JIU RONG HOLD(02358.HK): Supplementary Disclosure of Remaining Mortgaged Assets under Litigation of RMB134 Million, Insufficient to Cover Outstanding Loan Principal
NewTimeSpace News: Jiu Rong Holdings Limited (02358.HK) released a supplementary announcement disclosing details of remaining mortgaged assets involved in litigation. As at 30 June 2025, the aggregate book value of remaining mortgaged assets stood at approximately RMB134 million, including new energy charging station assets worth about RMB40.22 million and accounts receivable from Banco Nacional de Cuba of roughly RMB93.63 million. After offsetting approximately RMB42 million via assignment of claims, the outstanding loan principal amounted to around RMB188 million, and the book value of mortgaged assets is insufficient to cover the residual principal.
NewTimeSpace News: Jiu Rong Holdings Limited (02358.HK) issued a supplementary announcement on 3 August 2026, providing further information regarding the latest progress of enforcement and settlement of litigation.
The announcement stated that excluding 11 new energy public transport charging stations covered under the enforcement settlement agreement, the remaining mortgaged assets consist of new energy charging station assets and facilities with a book value of approximately RMB40.22 million, accounts receivable from Zhejiang Songdu Supply Chain Management Co., Ltd. (fully provided for impairment), and accounts receivable from Banco Nacional de Cuba, converted at the EUR/CNY exchange rate of 8.4024 to roughly RMB93.63 million. As at 30 June 2025, the aggregate book value of remaining mortgaged assets was approximately RMB134 million.
After taking into account the offset of about RMB42 million through assignment of claims under the enforcement settlement agreement, the outstanding loan principal stood at approximately RMB188 million. The book value of mortgaged assets cannot cover the outstanding loan principal. Negotiations on the repayment plan for the residual loan are still underway with Xihu Electronics.
The Board believes that the enforcement settlement arrangement will help the Group ease partial debt pressure and optimise its debt structure, and will not exert material adverse impacts on the Group’s financial position and daily business operations.
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