Jinke Property, executives receive regulatory actions over accounting issues

Jinke Property Group (SZSE:000656) announced that it and related responsible individuals have received administrative regulatory measures from the Chongqing Securities Regulatory Bureau. The issues stem from insufficient inventory write-downs in 2021 due to errors in impairment calculations and inaccurate sales price estimations, leading to misstatements in the company's financial reports. Jinke restated these figures in its 2022 financial report and has conducted comprehensive reviews during its restructuring process. The company emphasizes that these issues will not impact its 2024 financial statements or comparable financial reports. The company will undertake measures to rectify deficiencies in internal controls and financial accounting. Key personnel, including Chairman Zhou Da, President Yang Chengjun, and CFO Song Ke, will be subject to regulatory interviews. Jinke insists these measures will not impede its ongoing restructuring efforts and urges investors to remain rational amid these circumstances.