JLGF(SZ:000712) 券商中国·2025-10-10 14:32Core Viewpoint - The article discusses the upcoming judicial auctions of shares held by Dongguan New Century Science and Education Development Co., Ltd. in Jinlong Co., indicating significant financial distress and potential investment risks associated with the company [2][3]. Auction Details - New Century Company will auction 13.5 million shares of Jinlong Co. on October 27, with a starting price of 136 million yuan [2][3]. - This auction follows another auction of 30 million shares scheduled for October 12, with a starting price of 314 million yuan [2][3]. - The shares are divided into multiple lots, with individual lots ranging from 3 million to 4.5 million shares, affecting the attractiveness of the auctions [3][4]. Price Comparison - The starting price for the October 12 auction is higher than that for the October 27 auction, indicating a potential decrease in demand and increased risk of unsold shares [4]. - The average price drop in the brokerage sector from September 1 to October 9 was 2.72%, while Jinlong Co. experienced a decline of approximately 6% during the same period [4]. Financial Distress - New Century Company is facing financial difficulties, with shares frozen by the Chongqing Intermediate People's Court due to a failure to repay debts related to a financing agreement [4]. - The company has multiple ongoing legal cases, including a significant execution case with a claim amount of 656 million yuan [7]. Pledge and Financing Situation - New Century Company has recently engaged in share pledges, including a release of 9.5 million shares and a new pledge of 10 million shares to an individual [6]. - A substantial portion of the shares held by New Century Company is pledged, with 276 million shares due within six months and 294 million shares due within a year, indicating a high level of financial leverage [6].