China Chengxin cuts Wingtech to BBB- as *ST Wingtech sues Nexperia for RMB 8 billion

On September 16, 2026, China Chengxin International issued an announcement downgrading Wingtech Technology Co. , Ltd.' s issuer credit rating to BBB- from BBB+, with a negative outlook, and cutting the credit rating of the "Wingtech Convertible Bond" to BBB- from BBB+ at the same time. The company's issuer rating has been downgraded by a cumulative seven notches over two years, from AA to BBB-. On September 17, 2026, Wingtech Technology disclosed the "China Chengxin International Announcement on the Downgrade of the Issuer and Related Debt Credit Ratings of Wingtech Technology Co. and the "Announcement on the Unscheduled Follow-up Rating Results for the 'Wingtech Convertible Bond.' " The company's shares are currently subject to a delisting risk warning, and its securities abbreviation has been changed to "*ST Wingtech."

Because control of Nexperia was restricted by the Dutch side, the company has filed a lawsuit with the Dongguan Intermediate People's Court against six defendants, including Nexperia Holding and Nexperia B. V. , seeking compensation for economic losses provisionally calculated at RMB 8 billion. The court has ruled to freeze equivalent assets of the Nexperia parties within China worth RMB 2.139 billion. In the first half of 2026, the company's total operating revenue fell 94.02% year on year to RMB 1.514 billion, and net profit was negative RMB 418 million. As of the latest data, Wingtech Technology has an outstanding bond scale of RMB 8.060 billion, comprising one bond, the "Wingtech Convertible Bond" (110081. SH), with a remaining term of 0.86 years, maturing on July 28, 2027.

On September 16, 2026, China Chengxin Credit Rating Group issued an announcement of concern regarding Shaanxi Xixian New Area Development Group Co. and relevant responsible persons being subject to a public reprimand and other matters. On August 25, 2026, the Shanghai Stock Exchange publicly reprimanded Xixian Group and relevant responsible persons for violations including failure to disclose periodic reports within the prescribed period and failure to timely disclose major debt overdue matters; on August 27, the exchange issued a written warning to the company's relevant responsible persons. The above sanctions will be reported to the China Securities Regulatory Commission and recorded in the securities and futures market integrity database. Xixian Group had announced on May 1, 2026, a delay in disclosing its 2025 annual report and its first-quarter 2026 financial statements; on May 8, it disclosed a major-matters announcement involving debt overdue by the company and its subsidiaries; and on June 3, the company's issuer credit rating was downgraded to AA+ with a negative outlook. As of the latest data, Xixian Group has an outstanding bond scale of RMB 11.700 billion, comprising eight bonds.

On September 16, 2026, Guangzhou Times Holding Group Co. announced that a bank, due to a financial loan contract dispute with Huizhou Kaileju Real Estate Co. , filed a lawsuit with the Shenzhen Intermediate People's Court of Guangdong Province, demanding that Times Holding Group and Kaisa Group (Shenzhen) Co. fulfill their guarantee obligations and repay the guaranteed principal, interest, penalty interest, and compound interest. The company has received the "Execution Ruling" [(2026) Yue 03 Zhi Bao No. 1992] and the "Notice on Seizure, Distraint, and Freezing of Property." The Execution Ruling ordered the seizure, freezing, and distraint of property of Huizhou Kaileju Real Estate Co. , Kaisa Group (Shenzhen) Co. , and Times Holding Group worth RMB 870.5 million, and the freezing of the 51% equity interest in Shenzhen No. 1 Warehouse Technology Innovation Co. held by Shenzhen Kaisa International Logistics Trade City Co. , the 49% equity interest in that company held by Shenzhen Times Hongjing Investment Co. , and the 100% equity interest in Huizhou Kaileju Real Estate Co. held by Shenzhen No.

The Notice on Seizure, Distraint, and Freezing of Property shows that the court also seized properties, parking spaces, and two real estate properties under the name of Huizhou Kaileju Real Estate Co. , with a seizure period of three years. Times Holding has 12 outstanding bonds, with a scale of RMB 11.246 billion, all of which have been extended.

Sichuan Languang Development Co. announced that between June 16 and September 15, 2026, the company itself and its important subsidiaries were newly included in the list of dishonest judgment debtors in three cases. The judgment debtor in all three records is Languang Development, and the executing courts were the Baqiao District People's Court of Xi'an, the Haizhu District People's Court of Guangzhou, and the Chenggong District People's Court of Kunming, with corresponding case numbers (2026) Shaan 0111 Zhi Hui No. 146, (2026) Yue 0105 Zhi No. 1229, and (2026) Yun 0114 Zhi Hui No. 77. All three cases were fully unperformed, and the circumstances of dishonesty included violating the property reporting system and refusing to perform obligations determined by effective legal documents despite having the ability to perform. The company's 2026 interim report data show that as of the end of June, total assets were RMB 86.401 billion, total liabilities were RMB 149.121 billion, net assets attributable to the parent were negative RMB 63.440 billion, and the consolidated asset-liability ratio was 172.59%; the cumulative principal of interest-bearing debt that had matured but remained unpaid totaled RMB 42.944 billion, and as of the date of the report disclosure, the total matured but unpaid principal and interest amounted to RMB 63.846 billion.

Languang Development has 15 defaulted bonds, involving an amount of RMB 12.067 billion.