JY Grandmark Holdings Limited (the 「Group」) released a voluntary announcement related to the disclaimer of opinion issued in its Annual Report 2024. The auditors’ disclaimer was prompted by multiple uncertainties surrounding the Group’s ability to continue as a going concern. The update focuses on recent measures taken to address these uncertainties and mitigate liquidity pressures.

JY Grandmark reported total bank and other borrowings of approximately RMB3,078 million as of 31 October 2025. Of that total, borrowings worth RMB1,307 million were in default and could be subject to immediate repayment if lenders exercise that right. Another RMB1,706 million in borrowings is considered cross-default and could similarly be called due, although no lenders apart from a Zhaoqing lender have exercised immediate repayment rights.

Management noted ongoing negotiations with lenders to extend and renew repayment obligations. In a separate court proceeding, the Group had provided guarantees to a third-party developer in Guangzhou, resulting in an outstanding amount of roughly RMB297 million under dispute.

The Group is making efforts to accelerate pre-sales and sales activities of properties under development. During the ten months ended 31 October 2025, it achieved aggregated contracted sales of around RMB242 million, including contributions from joint ventures and associates. Additionally, the Group continues to explore alternative financing channels to cover its existing obligations and operating expenses.

The disclosed financial figures are based on management accounts and have not been audited. Shareholders and investors are advised to interpret the information with caution and seek professional advice where necessary. The Group reiterated that the above information should not be regarded as assurance on its financial results.