Subsidiary of Jinma Energy Faces Bankruptcy Petition from Creditor

Stock News

Jun 08

According to an announcement from JINMA ENERGY (HKEX: 06885), the company has received a notice dated June 1, 2026, from the Pingqiao District People's Court in Xinyang City, Henan Province.

The notice indicates that Xuchang Hongshuo Industrial Co., Ltd. (the petitioner) has filed a bankruptcy and liquidation application with the court against Xinyang Steel Jin Gang Energy Co., Ltd. (Xinyang Jingang), a subsidiary in which the company holds a 70% equity interest.

The petitioner alleges in the application that Xinyang Jingang has failed to pay approximately RMB 4.9 million owed for the supply of raw materials.

The grounds for the petition are that Xinyang Jingang is unable to repay its due debts and that its assets are insufficient to cover its liabilities.

The Pingqiao District People's Court held a hearing on June 6, 2026, to review the petition for case filing.

As of the date of this announcement, the company has not received any ruling from the court regarding the petition, and it remains uncertain whether the court will formally accept the case.

The group is currently seeking legal advice from its Chinese counsel on the further actions it should take.

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