Summary by Moomoo AI
Powerlong Real Estate Holdings Limited announced its interim report on June 30, 2024, showing that the company is facing financial pressure, with a net loss of RMB 2,047 million and net current liabilities of RMB 8,298 million. The company's current and non-current borrowings are RMB 29,597 million and RMB 28,844 million respectively, while cash and cash equivalents amount to RMB 6,425 million. During the reporting period, the company failed to repay certain borrowings on time, leading to defaults involving an amount of RMB 15,968,925,000. The company has discussed loan renewal matters with lenders and sought new financing channels. Additionally, on February 23, 2024, the company signed a restructuring support agreement with creditors to seek debt restructuring through an arranged plan. As of July 18, 2024, approximately 88% of creditors have signed the agreement. The board of directors decided not to distribute the 2024 interim dividend.