Zhenhua Chemical participates in the public recruitment of investors for the bankruptcy reorganization of Shenhong Group and six other companies, and initiates due diligence

According to the Zhitong Finance APP, Zhenhua Chemical (603067.SH) announced that the company has registered to participate in the recruitment of investors for the bankruptcy reorganization of Xinjiang Shenhong Group Co., Ltd., Turpan Zhonghong Trading Co., Ltd., Turpan Ruide Chemical Co., Ltd., Turpan Shenhong Metal Industry Co., Ltd., Turpan Shenhong Thermal Power Co., Ltd., Turpan Shenhong Coal Industry Co., Ltd., and Turpan Shenhong Construction Installation Co., Ltd. (collectively referred to as the "7 companies" or "target companies"). The company has initiated due diligence and will determine whether to formulate a bankruptcy reorganization investment plan based on the due diligence results. The bankruptcy reorganization investment plan must be submitted for review by the company's authorized institutions. The conclusions of the due diligence and company review are still uncertain.

Xinjiang Shenhong Group has a long history in the chromium chemical industry and is one of the four domestic manufacturers with source chromium salt production capabilities. The metal chromium raw materials it supplies have wide recognition in the industry. The company's participation in this bankruptcy reorganization aligns with the development requirements and trends of the chromium salt industry towards "large-scale, centralized, and clean" operations, and is consistent with the company's strategic development direction and overall interests. This will help expand the company's business channels, increase market share, improve the competitive landscape of the industry, promote the integration and upgrading of the chromium salt industry, and facilitate the development of the chromium salt industry towards higher quality, more environmentally friendly, and more efficient directions