According to the Zhitong Finance App, Jinao International (00009) issued an announcement that the company's indirect wholly-owned subsidiaries, Hunan Jiuhua Oriental Hotel Co., Ltd. (Hunan Jiuhua Oriental Hotel) and Hunan Jiuhua International New Town Development and Construction Co., Ltd. (Hunan Jiuhua International), recently received the “Civil Ruling” issued by the People's Court of Yuhu District (Hunan Court) of Xiangtan City, Hunan Province (Hunan Court) (2022) Xiang 0302 Minchu No. 2878.

According to the civil ruling, the Hunan court allowed the Xiangtan Xiangjiang Branch of Industrial and Commercial Bank of China Co., Ltd. (ICBC) (as the applicant) to apply for property preservation of Hunan Jiuhua Oriental Hotel, Hunan Jiuhua International, and Qian Lingling, Chairman of the Board and Executive Director, and ruled that Hunan Jiuhua Oriental Hotel, Hunan Jiuhua International, and Qian Lingling's bank deposits of RMB 56.4815 million or seize and seize other property of equal value.