SHIMAO GROUP (00813.HK): Provides Further Details of Winding-up Petition, Citing Mainland Judgments with Judgment Debts of Approximately RMB 2.5 Billion, Says It Will Oppose the Petition Vigorously
NewTimeSpace News: On 8 September 2026, Shimao Group Holdings Limited (stock code: 00813) published further details regarding the winding-up petition against the company, following its announcement of 27 August 2026. The judgment debts underlying the petition, arising from four judgments made by courts in Mainland China, total approximately RMB 2,497,885,817.
According to the announcement, all four judgments were handed down by the Wuhan Intermediate People's Court of Hubei Province and relate to the company's shortfall make-good obligations under financing trust arrangements. Two judgments dated 19 March 2025 concern Suzhou Kema Enterprise Management Co., Ltd. and Fuzhou Aoshuang Enterprise Management Co., Ltd., both indirect wholly-owned subsidiaries of the company, with the outstanding judgment debts attributable to the company amounting to RMB 616,748,260.15 and RMB 490,474,353.69 respectively. Two further judgments dated 15 May 2025 and 29 April 2024 concern Zhengzhou Fengyi Property Co., Ltd., an indirect non-wholly-owned company of the group, covering outstanding debt balances and liability for default penalties, amounting to RMB 547,515,574.35 and RMB 843,147,628.66 respectively.
The company updated that, under the contractual arrangements leading to the judgments, the petitioner has obtained substantial and valuable security from the principal debtors, including real estate in Mainland China, and has taken enforcement actions in Mainland China seizing additional assets of the principal debtors (together, the secured assets). Any net proceeds realised by the petitioner from the secured assets should be applied to discharge the judgment debts, reducing the outstanding amounts.
The company stated that it is preparing to oppose the petition vigorously before the High Court, and has held and will continue settlement discussions with the petitioner. It noted that repayment of the judgment debts may depend in part on the realisation of secured assets and ongoing negotiations, and that as of the date of this announcement the petition has no material adverse impact on the company's operations and financial position at this stage. The company also reminded holders that share transfers may be restricted as HKSCC may temporarily suspend services relating to the company's shares, and advised caution in dealing in its securities.
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