The evening of May 27th，Zhonghong Holdings Co., Ltd. (hereinafter referred to as "Zhonghong Holdings") issued an announcement，Because Zhonghong Group failed to reach an agreement with relevant creditors on debt repayment arrangements and the restructuring matter，And obtain creditor’s consent，Therefore, the prerequisites for the reorganization specified in the "Strategic Reorganization Agreement" cannot be realized，Applying to Harbor Bridge Investment via Zhonghong Group，Zhonghong Group、Mr. Wang Yonghong and Hong Kong Bridge Investment have reached consensus through consultation，Agree to terminate this restructuring matter。

This means that Zhonghong’s restructuring plan ultimately ended in failure，This is undoubtedly another heavy blow to Zhonghong Co., Ltd. which is deeply troubled by internal and external troubles。According to previous announcement，Zhonghong shares are very 188bet app download tight on funds、Operation faces difficulties，Emergency solvency。In order to get out of the current predicament，Zhonghong Shares stated in reply to the Shenzhen Stock Exchange’s inquiry letter，Actively promoting the reorganization process，Accelerate the sale of assets and the collection of accounts receivable。

The crisis pressing on Zhonghong shares is not just as simple as capital and debt，In fact，Coming this year，The negative news has never stopped: the controlling shareholder’s shares have been frozen pending judicial proceedings、Hainan Ruyi Island project construction suspended、The annual report was issued with a qualified audit report...

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According to the 2017 annual report recently released by Zhonghong Co., Ltd.，The net profit and loss of Zhonghong Co., Ltd. attributable to shareholders of listed companies is -25.1.1 billion yuan，1699 year-on-year decrease.01%；Total operating income 10.1.6 billion yuan，Decrease of 77% year-on-year.18%。

First quarter of this year，Zhonghong shares are still losing money。First quarter report display，The company achieved operating income of 11.5 billion yuan，19 year-on-year increase.36%，Net profit is loss 3.1.5 billion yuan，Down 36.21 times。

Debt crisis caused by aggressive expansion

With 188bet app download media statistics，In the past 10 years，Zhonghong has made as many as 40 actions in equity investment and mergers，Such a wanton “expansion of territory” has laid the hidden danger of a capital chain crisis for Zhonghong Shares。

December 2017，News came out that Zhejiang Xinqi World Film and Television Culture Investment Co., Ltd., a subsidiary of Zhonghong Co., Ltd., defaulted on debt interest，Became the trigger for the debt crisis of Zhonghong Shares。Afterwards，Zhonghong shares began to be involved in debt crisis，The capital chain problem is getting more serious。May 8, 2018，Zhonghong Co., Ltd. announced，As of the end of 2017，Company loan balance 283.3.6 billion yuan。The company’s cumulative new borrowings in 2017 were 103.6.8 billion yuan，Exceeds the net worth at the end of 2016。

Unfavorable transformation, multiple projects blocked

Zhonghong Co., Ltd. took the lead in transformation in the industry very early，From real estate sector to tourism real estate，But its transformation journey is not going smoothly either，Many planned tourism real estate projects have been blocked。

Hainan Province has implemented a “double suspension” (suspension of construction) on illegal and illegal projects since January 2018、Closed)，Zhonghong Co., Ltd.’s Haikou Ruyi Island project is among them。

Another project in Hainan that is regarded as a “life-saving straw” by Zhonghong Co., Ltd. – the Banshan Peninsula Project，Because the land-related procedures involved cannot be completed on time，In addition, the underlying asset pledge has not yet been released，It was also announced that the acquisition failed。

Encountered several "serious losses" in succession，Reorganization is regarded by the outside world as the "life-saving straw" of Zhonghong Shares。The failure of this restructuring plan undoubtedly adds greater uncertainty to the future of Zhonghong Shares。However，People from Zhonghong Holdings previously told the media，If this reorganization is terminated，The company will continue to seek new restructuring，Through restructuring to get the company out of trouble as soon as possible。