Jinyu Group's Concrete Enterprise Declares Bankruptcy

On June 17, the People's Court of Tianjin Binhai New Area declared Tianjin Jidong Haifeng Concrete Co., Ltd. bankrupt. According to the

ruling, Tianjin Jidong Haifeng Concrete Co., Ltd. applied to the Court for bankruptcy liquidation on the grounds that it could not pay off its debts due and its assets were insufficient to pay off all its debts, which was accepted by the Court on November 29, 2024.

After audit and verification, as of November 29, 2024, the total assets of the company were 28650890.91 yuan, the total liabilities were 71447366 82 yuan, the asset-liability ratio was 249.37%, and the company was insolvent. Up to now, the Institute has not received any application for reorganization from Tianjin Jidong Haifeng Concrete Co., Ltd. or any investor whose capital contribution accounts for more than one tenth of the registered capital of Tianjin Jidong Haifeng Concrete Co., Ltd.

The Court holds that Tianjin Jidong Haifeng Concrete Co., Ltd. is unable to pay off its debts due, and its assets are insufficient to pay off all its debts, which meets the legal conditions for declaring bankruptcy. On June 17, 2026, the Court decided to declare the bankruptcy of Tianjin Jidong Haifeng Concrete Co., Ltd. According to

the data, the registered capital of Tianjin Jidong Haifeng Concrete Co., Ltd. is 25 million yuan, which is a wholly-owned subsidiary of Jinyu Concrete Group Co., Ltd. In addition, BBMG Concrete Group Co., Ltd. is 55% owned by Beijing BBMG Group Co., Ltd., 30% owned by Tangshan Jidong Cement Co., Ltd. and 15% owned by Jidong Development Group Co., Ltd.