ChinaNet Finance, September 10: Borrowing media feedbackJinke Co., Ltd.Performance reviews in recent years: From “one of the four kings of Chongqing” to the “dark horse” of the rapidly expanding real estate industry across the country, behind Jinke's seemingly perfect growth curve is more dangerous and helpless.
China.com Finance learned that in the first half of this year, Jinke's total debt was 308.195 billion yuan, an increase of 35.11% over the previous year; the balance ratio reached 83.92%, an increase of 0.06 percentage points over the previous year; the net debt ratio reached 124.62%.
Now, due to business needs, Jinke Co., Ltd. issued an announcement today stating that it has recently received a notice from Chongqing Jinke Investment Holdings (Group) Co., Ltd., the company's shareholder.Gold familyHoldings andCITIC SecuritiesWe have handled a stock pledge repurchase business.
According to the announcement, Jinke Holdings has pledged 22,600,000 shares, accounting for 2.98% of the shares it holds in Jinke shares and 0.42% of the share capital of Jindi shares. The starting date of the pledge is September 7, 2020, and the expiration date is September 7, 2021.
As of the disclosure date of the announcement, Jinke Holdings and co-actors Mr. Huang Hongyun, Ms. Tao Hongxia, and Ms. Huang Sishi held a total of 866.864,300 shares, accounting for 54.13% of their shares and 16.23% of Jindi's share capital.
According to the announcement, the total number of pledged shares of the controlling shareholders and their co-actors due within the next six months is 243.7 million shares, accounting for 15.22% of the shares held by them, accounting for 4.56% of the company's total share capital, and the corresponding financing balance of 1,149 billion yuan;
The cumulative number of pledged shares maturing within the next year (including those maturing within the half-year period mentioned above) is 49,51943 million shares, accounting for 30.92% of the shares held, 9.27% of the company's total share capital, and the corresponding financing balance is 2,029 billion yuan.
According to the announcement, the main sources of repayment funds for Jinke Holdings and its co-actors after the stock pledge are business repayments, dividends, investment income, other income, etc., and their credit conditions are good, they have the ability to repay funds, and the risk of pledged shares is manageable.
The decline in inventory prices devoured profits, and inventories continued to surge by nearly 20 billion yuan in the first half of the year
According to the above mid-term data of Jinke Co., Ltd., it cannot be said that financial pressure continues to increase. On the other hand, it can be seen that the inventory of Jinke Co., Ltd. has been growing year by year in recent years. According to Wande data, in 2017-2019, the company's inventory showed a rapid upward trend, amounting to 107.22 billion yuan, 160.83 billion yuan, and 214.24 billion yuan respectively. At the beginning of this year, Jinke Co., Ltd. prepared 981 million yuan to reduce inventory prices for nine projects, which directly led to a decrease of 956 million yuan in the company's net profit to mother.
According to China.com's financial inquiry, according to the interim data of Jinke Co., Ltd., at the end of the period, the company's inventory was 233.884 billion yuan, accounting for 63.69% of total assets, and the in-store inventory increased by 19.644 billion yuan in half a year.
It is worth noting that the debt level of Jinke Co., Ltd. continues to rise, making it difficult for book funds to cover short-term debt. Data show that in the first half of this year, Jinke's total debt was 308.195 billion yuan, an increase of 35.11% over the previous year; the balance ratio reached 83.92%, an increase of 0.06 percentage points over the previous year; and the net debt ratio reached 124.62%.
(China Net Financial Comprehensive Text/Ge Liang)