Core Points - The announcement of a bounty for information on the assets of Nantong Sanjian and its executives highlights the severe impact of the industry adjustment cycle on the company [1][8] - Nantong Sanjian is facing a civil judgment of 253.5 million yuan due to non-compliance with legal obligations [2][4] - The company has reported a significant decline in revenue and is currently in a negative net asset position [5][6] Company Overview - Nantong Sanjian was once a leading player in the construction industry, with annual revenues exceeding 100 billion yuan and notable projects including the Oriental Pearl Tower and Shanghai Tower [5] - As of the first half of this year, the company's revenue was only 9.5 million yuan, with a net loss of 1.7 million yuan [5] - The company has outstanding debts totaling approximately 1.949 billion yuan, including both domestic and offshore bonds [5][6] Legal and Financial Issues - The Qingdao Intermediate People's Court has issued a bounty of up to 25 million yuan for information leading to the recovery of Nantong Sanjian's assets [4][8] - Nantong Sanjian has been involved in numerous legal disputes, with 422 records of being an untrustworthy executor amounting to 1.063 billion yuan [6] - The chairman, Huang Yuhui, is also facing personal financial difficulties, with multiple execution records totaling 581 million yuan [6] Industry Context - The bounty system for asset recovery is becoming more common in the real estate sector, reflecting the challenges courts face in executing judgments against companies with complex asset structures [7][8] - Other courts have also issued similar bounties for different real estate companies, indicating a broader trend in the industry [7][8]