Newsletter summary
Agile Group faces liquidity pressureCryptogameswhereyoucanearnmoneyThe share price fell 17% at one point when 2020 interest was not paid on the note. The group seeks creditor communication and comprehensive debt management solutions to accelerate property pre-sale and improve its assets and liabilities. The total value of pre-sales fell 68% from January to April 2024 compared with the same period last year.Cryptogameswhereyoucanearnmoney. 0%. The company has been executed for a total of more than 2 billion yuan, and its performance loss has expanded in 2023.
Text of news flash
[Agile Group faces payment difficulties and its share price plunges by more than 11%] Agile Group disclosed in an announcement on the Hong Kong Stock Exchange that the grace period ended on May 13 because the company has so far failed to pay interest on 2020 bills due to liquidity pressure. The move led to a sharp fall in Agile's shares on May 14, closing down more than 11 per cent at midday. To ease its financial woes, Agile said it was considering all possible actions, including comprehensive debt management, and would hire professional consultants to communicate with foreign creditors about potential solutions. The company stressed that it will do its best to improve its balance sheet, including speeding up property pre-sales and accelerated collection. According to the company announcement, the total pre-sale value of Agile Group decreased significantly in the four months to April 30, 2024 compared with the same period last year. In addition, Agile Group has five pieces of executed information on the Chinese implementation information public network, with a total amount of 2.084 billion yuan. In terms of performance, the turnover and net profit of Agile Group declined in 2023, of which the net profit loss was as high as 12.777 billion yuan. Despite multiple difficulties, Agile Group said that it will continue to promote project delivery, maintain normal operation, and strive to achieve long-term development.