XPH: Guangzhou Intermediate People's Court agrees to the company's pre-restructuring and appoints a temporary administrator
XPH announced that the Guangzhou Intermediate People's Court has agreed to a 3-month pre-restructuring and has appointed King & Wood Mallesons (Guangzhou) and Guangdong Dongfang Kunlun Law Firm as temporary administrators. This decision does not represent the formal acceptance of Jinglong Construction's restructuring application by the Guangzhou Intermediate People's Court, and there remains uncertainty regarding the initiation of the restructuring process
According to the Zhitong Finance APP, ST XPH (300147.SZ) announced that on April 11, 2025, the company received the "Decision" ((2025) Yue 01 Po Shen 54) and the "Decision on Designating Temporary Administrator" ((2025) Yue 01 Po Shen 54) delivered by the Guangzhou Intermediate People's Court (hereinafter referred to as "Guangzhou Intermediate Court"). The Guangzhou Intermediate Court agreed to the company's pre-restructuring, which will last for 3 months. At the same time, it designated Beijing King & Wood Mallesons (Guangzhou) Law Firm (the main institution) and Guangdong Dongfang Kunlun Law Firm as a joint team to serve as the temporary administrator during the company's pre-restructuring period. The agreement of the Guangzhou Intermediate Court to the company's pre-restructuring does not represent the formal acceptance of the restructuring application by Guangdong Jinglong Construction Group Co., Ltd. (hereinafter referred to as "Jinglong Construction") for the company, and there remains uncertainty regarding whether the company can enter the restructuring process
