South China City (01668) fell again in early trading. As of press release, it was down 5.26% to HK$0.162, with a turnover of HK$12.4067 million.
The Zhitong Finance App learned that South China City (01668) fell again in early trading. As of press release, it fell 5.26% to HK$0.162, with a turnover of HK$12.4067 million.
According to the news, South China City previously issued a warning saying that due to increasingly tight liquidity, it is expected that the April and October 2024 notes will default. 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.
Shenzhen Tefa Group announced that after verification by the company, the mandatory redemption amount due on February 9, 2024 on the Huanan City October 2024 note and interest on the April 2024 note due on February 12, 2024 have not been paid. The company attaches great importance to South China City's current overseas bill default, and will continue to keep in touch with South China City. If there is any update, it will promptly announce it. Currently, the company's operating conditions are normal, and it is expected that this incident will have no impact on the payment of the company's surviving bonds.