Bond Market Announcement Highlights | Hejing Group's subsidiary adds a total of 277.7 million yuan in unpaid maturing debt; Air China reports a net loss of 1.77 billion yuan in 2025

【Sunshine City: As of March 26, the company’s overdue unpaid debt principal totals 65.336 billion yuan】

Sunshine City Group Co., Ltd. announced on March 26 that, as of the date of the announcement, the total overdue unpaid debt principal is 65.336 billion yuan, including $2.244 billion in offshore bond defaults and 16.463 billion yuan in domestic bond defaults; an additional 11 million yuan in newly enforced cases; and about 17.225 billion yuan in matters currently under negotiation with financial institutions and other partners. The company will actively negotiate, hire professional teams for communication, strive for a comprehensive resolution of related issues, and reach agreements with financial institutions and partners.

As of the announcement date, the total amount of cases involving court enforcement documents received by the company and its controlling subsidiaries that are being executed or under negotiation with financial institutions or other partners is 58.87 billion yuan. The company and some controlling subsidiaries have been listed as dishonest persons subject to enforcement by relevant courts due to these disputes.

As of the latest, Sunshine City Group has 18 bonds in default, with a total default amount of 16.814 billion yuan. Additionally, 9 offshore bonds issued in Chinese currency have defaulted, totaling $2.2441 billion.

【Air China: Net loss of 1.77 billion yuan in 2025】

On March 26, Air China Limited released its annual report, showing that in 2025, operating revenue reached 171.485 billion yuan, a year-on-year increase of 2.87%; net loss attributable to shareholders of Air China Limited was 1.77 billion yuan, significantly larger than the previous year.

According to the announcement, based on the company’s 2025 financial audit results, the net loss under Chinese accounting standards and international accounting standards for Air China Limited (excluding its subsidiaries under control) was 2.962 billion yuan and 2.98 billion yuan respectively, with both being negative profit available for distribution. According to the company’s profit distribution policy, as the profit did not meet the dividend conditions, no surplus reserve will be allocated, and no profit distribution will be made for 2025. This plan is subject to approval at the company’s 2025 shareholders’ meeting.

As of the latest, Air China Limited has 20 outstanding bonds, with a total bond balance of 45.4 billion yuan.

【Jinyu Jidong: Net profit attributable to parent turns positive in 2025】

According to Jinyu Jidong Cement Group Co., Ltd.'s 2025 annual report, the net profit attributable to the parent company turned positive in 2025, reaching 219 million yuan, compared to a loss of 991 million yuan in 2024.

As of the latest, Jinyu Jidong Cement Group has 6 outstanding bonds, with a total bond balance of 6.116 billion yuan.

【Hejing Group: Subsidiaries added overdue debts totaling 277.7 million yuan】

Guangzhou Hejing Holding Group Co., Ltd. announced that, as of March 26, 2026, some subsidiaries within its consolidated scope failed to repay due debts, involving a total of 277.7 million yuan. Overdue debts include 103.1 million yuan from Guangzhou Lihe Real Estate Development Co., Ltd., 34.2 million yuan from Guangzhou Hongtao Real Estate Development Co., Ltd., 4 million yuan from Guangzhou Zhanga Real Estate Development Co., Ltd., and other borrowings totaling 98.2 million yuan.

On March 17, Guangzhou Hejing Holding Group announced that its controlling shareholder, Hejing Taifu Group Holdings Ltd., disclosed significant progress in offshore debt restructuring on the Hong Kong Stock Exchange. The related matters do not violate the commitments or agreements in the offering memorandum and will not have a significant adverse impact on the issuer’s daily management, operations, or debt repayment ability.

As of the latest, Guangzhou Hejing Holding Group has 3 bonds in existence, with a total bond balance of 2.886 billion yuan, all in extension.

【Guangzhou Tianjian: Subsidiaries added overdue debts totaling approximately 137.3 million yuan】

Guangzhou Tianjian Real Estate Development Co., Ltd. announced that, as of March 26, 2026, some subsidiaries within its consolidated scope failed to repay due debts, totaling 137.3 million yuan. Among these, Guangzhou Lihe Real Estate Development Co., Ltd. has overdue debt of about 103.1 million yuan, and Guangzhou Hongtao Real Estate Development Co., Ltd. has overdue debt of 34.2 million yuan.

As of the latest, Guangzhou Tianjian Real Estate Development has 1 bond in existence, with a total bond balance of 1.119 billion yuan, in extension.