Qujiang Cultural Tourism disclosed that the buyer, Qujiang Cultural and Financial Holding Group, failed to pay the auction balance on time, resulting in the unsuccessful auction of part of the company's shares. This marks the second time this year that Qujiang Financial Control has walked away from an auction. The auction lot comprised three million shares of Qujiang Cultural Tourism held by Qujiang Tourism Investment. Qujiang Financial Control won the bidding with the highest offer of 17.947 million yuan, with a deposit of 3.449 million yuan, which will not be refunded due to the default. In January this year, Qujiang Financial Control won three lots of two million shares each, totalling six million shares, but did not make payment. The deposit for each of those three two-million-share auctions was three million yuan, totalling nine million yuan, and those deposits are also at risk of loss. The combined deposit losses from the two defaults could reach 12.449 million yuan, and the company may also be liable to cover any shortfall in a re-auction.
XiAn Qujiang Cultural Tourism Co LtdAuction of its shares failed due to buyer default, potentially leading to losses and uncertainty.