JIA SHUI GROUP WAS APPROVED BY THE BOARD OF DIRECTORS ON 28 MARCH 2024 TO PUBLISH FINANCIAL STATEMENTS AND ANNUAL REPORTS FOR THE YEAR ENDED 31 DECEMBER 2023. The Group is primarily engaged in property development, investment, management, hotel and catering services, cultural centre operations and health services in China. JIA SHUI GROUP LISTED ON THE MAIN BOARD OF THE HONG KONG STOCK EXCHANGE AND RECORDED A NET LOSS OF APPROXIMATELY RMB197 BILLION IN 2023. As of the end of 2023, the Group's current liabilities exceeded current assets by approximately RMB 254 billion. The Group failed to repay certain bank and other loans on time, resulting in total defaults and cross defaults amounting to approximately RMB 1056 billion. The Company has filed a liquidation petition due to the...Show More

JIA SHUI GROUP WAS APPROVED BY THE BOARD OF DIRECTORS ON 28 MARCH 2024 TO PUBLISH FINANCIAL STATEMENTS AND ANNUAL REPORTS FOR THE YEAR ENDED 31 DECEMBER 2023. The Group is primarily engaged in property development, investment, management, hotel and catering services, cultural centre operations and health services in China. JIA SHUI GROUP LISTED ON THE MAIN BOARD OF THE HONG KONG STOCK EXCHANGE AND RECORDED A NET LOSS OF APPROXIMATELY RMB197 BILLION IN 2023. As of the end of 2023, the Group's current liabilities exceeded current assets by approximately RMB 254 billion. The Group failed to repay certain bank and other loans on time, resulting in total defaults and cross defaults amounting to approximately RMB 1056 billion. The Company has filed a liquidation petition due to the failure to repay $10.875% of the principal amount and accrued interest on the $10.875% Notes due 2023. The Group has developed plans to alleviate liquidity pressures, including accelerating property pre-sales and sales, controlling costs and seeking opportunities to sell project development company equity. The financial statements are based on an ongoing business foundation, and the Directors consider this to be appropriate in view of the Group's future cash flow projections and available sources of financing. As of the end of 2023, the Group's investment properties were valued at approximately RMB 90 billion, with significant investments in joint ventures and joint ventures valued at approximately RMB 222 billion and RMB 84 billion, respectively. The Group's properties, plants and equipment are valued at approximately RMB 50 billion after depreciation and amortization losses. The Group's share capital remained unchanged at RMB6.14 billion. The Group's reserves fell sharply from RMB 126 billion to minus RMB 4.78 billion. The Group's total equity decreased from RMB590 billion to RMB77 billion. The Group's cash and cash equivalents decreased from RMB20 billion to RMB9.95 billion. The Board of Directors has not proposed the distribution of dividends for the year ended 31 December 2023. The Group's financial statements are audited by Aubenheimer Limited and have issued unreserved comments on the financial statements.