Zhitong Financial APP News, 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 reorganization to the Hunan Provincial people's Court of the people's Republic of China.
The Board is of the view that by submitting an application to the court, subject to the approval of the court, the subsidiary will be given a platform to restructure its existing debts with the relevant creditors.