Strengthen cooperation mechanisms and foster win-win industrial development.
Release date:
2024-04-26 00:00
Author:
On April 22, leaders of the Changshu Municipal People’s Government, accompanied by a delegation from Zhongli Group, traveled to Xiamen to hold talks with Xiamen Jianfa Co., Ltd. (hereinafter referred to as Jianfa Shares) on industrial investment cooperation. This exchange not only helps advance Zhongli Group’s restructuring process and refine the supply-chain collaboration mechanism between the two parties, but also significantly accelerates the group’s efforts to emerge from its debt crisis and operational difficulties. To date, Zhongli Group has made substantial progress in its pre-restructuring proceedings: the first-phase tasks—including asset and liability verification, valuation of restructuring value, and deliberation of the restructuring plan—have been successfully completed, while the second phase—namely, the dual-layer reporting process for the listed company’s restructuring—is currently in its critical implementation stage.
On April 22, leaders of the Changshu Municipal People’s Government, accompanied by a delegation from Zhongli Group, traveled to Xiamen to hold talks with Xiamen Jianfa Co., Ltd. (hereinafter referred to as “Jianfa Shares”) on industrial investment cooperation. This exchange not only helped advance Zhongli Group’s restructuring efforts and strengthen the supply-chain collaboration between the two parties, but also significantly accelerated the group’s progress in overcoming its debt crisis and operational challenges.
To date, Zhongli Group’s pre-restructuring proceedings have made significant progress. The first-phase tasks—including asset and liability verification, valuation of restructuring value, and deliberation on the restructuring plan—have been successfully completed. The second phase, involving dual-layer reporting for the listed company’s restructuring, is currently in a critical攻坚 stage. Zhongli Group is poised to achieve reform and exit its difficulties through judicial restructuring.
On August 21, 2023, Zhongli Group entered into a Restructuring Investment (Intention) Agreement with Changshu Guangsheng New Energy Co., Ltd., a wholly owned subsidiary of the industrial investor Jianfa Shares. Jianfa Shares is an affiliate of Xiamen Jianfa Group Co., Ltd. (hereinafter referred to as “Jianfa Group”), possessing diversified, comprehensive, and multi‑tiered industrial resources that align closely with the Company’s business, thereby providing strong momentum for Zhongli Group’s continued operations and future growth.
During the pre-reorganization period, industrial investors have remitted RMB 25 million in investment deposits to the bank account of the interim administrator of Jiangsu Zhongli Group Co., Ltd. Meanwhile, to help stabilize Zhongli Group’s operational value and maintain its market position and brand influence, with strong support and assistance from the Changshu Municipal Party Committee and Municipal Government, Zhongli Group and Jianfa Shares have reached several cooperative agreements and preliminary understandings during the transitional phase. In addition, the interim administrator, together with Zhongli Group, accompanied Jianfa Shares on on-site visits to multiple production bases in Ningxia, Qinghai, Shandong, Changzhou, and other regions, and engaged in constructive, in-depth discussions with the local governments of these sites regarding future operational plans.
Going forward, with the strong support of the Changshu Municipal Government, Zhongli Group and Jianfa Co., Ltd. will further strengthen their cooperative framework, ensure the effective implementation of the restructuring process, and expedite the successful execution of Zhongli Group’s restructuring plan. They will also fully implement relevant policies and foster mutually beneficial industrial cooperation and development.
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