playforcryptogames| The reorganization of Jinke's shares in the former 200 billion real estate enterprise giant was officially accepted!

Yesterday (April 22)PlayforcryptogamesJinke shares (000656) (000656) restructuring application was formally accepted by the court, and the company has received the Civil order issued by the Fifth Intermediate people's Court of Chongqing.

The head housing company, which once sold more than 200 billion yuan, has made important progress in restructuring its search for self-help.

Jinke shares have a positive attitude towards the matter. The company responded that through bankruptcy reorganization of the company can get a new opportunity, conducive to debtors, creditors, investors, workers and other parties to achieve a win-win situation, is conducive to the effective use of social resources. At the same time, according to the civil ruling of the court, the acceptance of reorganization means that the subject of reorganization of Jinke shares is qualified, has the cause of bankruptcy, has the value of reorganization and the possibility of salvage.

As a result of the court's decision to accept the restructuring, according to the listing rules, Jinke shares are suspended today, and the company's shares will be subject to a delisting risk warning from April 24. the stock will be referred to as "* ST Jinke", and the daily rise or fall of the stock price will be limited to 5%.

Jinke shares said that after entering the reorganization procedure, the company's board of directors will fully cooperate with the court and managers to carry out the reorganization work, fulfill the debtor's legal obligations in accordance with the law, strive for multi-party support, strive to complete the reorganization as soon as possible, and apply for cancellation of the delisting risk warning. At the same time, the company will apply for a manager to support the company to continue its business during the restructuring period, and if licensed, the company will continue to actively do a good job in day-to-day operation and management on the existing basis.

Jinke shares of the intention of the restructuring participants have surfaced. As early as the end of June last year, Jinke shares signed a "Strategic Investment Framework Agreement" with Great Wall Guofu Real Estate Co., Ltd. the latter intends to form an investment consortium independently or with other partners as a restructuring investor to participate in the pre-restructuring process of Jinke shares. Great Wall Guofu Real Estate Co., Ltd. is an AMC institution Great Wall Asset Management Co., Ltd., with real estate development and operation as the main investment and operation platform.

However, after the signing of the cooperation agreement, there was no further news from the two sides. Jinke shares only said that after the signing of the "Strategic Investment Framework Agreement" between the company and Great Wall Guofu Real Estate Co., Ltd., the two sides have set up a working group in accordance with the agreement to establish a coordination and contact mechanism. and carry out all the adjustment and preparatory work in accordance with the agreement. At present, related matters are in normal progress.

Jinke shares used to be one of the head housing enterprises. in 2020, the company signed a contract to sell more than 200 billion yuan, growing from a regional housing enterprise to a national benchmark housing enterprise of TOP20. At the end of 2020, of Jinke's total saleable area of more than 71 million square meters, less than 4% of the Jinke shares were located in Chongqing, with East China, Central China and South China accounting for more than 50%. Standing at the end of 2020, Jinke shares plan to go upstairs again, with a sales target of not less than 250 billion yuan in 2021.

Contrary to one's wishes, Jinke shares had annual sales of 184 billion yuan, 68.1 billion yuan and 29.1 billion yuan respectively (according to the Institute of the Middle finger) from 2021 to 2023, and some debts continued to fail to be repaid on schedule. Finally, in August 2023, Jinke officially announced that it intended to apply to the court for restructuring and pre-restructuring. At that time, the company had already implemented more than 356.Playforcryptogames.5.4 billion yuan of interest-bearing liabilities.

In addition to continuing to promote restructuring, Jinke shares also take multiple ways to save themselves.

At the business level, by the end of March, Jinke had 79 projects on the "whitelist" nationwide, and some of the projects on the "whitelist" had begun to dock financing and received bank support. More projects that meet the requirements of the company are communicating with financial institutions with the support of local governments, and are expected to achieve financing accounts one after another, achieve financing landing, and further ensure the steady progress of the company's operation and Baojiao building work.

At the level of capital operation, Jinke also has a restructuring plan under way. The company intends to buy Chongqing Heng, the controlling shareholder's subsidiary, by issuing shares.