JINKE PROPERTY(SZ:000656)2023-08-30 16:00Financial Performance and Revenue - The company reported a total revenue of 23,149.29 million for the period ending June 25, 2021[54]. - The company reported a total revenue of 55,840 million for the period ending January 28, 2022, compared to 19,430 million for the same period in 2021, indicating a significant increase[61]. - The company has reported a total of 28,800 million in revenue from Chongqing Jinke Real Estate Development Co., Ltd. for the period ending January 28, 2022[61]. - Jin Ke Real Estate Group reported a revenue of 1,552.02 million in January 2022, which decreased to 1,133.02 million by May 2022, indicating a decline of approximately 27%[42]. - The company’s subsidiary, Wuxi Jinke Jiarun Real Estate Development, had a revenue of 20,201.57 million in January 2022, which fell to 18,751.52 million by May 2022, reflecting a decrease of about 7.2%[43]. - Jin Ke Real Estate Group's subsidiary, Chongqing Jinke Junhong, reported a revenue of 1,485.22 million in January 2022, which decreased to 1,343.15 million by May 2022, a decline of approximately 9.5%[42]. - The company’s subsidiary, Yibin Jinyao Enterprise Management, reported a revenue of 48,000 million in January 2021, which decreased to 31,840 million by June 2021, indicating a decline of about 33.5%[43]. - Jin Ke Real Estate Group's subsidiary, Guizhou Qingzhen Jinke Real Estate Development, reported a revenue of 15,000 million in January 2021, which decreased to 7,780 million by May 2021, reflecting a decline of approximately 48%[42]. - Jin Ke Real Estate Group's subsidiary, Chongqing Jinke Jingyi, reported a revenue of 22,000 million in January 2021, which decreased to 17,930 million by May 2021, indicating a decline of about 18.6%[43]. - The company has ongoing projects with various subsidiaries, including a significant project in Hunan with a revenue of 75,000 million reported in January 2023[43]. Debt and Financial Obligations - The company has a total of 291.36 million yuan in liabilities with a maturity of 1.5 years[46]. - The company has secured a loan of 36 million yuan with a maturity of 1.5 years, backed by guarantees and mortgages[46]. - The company reported a total of 64.8 million yuan in liabilities with a maturity of 3.5 years[46]. - The company has a total of 22.97 million yuan in liabilities with a maturity of 3.5 years[46]. - The company has a total of 15 million yuan in liabilities with a maturity of 2 years[46]. - The company has a total of 78.1 million yuan in liabilities with a maturity of 2 years[46]. - The company has a total of 60 million yuan in liabilities with a maturity of 1.2 years[46]. - The company has significant financial guarantees and collateral agreements in place, with amounts such as 25,500,000 CNY and 120,000,000 CNY for different related parties[31]. - The company has a total of 12,000,000 CNY in financial obligations with Chongqing Jinnansheng Tang Real Estate Development Co., Ltd., due in 1.5 years[31]. - The company has a total of 9,916,000 CNY in financial obligations with Chongqing Meichen Real Estate Development Co., Ltd., due in 1 year[31]. - The company has a total of 13,500,000 CNY in financial obligations with Yidu Jiaotou Jinwei Real Estate Development Co., Ltd., due in 1.5 years[31]. - The company has reported a guarantee balance of 9.63 billion RMB related to a subsidiary undergoing bankruptcy restructuring, posing a risk of liability to creditors[65]. - The company has a total financial guarantee of 40,000 million with a pledge for the period ending September 2, 2021[59]. - The company has secured a total of 125,000 million in pledges and guarantees, with a notable 100,000 million pledged for a duration of 4 years[61]. - The company has pledged various project equity rights as collateral for H0 Jinke 02 and H0 Jinke 04 bonds, including 100% rights for several projects[174]. - The company has pledged 51% equity interest in the Beijing Pinggu Lingxiu project, 100% in the Shunde Jinke City project, 50% in the Fuzhou Jiadi Plaza project, 100% in the Tianjin Jinke Jimei Tiancheng project, and 100% in the Wudang Xuhui Jinke Future No.1 project as collateral for various bonds[183]. Share Buyback and Equity Transactions - The company has committed to repurchasing shares with a total amount not less than 500 million RMB and not exceeding 1 billion RMB, with a maximum repurchase price of 7.90 RMB per share[17]. - The company has reported a total of 4,269,790 shares repurchased during the buyback period, with a total transaction amount of approximately 189.98 million RMB[17]. - The company has initiated a share buyback program, with 18 executives and core staff members committing to purchase shares worth between 5 million and 10 million RMB, totaling 142.04 million RMB in share purchases[67]. - The company plans to acquire a 20% stake in Chongqing Hengsheng Daye Construction Technology Group Co., Ltd. from its controlling shareholder through a share issuance[48]. - The company has completed the transfer of equity and debt from three subsidiaries, ensuring no further financial obligations remain towards them[64]. - The total number of shares after the recent changes is 5,339,715,816, with 99.41% being unrestricted shares[91]. - The top 10 unrestricted ordinary shareholders hold a total of 1,078,000,000 shares, with Huang Hongyun holding 468,779,979 shares, accounting for approximately 43.4% of the total[124]. - The company has a total of 1,078,000,000 unrestricted ordinary shares held by the top 10 shareholders, indicating a concentrated ownership structure[124]. Legal and Regulatory Matters - As of the end of August 2023, the total amount involved in litigation and arbitration cases for the company and its subsidiaries reached 39.364 billion RMB, accounting for 316.18% of the company's latest audited net assets[12]. - The company has confirmed that there are no significant contracts that are not being fulfilled during the reporting period[28]. - The company has not engaged in entrusted wealth management during the reporting period[84]. - The company has no outstanding corporate bonds as of the reporting period[103]. - The company has not reported any changes in the actual controller or major shareholders during the reporting period[126]. - The company has not yet completed the audit and evaluation work related to the aforementioned acquisition[48]. - The company has received a notice from Chongqing Duan Heng Construction Engineering Co., Ltd. regarding its application for corporate restructuring due to the company's inability to repay due debts[87]. Liquidity and Financial Challenges - The company has faced a temporary liquidity tightness due to macroeconomic, industry, and credit environment factors[20]. - The company is facing significant liquidity challenges due to a combination of macroeconomic, industry, and financing environment factors, leading to a default on the JINKE PPT N2405 priority note interest payments[192]. - The company is actively managing its debt obligations and has implemented measures to ensure compliance with bondholder agreements[145]. - The company is actively communicating with bondholders regarding the extension matters and will disclose relevant information after the bondholder meetings conclude[194]. - The company is in the process of addressing the cross-default triggers that have arisen from its inability to meet interest payment obligations on its bonds[192]. - The company is committed to maintaining communication with investors and stakeholders regarding its financial status and strategies for overcoming liquidity challenges[194]. Corporate Governance and Management - The company has reported that it has no non-operating fund occupation by controlling shareholders and other related parties during the reporting period[7]. - The company has no violations regarding external guarantees during the reporting period[8]. - The company is actively working to maintain employee rights and enhance lifelong employment capabilities[4]. - The actual controller of the company is Huang Hongyun, who, along with Chongqing Jinke Investment Holding (Group) Co., Ltd., is considered a concerted actor[123]. - The company is actively engaging with bondholders to address default situations and enhance credit support[111]. - The company is undergoing related audits and evaluations for a significant asset restructuring transaction, pending approval from the Shenzhen Stock Exchange[88].