Bond Market Announcement Highlights | Sunac China adds overdue unpaid loans of 175.1 million yuan and 3 acts of dishonesty; JinkoSolar's net loss in 2025 is 6.786 billion yuan

【Sunac China Holdings: New Maturity-Overdue Loans of RMB 175.1 million and 3 Default Behaviors】

Sunac China Holdings Limited announced that the company and its subsidiaries have newly overdue loans totaling RMB 175.1 million, with a debt term of 3 years, due on February 20, 2026. Additionally, the company and key subsidiaries have three new default behaviors involving Jinghong People’s Court and Changning People’s Court in Shanghai, all due to failure to perform effective legal obligations.

On February 11, 2026, Sunac China issued a notice that the company and its subsidiaries were sued by AVIC Trust Co., Ltd. and Wuhu Huarong Capital Chuangyuan Investment Center (Limited Partnership) respectively over disputes related to financial loan agreements and loan contract disputes. The court ordered the auction of land under Chongqing Sunac Qiyang Real Estate Co., Ltd., and took preservation measures on land use rights, equity, and bank accounts of multiple companies, with a total limit of RMB 1.9995 billion.

As of the latest, Sunac China Holdings Limited has 19 outstanding bonds, with a total principal of RMB 10.575 billion, of which 10 are in extension.

【Jinko Solar: Net Loss of RMB 6.786 billion in 2025, Turning from Profit to Loss Year-over-Year】

Jinko Solar Co., Ltd. released its performance brief. Preliminary calculations show that in 2025, the company’s total operating revenue was RMB 65.492 billion, a decrease of 29.18% compared to the same period last year; net profit attributable to the parent company was -RMB 6.786 billion, turning from profit to loss year-over-year. The main reasons include fluctuations in global photovoltaic industry prices, trade protection policies in overseas markets, overall low prices of photovoltaic modules, and asset impairment provisions.

On December 12, 2025, Jinko Solar announced that for 2026, the company and its subsidiaries plan to apply for a comprehensive credit line of no more than RMB 92.66 billion from financial institutions. The company intends to provide guarantees totaling no more than RMB 69.96 billion for its subsidiaries, with an authorization period from January 1, 2026, to December 31, 2026.

As of the latest, Jinko Solar has 1 outstanding bond, with a principal of RMB 10 billion.

【Shenzhen Stock Exchange: Issued Written Warnings to Zhangzhou Transportation Development Group Co., Ltd. and Related Parties】

The Shenzhen Stock Exchange announced that due to violations including false statements in the 2021 annual report, delayed disclosure of major asset transfer information in 2023, and inaccuracies in financial data disclosures in 2023 and 2024, Zhangzhou Transportation Development Group Co., Ltd. and responsible persons received written warnings.

On December 23, 2025, Zhangzhou Transportation Development Group issued a correction announcement, retroactively adjusting the 2024 annual report and the financial statements from Q1 to Q3 of 2025. Corrections included inventory, long-term receivables, construction in progress, and other items. Additionally, the company disclosed the transfer of assets, including the transfer of a 12.4% equity stake in Zhangzhou Jiaofa Construction Group Co., Ltd. to Fujian Zhanglong Industrial Investment Group Co., Ltd., with a total transfer price of RMB 2.504 billion.

As of the latest, Zhangzhou Transportation Development Group has 21 outstanding bonds, with a principal of RMB 11.77 billion. There is also 1 offshore bond issued in Chinese currency, with a remaining balance of USD 500 million.

【New World Development: Interim Loss Attributable to Shareholders of HKD 3.73 billion, Narrowing by 44% Year-over-Year】

On February 27, New World Development Limited released its unaudited interim results for the six months ending December 31, 2025. Financial data shows that during the period, NWD’s revenue was approximately HKD 8.391 billion, down about 50% year-over-year, mainly due to decreased construction revenue and fewer property deliveries in Mainland China. Gross profit was about HKD 5.038 billion, down approximately 25%; the loss attributable to shareholders was HKD 3.73 billion, mainly due to one-time losses.

The loss attributable to shareholders was approximately HKD 3.73 billion, a 44% reduction from the previous year, mainly due to one-time losses including revaluation losses of investment properties (~HKD 1.146 billion), impairment of development properties (~HKD 2.126 billion), and other impairments (~HKD 611 million).

As of the latest, NWD has 25 outstanding offshore bonds, with a total outstanding amount of USD 6.478 billion.