Why did Henan Communications Investment Group lose so much?

High-risk companies have higher debts. According to Henan Jiaotou Group's explanation of the above losses in the prospectus, high-risk companies have high debts, and most of the roads they manage are in the incubation period, resulting in low income and high financial expenses. Henan Communications Investment Group Co., Ltd. (hereinafter referred to as "Henan Communications Group") is a large-scale wholly state-owned company established by the Henan Provincial People's Government as the investor. It was formally established on June 28th, 2009.