According to the Zhitong Finance App, Jinao International (00009) announced that Hunan Jiuhua International New Town Development and Construction Co., Ltd., an indirect wholly-owned subsidiary of the company, intends to submit an application for judicial restructuring to the Hunan Provincial People's Court of the People's Republic of China.

The Board believes that by submitting an application to the court, if approved by the court, the subsidiary will be able to obtain the platform and relevant creditors to restructure its existing debts.