GT Online: Another Listed Company Implicated by Evergrande to Lose of 1.8 Billion

Written by: 西枫westca

Proofread by: Ermat

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According to Sina Finance on Jan 16, the listed company Wenke Garden disclosed its 2021 annual report on Jan 15, it lost all its market value because it was implicated by Evergrande.

According to the report, Wenke Garden was established in 1996, mainly engaged in ecological engineering construction, landscape design, investment and operation of science, education, culture and tourism projects, garden maintenance, greening seedling planting, etc. It has been cooperating with Evergrande for a long time, mainly undertaking gardening projects of Evergrande Group and its affiliated enterprises. Evergrande has been the company’s number one customer for many years. The notes receivable and accounts receivable of Wenke Garden to Evergrande totaled 1.879 billion yuan. All the redemption notes issued to Evergrande Group for payment have been refused to be paid. According to statistics, since Wenke Garden had operating data in 2011, the net profit totaled 1.485 billion yuan, and the current market value is 2.09 billion yuan. This means that Wenke Garden has lost the profits of the past 10 years in one year. At the end of 2021, Congwen Li and Wenfeng Zhao, the real controllers of Wenke Garden, signed a transfer of equity agreement with the state-owned Foshan Construction Investment, transferring all their equity to Foshan Construction Investment and cashing out.

The impact of Evergrande’s accident on its suppliers and upstream and downstream enterprises will continue to emerge, and the domino effect will lead to the collapse of the economy of the CCP, and the Chinese stockholders who are trapped will only become the victims.

 Source: 文科园林踩雷恒大18亿,公司踩雷恒大18亿几乎亏掉市值|文科园林_新浪财经_新浪网 (sina.com.cn)

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