The China Joint Credit Assessment announcement stated that the Zhuhai Huafa Group and some of its bonds were added to the negative watch list. The joint credit assessment indicates that the company continues to lose money, and subsequent debt payments will be more dependent on external support. Zhuhai Huafa's ability to profit has declined drastically, centralized payment pressure is high, and there is uncertainty about the ability to refinance due to negative public opinion and other factors.

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