Summary by Moomoo AI
Sino-ocean gp announced its interim performance on June 30, 2024, with a net loss of approximately RMB 5.32 billion, a decrease of 71% compared to the same period last year, which was RMB 18.309 billion. The company is facing liquidity pressure and has started a comprehensive restructuring of its overseas debts. The total amount of loans from Sino-ocean gp is approximately RMB 96.67 billion, of which RMB 58.71 billion is in short-term loans, while cash and cash equivalents are only about RMB 1.71 billion. The company has received several requests, acceleration notices, and other legal documents regarding its overseas debt, and on June 27, 2024, it received a winding-up petition from the High Court of the Hong Kong Special Administrative Region. Sino-ocean gp is actively communicating with its creditors to seek various ways to resolve the litigation. The Board of Directors does not recommend the payment of an interim dividend for the six months ending June 30, 2024.