Trivia | The proposals of the first creditors' meeting of Jinke's judicial reorganization were passed; Dongfang selection anchor Dong Yuhui resigned

Minmetals Land was awarded two revolving loan facilities with a total amount of RMB3.3 billion

On 25 July, Minmetals Land Limited disclosed that it had obtained two revolving credit facilities totalling RMB3.3 billion in accordance with Rule 13.18 of the Listing Rules of the Hong Kong Stock Exchange.

Minmetals Land announced on 25 July 2024 that it has secured a revolving loan facility of up to RMB1.5 billion. The loan has no fixed tenor and will be reviewed regularly by the bank.

Another announcement from Minmetals Land shows that it has obtained a revolving loan line of RMB1.8 billion. The loan has no fixed tenor and will be reviewed regularly by the bank.

Both loans require China Minmetals Corporation ("China Minmetals"), the controlling shareholder of Minmetals Land, to maintain its shareholding in Minmetals Properties by holding at least 51% of the equity interest and having management rights. In the event of a breach of the above conditions, the Bank has the right to require Minmetals Land to repay the loan amount in full.

As at the date of the announcement, China Minmetals held approximately 61.88% of the issued share capital of Minmetals Land, which met the holding ratio stipulated in the financing conditions. Minmetals Land is committed to making continuous disclosures in accordance with Rule 13.21 of the Listing Rules to ensure transparency and timeliness of information.

Guangzhou R&F Properties' RMB1.95 billion bond is scheduled to be repaid in the first installment

On July 25, Guangzhou R&F Properties Co., Ltd. announced that its 2016 corporate bonds (Phase III) (Variety 1) will be repaid in the first installment in 2024. The bond code involved in this repayment is 136360, the bond name is H16 R&F 4, and the issuer is Guangzhou R&F Properties Co., Ltd.

The interest-bearing period of the amortization is from September 16, 2023 to July 28, 2024, and the coupon rate remains at 6.70%. According to the announcement, the redemption amount is 0.3046 yuan per bond, including the principal of 0.28 yuan and the interest of 0.0246 yuan. The registration date of the debt is set for July 26, 2024, when China Merchants Securities Co., Ltd., as the trustee, will entrust China Securities Depository and Clearing Co., Ltd. Shanghai Branch to redeem the bonds and redeem interest.

After this instalment, the face value of the bonds will be reduced according to the principal amount repaid. The specific calculation method is as follows: after the installment repayment to the next installment payment, the face value of the bond is 100 yuan minus the repaid principal amount. The announcement also mentions the small-amount payment arrangement, that is, 5‰ of the redemption base and the interest payable, which will be paid in two installments, the first payment of 3‰ and the second payment of 2‰.

In terms of taxation, individual investors are subject to 20% interest income tax, while non-resident enterprises are temporarily exempt from corporate income tax and VAT until 31 December 2025. The bond size of the amortization is RMB1.95 billion, the balance of the bond is RMB1.698 billion, the original maturity of the bond is 6 years, which is later adjusted to 9.45 years, and the maturity date is September 16, 2025.

Guangzhou R&F Properties Co., Ltd., as the issuer, participated in the amortization of the bonds together with China Merchants Securities Co., Ltd. and China Securities Depository and Clearing Co., Ltd. Shanghai Branch.

Jinke shares: The proposals of the first creditors' meeting of judicial reorganization were voted and passed by creditors

On the morning of July 25, the first creditors' meeting was held for the judicial reorganization of Jinke shares, at which the administrator notified the audit, evaluation and declaration of assets and liabilities of Jinke shares. The "Rules for the Convening and Voting of Off-site and Online Creditors' Meetings" and the "Debtor's Property Management Plan" and other proposals deliberated at the meeting were all voted and approved by creditors.

The chairman of the creditors' meeting made it clear that he would fully support Jinke's reorganization and help the company's operation return to a virtuous circle as soon as possible.

According to the announcement of Jinke shares, a total of 3,321 creditors attended the meeting with voting rights, and the company's creditors voted to adopt the "Rules for the Convening and Voting of Off-site and Online Creditors' Meetings" and "Debtor's Property Management Plan". The bill was passed quickly.

As for the approximate timetable for the subsequent reorganization, at present, the Jinke reorganization manager is openly recruiting and selecting reorganization investors, and the deadline for registration is August 16, and the reorganization investors need to submit an operable Reorganization Investment Plan before September 24 after completing the due diligence; After the deadline for submission of the Reorganization Investment Plan expires, the Manager will determine the final reorganization investors through competitive selection.

During this period, the company will simultaneously carry out negotiations with creditors. After the reorganization investors are determined, the company will improve and optimize the draft reorganization plan on the basis of communication with creditors and strategic investors, and submit it to the second creditors' meeting for deliberation as soon as possible. According to the current work arrangement, the judicial reorganization work is scheduled to be completed in the fourth quarter of 2024.

Jinke stressed that the company's reorganization is not aimed at simply solving the debt problem, but also through judicial reorganization to introduce strong strategic investors with industrial synergies, on the basis of solving debt risks, to bring incremental capital and resource support for the company's future sustainable operation and healthy development.

Zhou Chengyan, an independent non-executive director of China Evergrande, resigned due to personal matters

On 25 July, China Evergrande Group (in liquidation) announced that Mr. Zhou Chengyan, an independent non-executive director, had resigned from all his positions in the company on 31 May 2024, including the chairman and member of the audit committee and a member of the nomination committee, due to handling other personal matters. As a result, the number of independent non-executive directors, members of the audit committee and members of the nomination committee of the Company is below the minimum limit set by the Listing Rules.

According to the Listing Rules of the Hong Kong Stock Exchange, a company is required to have at least three independent non-executive directors, the audit committee should be composed of non-executive directors with at least three members, and the nomination committee should be a majority of independent non-executive directors, who may be the chairman of the board or independent non-executive directors. Mr. Zhou's resignation has clearly had an impact on the company's governance structure.

Currently, the Board of Directors of the Company includes Mr. Xu Jiayin, Mr. Sean , Mr. Shi Junping, Mr. Liu Zhen and Mr. Qian Cheng, executive directors, Mr. Liang Linlin, non-executive director, and Mr. He Qi and Ms. Xie Hongxi, independent non-executive directors.

China Evergrande Group has been suspended since 10:18 a.m. on January 29, 2024 and will continue to suspend trading until further notice.

Oriental selection anchor Dong Yuhui resigned, and Yu Minhong issued an open letter

On July 25, Dongfang Selection announced the resignation of anchor Dong Yuhui.

Yu Minhong, the founder of Oriental Selection, then issued an open letter to express his gratitude to Dong Yuhui for his contribution during his work in the company, and announced that he would reward Dong Yuhui with all the net profits of his peers.

Yu Minhong mentioned in the open letter that in order to express his gratitude to Yuhui, in addition to the full treatment that has been paid, he has implored the board of directors and the remuneration committee to obtain consent to reward all the net profits of his peers with Yuhui.

Dongfang selected 76.5855 million yuan to sell all the shares of Huihui to Dong Yuhui

On July 25, Oriental Selection announced on the Hong Kong Stock Exchange that Dong Yuhui (the buyer), Beijing New Oriental Xuncheng Network Technology Co., Ltd. (the seller) and Hui Tong (Beijing) Technology Co., Ltd. (the target company) entered into a sale agreement.

According to the agreement, the seller agreed to sell 100% of the equity of the target company and the buyer agreed to acquire the company at a consideration of RMB 76,585,500.

The box office (including pre-sale) in the summer of 2024 has exceeded 6.5 billion yuan

On July 25, according to the real-time data of Lighthouse Professional Edition, as of 18:15 today, the total box office (including pre-sale) of the 2024 summer season (June-August) has exceeded 6.5 billion yuan.

Among them, "Catching the Doll", "Silent Killing" and "There is a Commissary in the Clouds" are temporarily among the top three in the box office list.

Great Wall Asset Management established a foreclosure asset revitalization investment center in Suzhou, with a capital investment of 6 billion yuan

On July 25, it was reported that Suzhou Great Wall Auction Asset Revitalization Investment Center (Limited Partnership) was recently established, and the executive partner is Great Wall (Tianjin) Equity Investment Fund Management Co., Ltd., with a capital contribution of 6 billion yuan.

According to the Qichacha APP, the business scope of the investment center includes: asset management services for the investment of its own funds; Engage in investment activities with its own funds. In addition, equity penetration shows that the company is jointly held by China Great Wall Asset Management Co., Ltd. and Great Wall (Tianjin) Equity Investment Fund Management Co., Ltd.

Xiaomi Intelligent Manufacturing Fund increased its capital to 10 billion Lei Jun served as the chairman of the investment decision-making committee

On July 25, Kingsoft announced that the Beijing Xiaomi Intelligent Equity Investment Fund Partnership (Limited Partnership) plan was adjusted, after the adjustment, the total subscribed capital contribution of the fund will increase from 9.03 billion yuan to 10 billion yuan, and the additional subscribed capital contribution of a total of 970 million yuan will be made by certain original limited partners and new limited partners.

Lei Jun is the chairman of the investment decision-making committee, and Xiaomi is the deacon partner, responsible for the specific investment operation and daily operation and management of the fund.