On the evening of May 20, after being killed by both shares and debts, Jinke Property Group Co.Ltd(000656) ( Jinke Property Group Co.Ltd(000656) . SZ) said that some shares of its controlling shareholders were forced to close.
The company announced that it had received the notification letter on share reduction jointly issued by the controlling shareholder Chongqing Jinke investment holding (Group) Co., Ltd. (hereinafter referred to as “Jinke holding”) and its concerted actor Guangdong Hongmin Enterprise Management Consulting Co., Ltd. recently, the two shareholders reduced their shares of the company by 1% through centralized bidding trading and block trading in the secondary market. Among them, Jinke holdings was passively reduced due to the compulsory closing of its credit guarantee account, while Guangdong Hongmin reduced its holdings due to the return of relevant financing due to the maturity of stock pledge financing, with a total reduction of 722477 million shares, accounting for 1.35% of the total share capital of the listed company.
Among them, some shares held by Jinke holding in the guaranteed securities account of margin trading of Citic Securities Company Limited(600030) customers were closed by Citic Securities Company Limited(600030) compulsory from May 18 to May 19, and the number of passive reduction was 452447 million shares, accounting for 0.85% of the total share capital of the company.
Jinke Property Group Co.Ltd(000656) said that it was actively communicating with Citic Securities Company Limited(600030) to reach an agreement with relevant creditors on the debt solution as soon as possible, so as to reduce the adverse impact caused by the passive reduction of shares.
Before the announcement was issued, the limit fell on Jinke Property Group Co.Ltd(000656) 20, closing at 3.70 yuan / share, with a full day turnover of 2.163 billion yuan, Shenzhen Stock connect bought 29.88 million yuan and sold 34.21 million yuan, and the seats of the four institutions sold 315 million yuan in total; Its bonds “19 Jinke 03” and “21 Jinke 01” fell sharply in the morning and were temporarily suspended; Hong Kong stock Jinke services fell nearly 16%.
There are rumors of debt crisis behind the recent sharp decline in private real estate corporate shares and bonds, and Jinke is no exception – a “20 Jinke 03” corporate bond with a principal of 1.25 billion yuan is about to expire on May 28. At the recent performance meeting, Jinke’s management said that it would guarantee the payment of maturing debt by issuing a new 2 billion yuan small public offering, but the small public offering in this plan has not yet been in place, Raised concerns about the possible rollover of its debt.
In the past year, Jinke Property Group Co.Ltd(000656) struggled to maintain the record of “zero default and no extension” in the domestic and foreign bond markets, and became one of the few private real estate enterprises that have not been flat in the open market Jinke Property Group Co.Ltd(000656) previously told reporters that in 2021, the company completed a total of 8 open market debt cashes, with a cashing amount of more than 10.6 billion yuan.
However, the capital market has always been worried about the cash flow of private real estate enterprises. Recently, the share prices of small and medium-sized real estate enterprises have been “on the roller coaster”, and Hong Kong stocks have even plummeted by 60% – 80% in one day.
Since the beginning of the year, the continuous decline in sales in the real estate market has made it worse for private real estate enterprises Jinke Property Group Co.Ltd(000656) in the first quarter of this year, the net profit has changed from profit to loss, with a total revenue of 12.672 billion yuan, a slight increase of 2.21% year-on-year, and a loss of 260 million yuan, a decrease of 138% year-on-year.
The good news is that local property market regulation is being relaxed, the central high-level meeting has also released a positive signal to stabilize the property market, and the financing channels of private real estate enterprises are being reopened. In addition, since the beginning of April this year, it has been reported that the Chongqing municipal government has begun to implement rescue measures for Jinke and led negotiations on the equity participation of Chongqing state-owned enterprises in Jinke group.
So far, Jinke Property Group Co.Ltd(000656) controlling shareholders and persons acting in concert have four parties, namely Jinke holdings, Huang Hongyun, Hongxing Furniture Group Co., Ltd. and Guangdong Hongmin. Before the reduction, Sifang held 29.37% of the shares of listed companies. After the reduction, the proportion of Sifang decreased to 28.01%. After being forced to close the position, Jinke holding’s shareholding in Jinke Property Group Co.Ltd(000656) decreased to 6.40%. However, Jinke 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.
