Naipu Mining Machinery announced that its property in Shanghai's Qingpu District has been sealed by court order following the bankruptcy of developer Bowan Lanyun, and the company has recognized an asset impairment provision of 13,921,592.65 yuan for the property. The company purchased the property in 2020 for a total price of 75,307,026 yuan, but due to a dispute between Bowan Lanyun and a third party over construction payments, the project was not completed, the property title certificate could not be obtained, and the property was sealed by multiple courts. In November 2024, Bowan Lanyun entered bankruptcy restructuring, and recently the court ruled to terminate the restructuring process and declared it bankrupt. Naipu Mining Machinery stated that it has paid the full purchase price and is actually occupying and using the property, and the administrator will continue to push for project completion to secure title registration. In addition, the company's semi-annual earnings forecast for 2026 released on July 13 shows an estimated net loss attributable to shareholders of 13 million to 10 million yuan, a year-on-year decline of 176.54% to 158.87%, mainly due to exchange losses and increased depreciation and amortization.
Jiangxi Naipu Mining MachineryRecognized asset impairment provision of 13.92 million yuan due to developer bankruptcy, and expects net loss for H1 2026.
Developer Bowan Lanyun declared bankrupt by court, leading to property sealing and restructuring termination.