Sou Hu Cai Jing·2025-09-18 02:53Core Viewpoint - Nantong Sanjian is facing severe financial difficulties due to debts owed by Evergrande, amounting to approximately 36 billion yuan, leading to overdue debts exceeding 7.4 billion yuan. Despite these challenges, the company was awarded the Gold Medal Construction Enterprise by the local government earlier this year, indicating that it has not yet collapsed [2][28]. Group 1: Financial Situation - Nantong Sanjian has been struggling with a liquidity crisis since 2020, primarily due to Evergrande's outstanding payments, which have become a significant trigger for its financial troubles [17]. - As of March 2023, Nantong Sanjian's overdue interest-bearing debts totaled 7.416 billion yuan, representing -2736.53% of its net assets for 2024 [20]. - The company has been involved in thousands of lawsuits, with over 1,200 final cases involving unpaid amounts exceeding 3.9 billion yuan [6]. Group 2: Asset Liquidation - Nantong Sanjian's subsidiary, Sanjian Holdings, is currently auctioning off its entire stake in Jingyi Co., which amounts to approximately 30% of the company's total shares, with a market value of around 800 million yuan [10][7]. - The auction has garnered significant attention, with over 300 interested parties and more than 57,000 views on the auction platform [10]. - The loss of control over Jingyi Co. is a significant blow to Nantong Sanjian, which has been in debt restructuring for over three years [14]. Group 3: Historical Context and Relationships - Nantong Sanjian was once a prominent player in the construction industry, having participated in major projects like the Beijing Olympic venues and the Shanghai Jin Mao Tower [22]. - The company had a close relationship with Evergrande, being recognized as a strategic partner, which initially helped it thrive during the real estate boom [15][16]. - However, as Evergrande's financial issues escalated, Nantong Sanjian's fortunes declined, leading to a series of debt defaults and asset sales [19][28].