Hainan Development Holding Subsidiary's Bankruptcy Liquidation Accepted by Court

Regulation
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The bankruptcy liquidation application of Hainan Development Holding's subsidiary, Sanxin Huizhou Curtain Wall Products Company, has been accepted by the court, and the administrator has officially taken over. Recently, the administrator completed the handover procedures for the company seal and business license. After the Curtain Wall Products Company was taken over, the company lost control over it and it will no longer be included in the consolidated financial statements. Creditors should file their claims with the administrator by July 24, 2026, and the first creditors' meeting will be held on August 6, 2026. The company and its wholly-owned subsidiary, Haikong Special Glass, will file claims in accordance with regulations, but the final bankruptcy liquidation plan remains uncertain, and the specific impact will only be determined once the plan is finalized. In addition, the company and its controlled subsidiaries have accumulated litigation and arbitration amounts totaling 94.2578 million yuan over the past twelve consecutive months, accounting for 15.75% of the absolute value of the company's latest audited net assets. Among these, the amount for cases where the company is the plaintiff is 89.3109 million yuan, and the amount for cases where the company is the defendant is 4.9469 million yuan.

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Guangdong Haikong Special Glass Technology Co., Ltd. (广东海控特种玻璃技术有限公司)Private▼ Negative
Regulationrelevance

Wholly-owned subsidiary Haikong Special Glass must file claims in bankruptcy proceedings, with uncertain financial impact.

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