China Economic Weekly-Economic Network News (Trainee reporter Shi Qingchuan) On September 29, 2021, the Chongqing Bankruptcy Court with the Fifth Intermediate People's Court of Chongqing Municipality as the main body released the news that Loncin Group Co., Ltd., Loncin Holdings Co., Ltd., Yushang Investment Group Co., Ltd., Chongqing Lianen Industrial Co., Ltd., Chongqing Yuhan Real Estate Development Co., Ltd., Chongqing Yushang Industrial Investment Co., Ltd., Chongqing Yingchuan Industrial Co., Ltd., Chongqing Longxin Mining Investment Co., Ltd., Chongqing Loncin Investment Co., Ltd., A total of 13 enterprises (hereinafter referred to as 13 enterprises, including Chongqing Yushang Renewable Resources Development Co., Ltd., Chongqing Changjiang Financial Holdings Group Co., Ltd., Weinan Hongjing Trading Co., Ltd., and Chongqing Longheng Hotel Co., Ltd.) (hereinafter referred to as Loncin Group) applied for bankruptcy reorganization to the Chongqing Bankruptcy Court on the grounds that they could not pay off their debts as they were due, had the cause of bankruptcy but had reorganization value and the feasibility of reorganization, and at the same time submitted an application for pre-reorganization.
According to public information, Loncin Group Co., Ltd., Loncin Holdings Co., Ltd., Chongqing Lianen Industrial Co., Ltd., Chongqing Yingchuan Industrial Co., Ltd., and Chongqing Loncin Investment Co., Ltd. are all 5 corporate legal persons of Tu Jianmin, the sister of Tu Jianhua, chairman of the board of directors of Loncin Holdings Co., Ltd., and Chongqing Loncin Mining Investment Co., Ltd. is a subsidiary of Loncin Group.
Yushang Investment Group Co., Ltd. has the participation of Loncin Holdings Co., Ltd., but the largest shareholder of the company is Chongqing Jinke, Chongqing Yuhan Real Estate Development Co., Ltd., Chongqing Yushang Industrial Investment Co., Ltd., Chongqing Yushang Renewable Resources Development Co., Ltd., Chongqing Changjiang Financial Holdings Group Co., Ltd. These four enterprises are wholly-owned subsidiaries of Yushang Investment Group Co., Ltd., Weinan Hongjing Trading Co., Ltd. Chongqing Longheng Hotel Co., Ltd. is a wholly-owned subsidiary of Chongqing Changjiang Financial Holding Group Co., Ltd. and Sun Company respectively.
That is to say, the 13 companies are all related to Loncin Group.
The reporter then called Loncin Holdings to inquire about the matter, and the relevant personnel of Loncin said that they did not know and did not hear about it. According to relevant personnel, it was heard very early that Loncin may apply for bankruptcy reorganization, but it has not been confirmed, and the reason for the rumors of bankruptcy filing is that the debt is overdue in early 2021, and the bankruptcy application should also be related to this.
According to public information, Loncin Holdings owns Loncin General Motors (603766. SH), Qihe Environmental Protection (00976. HK), Hanhua Financial Holdings (03903. HK) and Fenghua Co., Ltd. (600615.SH) are 4 listed companies, and participate in Chongqing Rural Commercial Bank (03618.HK).
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