The Zhitong Finance App learned that South China City (01668) continued to fall by nearly 7%, and fell sharply by more than 47% yesterday. As of press release, it decreased by 6.72% to HK$0.125, with a turnover of HK$1.193,200.
According to the news, South China City recently announced that due to increasingly tight liquidity, it is not expected to pay the mandatory redemption amount due on the October 2024 note on February 9, 2024, which will result in a default incident on the 2024 October bill. At the same time, Huanan City also does not expect to pay interest on the April 2024 note due on February 12, 2024. Failure to pay this interest before March 13, 2024 will cause the April 2024 bill to default, and as a result, the company will not be able to fulfill its payment obligations under the outstanding debt , thereby causing significant adverse effects on the company's business, operation and financial position, including the possibility of bankruptcy or other forms of restructuring.