SHIMAO GROUP (00813.HK): Default Triggered as 60-Day Petition Period Expires

NewTimeSpace News: On 26 October 2026, Shimao Group Holdings Limited (stock code: 813) provided an update on the winding-up petition filed by Guotong Trust Co., Ltd. As at the date of the announcement, the affected debt instruments issued or assumed by the Company as part of its offshore debt restructuring (short-term notes, short-term loans, Series A, B and C long-term notes, long-term loans and Long-Term Note B) had an aggregate outstanding principal of approximately US$9,068,154,524, including short-term loans of US$770,997,665 and long-term loans of US$1,268,807,997.

Under the applicable terms of the affected instruments, as the petition had not been withdrawn or stayed within 60 consecutive days from service on 27 August 2026, that period expired on 25 October 2026 and an event of default occurred under each affected instrument; the outstanding principal, premium (if any) and accrued and unpaid interest automatically became immediately due and payable.

The Company warned that the events of default and the resulting acceleration could have a material adverse effect on its financial position. As at the date of the announcement, it had not received any notice or demand for immediate repayment of the affected instruments; it intends to vigorously oppose the petition and is seeking legal and financial advice on its impact and response, and will announce any material developments in due course.

The Company also reminded holders that transfers of its shares may be restricted, as HK Clear may at any time, without notice, exercise its powers to suspend any of its services in respect of the shares, including accepting deposits of share certificates into the Central Clearing and Settlement System.