relevant financing due to the maturity of stock pledge financing the company also said that this Qiang Ping will not lead to the change of control and will not have an impact on production and operation and corporate governance.
debt rollover rumors affect stock price plunge
In the past two days, Jinke Property Group Co.Ltd(000656) share price fluctuated sharply. On May 19, the company’s share price soared by nearly 9%. On May 20, when the market returned to 3100 and individual stocks rose generally, Jinke Property Group Co.Ltd(000656) but fell by the limit in large quantities. Dragon and tiger list data show that Shenzhen Stock connect bought 29.89 million yuan and sold 34.21 million yuan, and the seats of the four institutions sold 315 million yuan in total.
The reporter noted that on May 20, only five A-share companies fell by the limit Jinke Property Group Co.Ltd(000656) what happened?
earlier, on May 19, Jinke Property Group Co.Ltd(000656) issued an announcement on the adjustment of the appropriateness management arrangement of corporate bond investors, saying that the eight bonds under Jinke Property Group Co.Ltd(000656) were adjusted to be purchased only by institutional investors among professional investors
On May 20, there were rumors in the market that the corporate bonds issued by Jinke Property Group Co.Ltd(000656) may be extended. Earlier, Jinke Property Group Co.Ltd(000656) vice president and financial officer song Ke 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. On 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 there is also a risk of extension of “20 Jinke 03”.
Since the first half of last year, the real estate industry has faced many difficulties and challenges, and different private real estate enterprises have different degrees of credit risk events. At the previous performance meeting in early May, Jinke Property Group Co.Ltd(000656) once said to fully protect the company’s overall credit.
“In 2021, the company achieved 10 open market debt financing at home and abroad, with a financing scale of about 11.8 billion yuan, ranking in the forefront of China’s A-share Housing enterprises; it has completed 8 open market debt cashings, with a cashing amount of more than 10.6 billion yuan, maintained good overall credit, and provided strong support for the sustainable and healthy development of the company.” Jinke Property Group Co.Ltd(000656) scale.
In fact, Jinke Property Group Co.Ltd(000656) this year has not been easy, which has also triggered the market’s concern about its cash flow.
Previously, on May 16, Shenzhen Stock Exchange issued an inquiry letter on Jinke Property Group Co.Ltd(000656) 2021 annual report Jinke Property Group Co.Ltd(000656) 2021 achieved a net profit of 3.6 billion yuan, a year-on-year decrease of 48.78%, a net profit of 2.869 billion yuan, 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%. In this regard, 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 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 asked Jinke Property Group Co.Ltd(000656) 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, the change of fair value of investment real estate and so on.
Whether the company has paid attention to the “liquidity risk” or whether it is required to take “liquidity measures” to prevent this risk.
however, there are media reports that the Chongqing municipal government has formulated relevant rescue measures for Jinke group. This news also stimulated the sharp rise of Jinke Property Group Co.Ltd(000656) share price
controlling shareholder part of shares closed
With the sharp drop in share price, Jinke Property Group Co.Ltd(000656) issued an announcement on the reduction of shareholders’ holdings.
According to the announcement, Jinke holdings and its co-operative Guangdong Hongmin recently reduced their holdings of Jinke Property Group Co.Ltd(000656) shares by 1% through centralized bidding trading and block trading in the secondary market.
among them, part of the shares held by Jinke holding in the guaranteed securities account for margin trading of Citic Securities Company Limited(600030) customers were forcibly closed by Citic Securities Company Limited(600030) from May 18 to May 19; As a result, the passive reduction of Jinke Property Group Co.Ltd(000656) was 452477 million shares, accounting for 0.85% of Jinke Property Group Co.Ltd(000656) total share capital, totaling 174 million yuan. Guangdong Hongmin’s shareholding ratio decreased from 11.05% to 10.55% due to the return of relevant financing due to stock pledge financing
Jinke Property Group Co.Ltd(000656) said that Jinke holdings is actively communicating with Citic Securities Company Limited(600030) to reach an agreement with relevant creditors on the debt solution as soon as possible and reduce the adverse impact caused by the passive reduction of shares.
after being forced to close its position this time, Jinke holding’s shareholding in Jinke Property Group Co.Ltd(000656) decreased to 6.40%. However, the company said that the compulsory closing of the shares held by Jinke holdings will not lead to the change of the controlling shareholder and the actual controller of the company, and will not have an impact on the production, operation and governance of the company
