South China City (01668) plummeted nearly 37% on February 14. Since then, it has rebounded continuously for 3 days, rebounding more than 50% in early trading today. As of press release, it rose 44.44% to HK$0.221, with a turnover of HK$147.254 million.
The Zhitong Finance App learned that South China City (01668) plummeted by nearly 37% on February 14. Since then, it has rebounded continuously for 3 days, rebounding more than 50% in early trading today. As of press release, it rose 44.44% to HK$0.221, with a turnover of HK$147.254 million.
According to the news, South China City previously issued a warning saying that due to increasingly tight liquidity, it may not pay mandatory redemptions and interest on the 2 maturing US dollar notes. According to the company, the above default may trigger default events under other debts, which in turn will result in failure to fulfill payment obligations under outstanding debts, thereby causing significant adverse effects on business, operations and financial conditions, including the possibility of bankruptcy or other forms of restructuring.
Notably, South China City previously announced that it plans to sell 30.6472% of the shares of Xi'an Huanan City Co., Ltd. through public tenders (which can be adjusted to 38.6988%). Huanan City staff said that matters relating to the listing of shares in Xi'an Huanan City are tentatively scheduled until February 19. In addition to Xi'an Huanan City shares, Huanan City also listed 50% of Shenzhen First Asia Pacific Property Management Co., Ltd. before the Spring Festival. The starting and ending time was 17:00 on February 5 to 17:00 on February 19.