Jianlang Hardware terminates the Zhongshan Digital Industrial Park project, returning the land use rights with an estimated loss of 7.15 million yuan.

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【Shenzhen News】Jianlang Hardware (002791.SZ) announced on the evening of March 18 that the company has decided to terminate the Zhongshan Digital Intelligent Industrial Park project, and the G05-2023-0202 land plot, which has not yet begun construction, will be reclaimed by the Zhongshan Natural Resources Bureau. According to the agreement, the company will incur a loss of 7.1529 million yuan in land transfer fees, and the remaining 28.6114 million yuan will be refunded before June 30, 2027.

The announcement shows that in April 2023, the company decided to invest 1.03 billion yuan to build the Zhongshan Digital Intelligent Industrial Park project, and through its wholly-owned subsidiary Zhongshan Technology, it acquired two land plots with bids of 51.4874 million yuan and 35.7643 million yuan respectively. However, due to deep industry adjustments, the company decided to terminate the project in June 2025 and redirect the raised funds to other projects.

This time, the land being reclaimed is the second plot (No. G05-2023-0202), which has not yet started construction. According to the agreement:

The company stated that the termination of the investment was a prudent decision made after comprehensive consideration of market conditions, project needs, and capital turnover, which will help improve the efficiency of using raised funds and optimize capacity layout. Since the company has already recognized impairment provisions for the relevant land use rights in 2025, it is not expected to have a significant adverse impact on the financial situation in 2026 and beyond.

CICC Securities, the sponsor institution, issued a verification opinion on this matter, stating that the matter complies with relevant regulations, has fulfilled necessary procedures and disclosure obligations, and has no objection to the company’s termination of external investment and the return of land use rights.

Jianlang Hardware stated that it will closely monitor the progress of this matter and fulfill its disclosure obligations according to regulations. The company reminds investors to invest rationally and be aware of investment risks.

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