2024.0408

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introduction：涉及本公司的财务义务金额约为15.795亿港元。

** Source| ** Public information

On April 8, Shimao Group's Hong Kong stocks opened lower and moved lower, falling more than 12% at one point. As of press time, they fell nearly 10%.

On the same day, Shimao Group announced on the Hong Kong Stock Exchange that China Construction Bank (Asia) Co., Ltd. filed a petition for liquidation of the company with the High Court of the Hong Kong Special Administrative Region on April 5, 2024, involving financial obligations of approximately HK$1.5795 billion.

Shimao Group stated in the announcement that the company believes that the petition does not represent the common interests of the company's overseas creditors and other relevant parties. In order to protect the interests of its related parties, the company will vigorously oppose the petition and continue to promote overseas debt restructuring to maximize the value of its related parties.

Shimao Group stated that as disclosed in its announcement on March 25, the company has been conducting bona fide reorganization discussions with its overseas creditors and promised to continue to actively communicate with overseas creditors on its overseas reorganization matters. The company encourages all overseas creditors to carefully consider the reorganization plan and support the implementation of the reorganization.

On the evening of March 25, Shimao Group issued an announcement disclosing the terms of overseas debt restructuring. The announcement showed that the reorganization involved the debts of Shimao Group, Shimao Property Holdings (BVI) Limited (property company) and Shimao Investment Holdings Co., Ltd.

According to the restructuring plan, Shimao Group provided creditors with four options: short-term instruments, long-term instruments, mandatory convertible bonds, and a combination of different instruments. Xu Rongmao, the controlling shareholder of Shimao Group, also exchanged outstanding shareholder loans for new long-term notes and mandatory convertible bonds.

According to the 2023 full-year results announcement released by Shimao Group, Shimao Group's turnover in 2023 was approximately RMB 59.464 billion, a decrease of approximately 5.7% from the previous year. Hotel operations, commercial operations, property management and other income was approximately RMB 12.478 billion, a year-on-year decrease of 2.4%. Contract sales were RMB 42.822 billion. The contracted sales area is 2.947 million square meters. Gross profit was approximately RMB 5.848 billion, a year-on-year increase of approximately 10.7%. The gross profit margin was 9.8%. The core business loss attributable to shareholders was approximately RMB 14.508 billion. As of December 31, 2023, the Group's land reserve was approximately 51.05 million square meters (before equity).

The announcement also showed that the board of directors of Shimao Group does not recommend paying dividends for 2023.

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