恒大商票变“废纸”，昔日江苏建筑老大被悬赏1年

Core Viewpoint - Jiangsu Nantong Sanjian Group Co., Ltd. is facing severe financial difficulties, including court-ordered asset bounty due to unpaid debts totaling approximately 254 million yuan, linked to the company's significant exposure to Evergrande's financial crisis [4][6][8]. Group 1: Legal and Financial Issues - Nantong Sanjian has been publicly sought by courts for asset leads due to failure to fulfill a civil judgment amounting to about 254 million yuan [4][8]. - The company has previously faced similar legal actions, including a bounty of up to 650,000 yuan earlier this year for unpaid obligations [5][9]. - As of mid-2025, Nantong Sanjian reported accounts receivable of 6.726 billion yuan, with a provision for bad debts of 3.738 billion yuan, primarily due to 3.739 billion yuan owed by Evergrande, leading to an 80% bad debt provision [21][22]. Group 2: Corporate Performance and Debt - The company reported a net loss of 18 million yuan in the first three quarters of the year, a 48.02% decline year-on-year, with revenues dropping by 67.79% to 10.4 million yuan [25]. - As of June 30, 2025, Nantong Sanjian's total liabilities included overdue short-term loans of 2.538 billion yuan, with cash reserves decreasing by 20.03% to 63.32 million yuan [16][17]. - The company is in a state of negative equity, with total equity attributable to shareholders at -284.7 million yuan [15]. Group 3: Leadership and Strategic Direction - Huang Yuhui, the chairman, has been personally affected by the company's financial troubles, being listed as a dishonest executor multiple times due to the company's debts [27][32]. - Despite the challenges, the company is actively seeking government support and investment from state-owned enterprises to stabilize its operations and is focusing on opportunities in the new energy construction sector [33][34].