【OCEAN GRAND GROUP HOLDINGS LIMITED】Receivables Collection Status from Shenzhen Damahua Investment Co., Ltd.
OCEAN GRAND GROUP HOLDINGS LIMITED announced the collection status of its receivables from Shenzhen Damahua Investment Co., Ltd. While several payments have been received, a significant balance remains uncollected, and the company is negotiating for repayment from the development revenue of a project led by the Quanzhou municipal government.
📋 Article Processing Timeline
- 📰 Published: April 20, 2026 at 09:00
- 🔍 Collected: April 21, 2026 at 08:00 (23h 0m after Published)
- 🤖 AI Analyzed: April 21, 2026 at 08:27 (27 min after Collected)
1. Date of occurrence of the event: 2026/04/20
2. Company name: OCEAN GRAND GROUP HOLDINGS LIMITED
3. Relationship with the company (please enter the company or subsidiary): The company
4. Mutual shareholding percentage: Not applicable
5. Cause of occurrence:
I. The outstanding balance of receivables from Shenzhen Damahua Investment Co., Ltd. is NT$282,061 thousand (RMB 61,000 thousand).
II. Regarding the progress of the company's RMB 324 million receivables from Quanzhou Fengsheng Group, Fengsheng Group had, by April 28, 2017, repaid 10% of the total investment amount, i.e., RMB 32.4 million, and by November 13, 2017, repaid 40% of the total investment amount, i.e., RMB 129.6 million, in accordance with the contract. The remaining 50% of the total investment amount, i.e., RMB 162 million, needs to be recovered. After Shenzhen Damahua Investment Co., Ltd. (hereinafter referred to as Damahua) agreed to take over this claim, it paid the first installment of RMB 30 million on February 9, 2021, RMB 25.5 million on December 30, 2021, RMB 25.5 million on March 11, 2022, and RMB 20 million on June 30, 2022. The remaining balance is RMB 61 million.
III. The company's audit committee and board of directors discussed Damahua's deferred repayment plan on July 8, 2022, and in principle approved a phased payment plan: RMB 20 million paid on June 30, 2022 (already received), RMB 16 million to be paid on December 31, 2022, RMB 16 million on March 31, 2023, and RMB 29 million on June 30, 2023.
IV. Regarding the adequacy of collateral value and relevant claim preservation measures, to preserve the claim, the company had previously obtained a 100% equity pledge of Quanzhou Feng'an Real Estate Development Co., Ltd. and福建均恒房地產評估有限公司 issued a report on July 11, 2022, stating that the appraised market value of Feng'an's land plot (after deducting estimated relevant taxes and fees) was approximately RMB 260.31 million. KPMG's audit confirmed that as of Q2 2023, a total of RMB 61 million had been fully provisioned for impairment.
V. The claim against Damahua was generated from taking over the Quanzhou Citong Road land project. As the Quanzhou Citong Road project has been stagnant for many years, significantly affecting the urban image and public interest, the Quanzhou municipal government has held meetings and, in principle, agreed that Quanzhou State-owned Investment Asset Management Co., Ltd. and Fujian Wujian Real Estate Development Co., Ltd. will take over the development and construction of the project through cooperation, negotiate cooperation with existing project developers, promptly confirm their respective rights, obligations, and risk control measures, and formulate relevant cooperation agreements. This will be implemented by the Fengze District government, and efforts are currently underway to coordinate and promote the resumption of project construction. Based on the above, Damahua intends to promptly negotiate with the company regarding the Quanzhou municipal government taking over subsequent project development, with the project development revenue being used to repay the company's claims. Negotiations will proceed on the premise of promptly confirming the respective rights and interests of both parties in the project distribution and striving for the company's maximum benefit.
6. Countermeasures:
The company will negotiate with Damahua regarding subsequent project development to repay the company's claims.
7. Other matters that should be specified (if the subject of the event or resolution is a public offering company or above, this material information also complies with Article 7, Paragraph 9 of the Enforcement Rules of the Securities and Exchange Act regarding matters that have a material impact on shareholders' equity or securities prices): None.
2. Company name: OCEAN GRAND GROUP HOLDINGS LIMITED
3. Relationship with the company (please enter the company or subsidiary): The company
4. Mutual shareholding percentage: Not applicable
5. Cause of occurrence:
I. The outstanding balance of receivables from Shenzhen Damahua Investment Co., Ltd. is NT$282,061 thousand (RMB 61,000 thousand).
II. Regarding the progress of the company's RMB 324 million receivables from Quanzhou Fengsheng Group, Fengsheng Group had, by April 28, 2017, repaid 10% of the total investment amount, i.e., RMB 32.4 million, and by November 13, 2017, repaid 40% of the total investment amount, i.e., RMB 129.6 million, in accordance with the contract. The remaining 50% of the total investment amount, i.e., RMB 162 million, needs to be recovered. After Shenzhen Damahua Investment Co., Ltd. (hereinafter referred to as Damahua) agreed to take over this claim, it paid the first installment of RMB 30 million on February 9, 2021, RMB 25.5 million on December 30, 2021, RMB 25.5 million on March 11, 2022, and RMB 20 million on June 30, 2022. The remaining balance is RMB 61 million.
III. The company's audit committee and board of directors discussed Damahua's deferred repayment plan on July 8, 2022, and in principle approved a phased payment plan: RMB 20 million paid on June 30, 2022 (already received), RMB 16 million to be paid on December 31, 2022, RMB 16 million on March 31, 2023, and RMB 29 million on June 30, 2023.
IV. Regarding the adequacy of collateral value and relevant claim preservation measures, to preserve the claim, the company had previously obtained a 100% equity pledge of Quanzhou Feng'an Real Estate Development Co., Ltd. and福建均恒房地產評估有限公司 issued a report on July 11, 2022, stating that the appraised market value of Feng'an's land plot (after deducting estimated relevant taxes and fees) was approximately RMB 260.31 million. KPMG's audit confirmed that as of Q2 2023, a total of RMB 61 million had been fully provisioned for impairment.
V. The claim against Damahua was generated from taking over the Quanzhou Citong Road land project. As the Quanzhou Citong Road project has been stagnant for many years, significantly affecting the urban image and public interest, the Quanzhou municipal government has held meetings and, in principle, agreed that Quanzhou State-owned Investment Asset Management Co., Ltd. and Fujian Wujian Real Estate Development Co., Ltd. will take over the development and construction of the project through cooperation, negotiate cooperation with existing project developers, promptly confirm their respective rights, obligations, and risk control measures, and formulate relevant cooperation agreements. This will be implemented by the Fengze District government, and efforts are currently underway to coordinate and promote the resumption of project construction. Based on the above, Damahua intends to promptly negotiate with the company regarding the Quanzhou municipal government taking over subsequent project development, with the project development revenue being used to repay the company's claims. Negotiations will proceed on the premise of promptly confirming the respective rights and interests of both parties in the project distribution and striving for the company's maximum benefit.
6. Countermeasures:
The company will negotiate with Damahua regarding subsequent project development to repay the company's claims.
7. Other matters that should be specified (if the subject of the event or resolution is a public offering company or above, this material information also complies with Article 7, Paragraph 9 of the Enforcement Rules of the Securities and Exchange Act regarding matters that have a material impact on shareholders' equity or securities prices): None.