May 14，Zhonghong Holdings Co., Ltd. issued an announcement，ZHURONG GLOBAL LIMITED, its indirectly held overseas wholly-owned subsidiary (Chinese name "ZHURONG GLOBAL LIMITED")，Due to failure to repay the loan in advance as required，Ascent International Holdings Limited, a Hong Kong listed company held by Zhurong Global (stock code 00264，Chinese abbreviation "Zhongxi International") shares 229,948,000 shares were sold at HKD 3.Sold for 4.1 billion 188bet online casino games。

According to Guandian Real Estate New Media View，October 28, 2016，Due to daily operational needs of Zhurong Global，Borrowing money from Minxin Finance (later renamed "Maochen Resources Finance Co., Ltd.") 3.HK0 million，The loan period is 12 months。The loan was extended after it expired，The final repayment date is October 28, 2018。Zhonghong Co., Ltd. provides continuous and unconditional joint liability guarantee for this loan。

Many debt defaults have occurred because Zhonghong Co., Ltd. acted as a guarantor，Gumaochen Resources Finance Co., Ltd. requires early repayment，And repay all loans before 12:00 on May 8, 2018。

Announcement pointed out，Zhurong Global borrowed principal from Minxin Finance for HKD3.200 million 188bet online casino games，The accrued and unpaid interest from January to April 2018 is HKD 0.1.6 billion 188bet online casino games。The sale amount of Zhongxi International equity held by Zhurong Global is HKD3.4.1 billion 188bet online casino games，After repaying the principal and interest of the above loan，The remaining funds are HKD 448.040,000 188bet online casino games (excluding interest and related transaction fees and taxes from May 1 to 10, 2018)，The book balance of Zhonghong's short-term borrowings decreased by HK.200 million 188bet online casino games。

The carrying amount of Zhonghong’s equity investment in Zhongxi International is RMB 3.7.4 billion 188bet online casino games，The sale amount of Zhongxi International equity held by Zhurong Global is HKD3.4.1 billion 188bet online casino games (equivalent to RMB 2 based on the exchange rate of the day.7.7 billion 188bet online casino games),The investment loss caused is RMB 0.9.2 billion 188bet online casino games (excluding interest and related transaction fees and taxes from May 1 to 10, 2018)。

*Source of this article: Guandian Real Estate Network,Original title: "Zhonghong Co., Ltd.’s subsidiary’s equity was sold due to debt default，Estimated loss 0.9.2 billion》.