Jinke Property Group announces significant ownership change after debt restructuring

Jinke Property Group announced a change in its controlling shareholder and actual controller following a court-approved restructuring plan. Shanghai Pinqi Management Consulting Co., Ltd. (Shanghai Pinqi) and Beijing Tianjiao Green Garden Real Estate Development Co., Ltd. (Beijing Tianjiao), forming the Shanghai Pinqi Consortium, became the largest shareholders. The consortium's designated entities, Jingyu Xingzhu (Qingdao) Enterprise Management Partnership and Jingyu Xingcan (Qingdao) Enterprise Management Partnership, will collectively hold 993,000,000 shares, representing 9.34% of the enlarged share capital. This equity transfer results from the conversion of capital reserves, with shares allotted at 0.63 yuan per share for industrial investors and 1.04 yuan per share for financial investors. The restructuring aims to optimize Jinke’s capital structure and improve its operational efficiency.

The board will see a new composition, with the new controlling shareholder nominating seven directors, including independent directors. The chairman will be appointed from these nominees. Shareholders also received an update on the company’s ongoing delisting risk warnings due to negative net assets and continuous losses.

Jingyu Xingzhu and Jingyu Xingcan, established on 2024-12-18, are new investment vehicles created by the Shanghai Pinqi Consortium for this restructuring. Both entities share Shanghai Pinqi as their executive partner, making them related parties and acting in concert. Neither Jingyu Xingzhu nor Jingyu Xingcan has external investments or a track record of operations.