• Jiu Rong issued a clarification on a debt swap agreement signed on 15 September 2025, identifying the counterparty as Hangzhou Soyea Park Development and confirming it is ultimately owned by the Hangzhou Municipal People’s Government.
• The company said the name “Xihu Electronics” used previously was an inconsistent translation of Westlake Electronics, and both refer to the same entity.
• It explained that creditor rights were swapped so Westlake Electronics became creditor to Debtor 2 for an interest-free advance of about RMB159.45 million, while the Buyer became creditor to Debtor 1 for about RMB60.34 million net debt secured by 20 mortgaged property units.
• Jiu Rong said mortgage registration for the properties remains under Westlake Electronics but, under PRC Civil Code principles cited by its legal advisers, the Buyer can still exercise disposal rights if default occurs.
• The group reported it received a repayment notice on 3 February 2026 with a due date of 5 March 2026, resulting in a default while negotiations for an extension and settlement continue.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Jiu Rong Holdings Ltd. published the original content used to generate this news brief via IIS, the Issuer Information Service operated by the Hong Kong Stock Exchange (HKex) (Ref. ID: HKEX-EPS-20260319-12059350), on March 19, 2026, and is solely responsible for the information contained therein.