Securities Code: 000838
Securities Abbreviation: *ST Development
Announcement Number: 2026-037
Xin Property Development Group Co., Ltd.
Announcement on Company's Pre-Restructuring and Restructuring Application by Creditor
The Company and all directors of the Board of Directors guarantee that the content of this announcement and the information disclosed by the information disclosure obligor are consistent.
Important Content and Special Risk Warnings:
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Xin Property Development Group Co., Ltd. (hereinafter referred to as the "Company") received a "Letter of Notification" from Chongqing Guijun Construction Engineering Co., Ltd. (hereinafter referred to as "Guijun Construction") on July 6, 2026. Guijun Construction believes that although the Company cannot repay its due debts and is clearly lacking in solvency, it still has certain restructuring value as a listed company, and therefore applied to the Fifth Intermediate People's Court of Chongqing (hereinafter referred to as the "Fifth Intermediate Court") for pre-restructuring and restructuring of the Company.
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On April 24, 2026, the Company disclosed its "2025 Annual Report". According to the audit, the net assets attributable to the parent company at the end of 2025 were -200,131,538.18 yuan. The net profit attributable to ordinary shareholders after deducting non-recurring gains and losses was -634,656,189.56 yuan, and the operating revenue after deduction was 282,155,640.42 yuan. This triggered the provisions of Article 9.3.1 (1) and (2) of the "Shenzhen Stock Exchange Stock Listing Rules", and the Company was subject to a delisting risk warning.
The net profit of the Company in the last three fiscal years, both before and after deducting non-recurring gains and losses, was negative. Furthermore, Tianjian Certified Public Accountants (Special General Partnership) issued an audit report for the Company's 2025 financial report with a paragraph on the material uncertainty related to going concern, which triggered Article 9.8.1 (7) of the "Shenzhen Stock Exchange Stock Listing Rules", and the Company was subject to other risk warnings.
According to the "Shenzhen Stock Exchange Stock Listing Rules", if the court rules to accept the creditor's restructuring application, the Company's stock will be subject to an additional delisting risk warning.
- The Company has been applied for pre-restructuring and restructuring by a creditor, and the court has filed a pre-restructuring case for the Company (see Announcement No. 2026-038). If the court rules to accept the applicant's restructuring application, and the subsequent restructuring procedure is successfully completed, it will help optimize the Company's asset-liability structure and enhance its continuous operating and profitability. If the restructuring fails, the Company will face the risk of being declared bankrupt. If the Company is declared bankrupt, according to the relevant provisions of the "Shenzhen Stock Exchange Stock Listing Rules", the Company's stock will face the risk of termination of listing. Investors are advised to pay attention to investment risks.
I. Overview of the Creditor's Application for Pre-Restructuring and Restructuring
On July 6, 2026, the Company received a "Letter of Notification" from Guijun Construction. Guijun Construction believes that although the Company cannot repay its due debts and is clearly lacking in solvency, it still has certain restructuring value and the possibility of being rescued as a listed company, and therefore applied to the Fifth Intermediate Court for pre-restructuring and restructuring of the Company.