KWG Group Holdings Limited has disclosed that two subsidiaries—Guangzhou Hejing Holdings Limited and Guangzhou Tianjian Real Estate Development Limited—along with Executive Director and CEO Mr. Kong Jiantao, received an administrative regulatory measure from the Guangdong Securities Regulatory Bureau on 19 November 2025 for failing to disclose certain debt defaults on time under mainland bond market rules.

The Shenzhen watchdog instructed each subsidiary to file rectification reports with both the bureau and the Shanghai Stock Exchange. Similar disclosure lapses led the Shanghai Stock Exchange to issue warnings to: 1) KWG Group on 29 October 2025 for defaults between July 2024 and December 2024, and 2) KWG Group, Guangzhou Hejing and Guangzhou Tianjian on 3 July 2026 for defaults between July 2025 and December 2025.

According to the announcement, the debt amounts involved in the above defaults represented less than 5% of KWG Group’s consolidated total liabilities as at 31 December 2024 and 31 December 2025, respectively.

The Board—excluding Mr. Kong Jianmin and Mr. Kong Jiannan (brothers of Mr. Kong Jiantao) and Mr. Kong Jiantao himself—attributed the breaches to operational scale, debt complexity, and resource constraints during periods of financial stress rather than dishonest conduct. The non-executive members conclude that Mr. Kong Jiantao remains fit to continue as Executive Director and CEO in light of his 31-year industry record.

KWG Group states that the regulatory actions are not expected to have a material adverse impact on its operations. Rectification reports have been submitted, and remedial measures are in place to strengthen future information disclosure.

As of 31 July 2026, KWG Group’s Board comprises four executive directors—including Chairman Mr. Kong Jianmin and CEO Mr. Kong Jiantao—and three independent non-executive directors.