(Yicai Global) Jan. 21 -- Q&K International Group, the first Chinese long-term apartment rental provider to list in the US, has filed for bankruptcy.

Five senior members of management, including Chairman and Chief Executive Jin Guangjie, have resigned, The Paper reported yesterday. The team stepped down due to personal reasons, Shanghai-based Q&K said earlier.

The Shanghai Third Intermediate People’s Court accepted the insolvency case on Jan. 4, the report said. All creditors should file their claims online before March 20, according to the National Enterprise Bankruptcy Information Disclosure Platform.

Q&K was forced to ask landlords to lower their rents when it started to encounter financial difficulties in 2020. However, many home-owners refused and terminated their contracts with the platform, substantially reducing its portfolio.

Since then there have been several rumors that the company was close to the brink, but Q&K always said it was operating as normal.

Q&K has not yet disclosed its revenue for last year. However, its net losses tripled in 2020 to CNY1.5 billion (USD241.9 million) from the year before. It lost CNY499 million and CNY498 million in 2018 and 2019, respectively.

Q&K’s share price [NASDAQ:QK] closed down 4.9 percent at USD0.50 yesterday. It went public in New York in November 2019.

Editor: Kim Taylor