# ABF substrate

Renovation Group Puts Rmb400m of Property on the Block as Risky Pivot into Semiconductors Strains Finances

Zhongtian Jingzhuang is selling up to Rmb400 million of property and operational assets to shore up liquidity after three years of worsening profits and a Rmb428 million loss in 2024. At the same time the company has been investing in early-stage semiconductor firms—a strategic pivot that is capital-intensive and so far loss-making—raising questions about execution and capital allocation.