JLGF(SZ:000712) 券商中国·2025-05-20 05:37Core Viewpoint - Jinlong Co., Ltd. has decided to terminate the sale of its stake in Zhongshan Securities to avoid the risk of becoming a company with no specific operating business after the sale [2][4]. Group 1: Termination of Sale - On May 19, Jinlong Co., Ltd. announced the termination of the planned sale of its Zhongshan Securities stake, citing regulatory requirements that aim to enhance the company's sustainable operating capacity [4]. - The company's current main business is solely in the securities sector, and selling both Zhongshan Securities and Dongguan Securities would leave it without a core business [4]. - The announcement led to a slight decline in the company's stock price, which fell by 2.9% to 12.72 yuan per share by midday [2]. Group 2: Business Transformation Plans - Jinlong Co., Ltd. has been planning to exit the financial sector and focus on the real economy, specifically through investments in the intelligent computing center sector [6]. - The company signed a cooperation agreement in April 2024 to establish a project company for the construction and operation of intelligent computing centers in Guangdong [6]. - Despite these plans, there has been no significant progress reported on the intelligent computing center project, and the company has not provided further updates in its 2024 annual report [7]. Group 3: Financial Challenges - Jinlong Co., Ltd. is facing significant financial challenges, with a reported debt ratio of 81.09%, an increase of 3.92 percentage points year-on-year [9]. - The total liabilities of the company amount to 19.196 billion yuan, including short-term loans of 1.646 billion yuan and long-term loans of 4.272 billion yuan [9]. - The company is actively seeking to reduce its debt ratio and optimize its financial structure by pursuing the sale of Dongguan Securities [10].