Jinjia Shares' controlling shareholder debt crisis continues to escalate, with two new cases involving a total amount exceeding 100 million yuan.

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        Our reporter: Duon Duo | Our editor: Huang Bowen              

On the evening of March 24, Jinjia Co., Ltd. (SZ002191, stock price: 3.64 yuan, market cap: 5.3 billion yuan) disclosed that its controlling shareholder, Shenzhen Jinjia Venture Investment Co., Ltd. (hereinafter referred to as “Jinjia Venture Investment”), and its actual controller, Qiao Yuyu, have added an enforcement ruling and a lawsuit case. The total amount involved in the case is approximately 103 million yuan.

This is the latest development following the ongoing escalation of the debt crisis at the level of the controlling shareholder since 2025. The cumulative amount involved in cases concerning Jinjia Venture Investment and its persons acting in concert, Xinjiang Shiji Yuntong Equity Investment Partnership (Limited Partnership) (hereinafter referred to as “Shiji Yuntong”), as well as Qiao Yuyu, has exceeded 6.2 billion yuan. The stability of the company’s controlling right is facing a test.

The latest announcement states that on March 23, the company received a written notice from Jinjia Venture Investment. Jinjia Venture Investment received the following documents: the “Enforcement Ruling Book” issued by the People’s Court of Futian District, Shenzhen, Guangdong Province (No. 〔2026〕Yue 0304 Zhi 8085-1), and the “Civil Judgment” issued by the People’s Court of Nanhai District, Foshan, Guangdong Province (No. 〔2025〕Yue 0605 Min Chu 55790).

The enforcement ruling issued by the People’s Court of Futian District, Shenzhen, Guangdong Province shows that, because the judgment debtor failed to perform the obligations determined in the effective legal documents, the court ruled to auction and sell the 10 million shares of Jinjia Co., Ltd. held by Jinjia Venture Investment in order to repay its debts. The amount involved in the case is 52.8235 million yuan and related fees. At present, this case is at the enforcement stage.

In addition, the first-instance judgment by the People’s Court of Nanhai District, Foshan, Guangdong Province requires Foshan Nanhai Ruixu Trading Co., Ltd. to repay the relevant debts owed to China Agricultural Bank Co., Ltd., Nanhai East Regional Sub-branch. The defendant Jinjia Venture Investment and Qiao Yuyu shall bear joint and several liability for repayment within a limit of 67 million yuan. The total amount involved in this case is 50.5523 million yuan and related fees. At present, this case is at the judgment stage.

The announcement specifically notes that the above cases have no direct impact on the company’s current and subsequent-period profit and loss. The company and the controlling shareholder and its persons acting in concert remain independent in terms of business, personnel, assets, institutions, and finance. This case will not have a direct impact on the company’s production and operations.

The announcement also summarizes and discloses the company’s major lawsuits, arbitration, and judicial enforcement matters involving the controlling shareholder and its persons acting in concert, as well as the actual controller, within the most recent 12 months, totaling 20 cases.

The announcement states that, due to the involvement of lawsuits and arbitration cases, some shares of the company held by Jinjia Venture Investment and its persons acting in concert have been disposed of through judicial procedures. For other cases that are still being heard, if subsequent effective judgments or rulings support creditors’ claims and enter the compulsory enforcement process, the corresponding shares of the company held by Jinjia Venture Investment and its persons acting in concert may also face the risk of being disposed of through judicial procedures. If the number of shares subject to judicial disposal reaches a certain proportion, it may lead to a change in the company’s controlling right.

Since 2025, the debt crisis of Jinjia Co., Ltd.’s controlling shareholder and actual controller has been disclosed in a concentrated manner.

Based on the announcement and related disclosures, within the past 12 months, the total amount involved in major lawsuits, arbitration, and judicial enforcement matters involving Jinjia Venture Investment, its persons acting in concert, and its actual controller Qiao Yuyu amounts to as much as 6.21 billion yuan, covering multiple bank loan dispute matters, involving Beijing Bank, CITIC Bank, China Everbright Bank, Guangdong Huaxing Bank, Ping An Bank, Bank of Communications, Zheshang Bank, Industrial and Commercial Bank of China, and others.

The continuing build-up of debt pressure has severely affected the equity liquidity of the controlling shareholder. As of February 21 this year, 99.69% of the shares of Jinjia Co., Ltd. held by Jinjia Venture Investment and its persons acting in concert have been judicially frozen, accounting for 30.92% of the total share capital of the listed company.

More importantly, some shares of the company held by the controlling shareholder and its persons acting in concert have already been disposed of through judicial procedures. On February 28, the listed company disclosed that 86 million shares held by controlling shareholder Jinjia Venture Investment were subject to judicial auction. These shares account for 5.92% of the company’s total share capital. If the transfer is ultimately completed, Jinjia Venture Investment’s shareholding ratio will decrease from 28.30% to 22.37%, and the combined shareholding ratio of it and its persons acting in concert, Xinjiang Shiji Yuntong, will decrease from 31.02% to 25.09%.

On March 21, the listed company disclosed again that, due to a dispute over a loan contract with CITIC Bank, 43.4 million shares of the listed company held by Jinjia Venture Investment will be judicially auctioned by the People’s Court of Nanshan District, Shenzhen, from 14:00 on April 27, 2026 to 14:00 on April 28, 2026. These shares account for 10.56% of the shares held by Jinjia Venture Investment and for 2.99% of the company’s total share capital.

At present, the controlling shareholder and its persons acting in concert, as well as the actual controller of Jinjia Co., Ltd., are actively seeking solutions. The company will follow up on relevant developments and urge relevant parties to fulfill their information disclosure obligations in a timely manner.

Cover image source: Zhu Yu

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