According to the Zhitong Finance App, Jinao International (00009) issued an announcement that Chengdu Zhongfa Huanghe Industrial Co., Ltd. (Chengdu Zhongfa), an indirect wholly-owned subsidiary of the company, recently received the “Notice” and “Executive Rulings” issued by the People's Court of Jianye District of Nanjing (2023) by the People's Court of Jianye District of Nanjing (2023). According to the announcement and ruling, since the executee in the Zhejiang Chouzhou Commercial Bank lawsuit failed to comply with the court ruling in force, the Nanjing court ruled on an auction, including real estate located at No. 19 Yongling Road, Jinniu District, Chengdu City, Sichuan Province. The immovable property mentioned above was also judicially auctioned through Taobao.

The announcement stated that although the above ruling is dated August 21, 2022, it will not take effect until it is delivered to the company (that is, February 22, 2023). The company is currently in contact and negotiation with creditors to restructure or extend the relevant loans.