GOLDEN UNION(603682) 证券时报网·2024-12-02 07:52Core Viewpoint - Jinhe Commercial Management (603682) announced a capital reduction for its 49% owned subsidiary, Nanjing Guangdian Jinhe Investment Management Co., Ltd., from 45 million yuan to 20 million yuan, reflecting ongoing financial difficulties with negative net assets [1][5] Financial Status of Nanjing Jinhe - As of the end of 2023, Nanjing Jinhe's total assets were 430 million yuan, liabilities were 438.7 million yuan, and net assets were -8.665 million yuan [1] - By September 30, 2024, Nanjing Jinhe's liabilities were 427 million yuan, with net assets at -4.5802 million yuan [1] - Nanjing Jinhe has reported negative net assets for several years, with figures of -25.7637 million yuan and -13.2833 million yuan at the end of 2021 and 2022, respectively [1] Investment and Financial History - Jinhe Commercial Management's initial investment in Nanjing Jinhe was 22.05 million yuan, with investment income fluctuating from -3.6139 million yuan in 2016 to 7.6047 million yuan in the first nine months of 2019 [2] - Nanjing Jinhe had a loan of 90 million yuan from China Construction Bank, which was guaranteed by its joint venture partners [2] - Jinhe Commercial Management provided a 49% counter-guarantee for the loan, with outstanding loan balances decreasing from 89 million yuan in 2016 to 42 million yuan by September 2019 [2] Changes in Financial Reporting - In 2021, Nanjing Jinhe's financial situation deteriorated, attributed to the implementation of new accounting standards that adjusted retained earnings negatively by 86.9542 million yuan, leading to negative equity [3] - The significant change in Nanjing Jinhe's financial performance occurred in the year following Jinhe Commercial Management's IPO in April 2020 [4] Reason for Capital Reduction - The capital reduction is aimed at improving capital efficiency and reducing operational scale [5]