Core Points - The company Jin Tong Ling announced that its wholly-owned subsidiary, Jiangsu Jin Tong Ling Precision Manufacturing Co., Ltd., is facing bankruptcy liquidation due to unpaid debts to a creditor [2][6][7] - As of June 30, 2025, the subsidiary has a net asset value of -133 million yuan, indicating severe insolvency [2][7] - The subsidiary's financial performance has been poor since its establishment in 2019, with significant losses reported in recent years [3][6] Financial Summary - In the first half of 2023, the subsidiary achieved revenue of only 15.83 million yuan, with a net loss of 7.84 million yuan [7] - For the year 2021, the subsidiary reported a net profit loss of 22.31 million yuan, and losses continued in 2023 and 2024, amounting to -62.51 million yuan and -20.73 million yuan respectively [6][7] - The parent company Jin Tong Ling reported a revenue decline of 48.7% year-on-year, with a net loss of 202.4 million yuan in the first half of the year [8] Legal and Regulatory Issues - The subsidiary's bankruptcy application was accepted by the Nantong Intermediate People's Court due to its inability to pay debts owed to Nantong Shenguang Machinery Manufacturing Co., Ltd. [6][7] - The company has faced legal challenges, including a recent criminal judgment resulting in fines and prison sentences for its former chairman and other executives due to securities fraud [12]
金通灵子公司“摊上事”:资不抵债被债权方申请破产清算 还欠母公司1.56亿元巨款