The Zhitong Finance App learned that after falling nearly 20% yesterday, Shimao Group (00813) fell by more than 13% this morning. As of press release, it had fallen 11.11% to HK$0.04, with a turnover of HK$2.276,600.

According to the news, Shimao Group announced a few days ago that the winding-up petition filed by the China Communications Trust was not withdrawn or suspended within 60 days after delivery, triggering a default incident on the affected debt instruments under overseas debt restructuring on October 25. As of the announcement date, the total outstanding principal amount of the affected debt instruments was approximately US$9.068 billion, including short-term loans of US$771 million and long-term loans of US$1,269 million. All outstanding principal amounts, premiums (if any) and accrued interest are due and payable immediately in accordance with the relevant terms.

Shimao Group said that it has not received any immediate repayment notice or request so far. The company will strongly oppose the winding-up petition and is seeking legal and financial advice on the impact of the incident and countermeasures. According to the company, default events and early maturity of debts may have a significant adverse impact on the financial situation.

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