"A-Share Focus" NBSS fell over 6%, Shanshan Group's restructuring plan rejected by creditors
The bankruptcy reorganization plan of NBSS (Shanghai: 600884) was not approved by the creditors' meeting, resulting in a 6.27% drop in its stock price to 12.4 RMB. TCL Technology (Shenzhen: 000100), which also participated in the reorganization plan, saw its stock price fall by 1.61% to 4.27 RMB. The reorganization plan was proposed by a consortium controlled by "private shipping king" Ren Yuanlin, which aimed to acquire 23.36% of NBSS's equity for 3.284 billion RMB, but failed to reach an agreement due to conflicting demands from various parties. Subsequent reorganization efforts will continue to advance
According to a report from the Economic Information Agency on the 4th, Shanshan Co., Ltd. (Shanghai: 600884) announced last night (3rd) the results of the creditor voting on the bankruptcy reorganization plan of its controlling shareholder and concerted actors, indicating that the company's bankruptcy reorganization draft "failed to pass the creditor meeting." TCL Technology (Shenzhen: 000100) also announced that the reorganization plan (draft) of Shanshan Group Co., Ltd., in which the company participates, was not approved at the third creditor meeting, and the subsequent administrator will continue to advance the reorganization work. Shanshan Co., Ltd. is currently down 6.27%, trading at RMB 12.4; TCL Technology opened lower and continued to decline, now down 1.61%, trading at RMB 4.27. According to public reorganization information, a consortium controlled by "private shipping king" Ren Yuanlin, consisting of Jiangsu New Yangzi Trading Co., Ltd. and Jiangsu New Yangzi Ship Investment Co., Ltd., Xiamen TCL Technology Industry Investment Partnership (Limited Partnership), and the Shenzhen branch of China Orient Asset Management Co., Ltd., plans to acquire control of 23.36% of Shanshan Co., Ltd. with an overall consideration of RMB 3.284 billion and to reorganize Shanshan Group and Pengze Trading. Currently, this consortium led by "private shipping king" Ren Yuanlin has failed to persuade the secured creditor group, ordinary creditor group, and investor group. According to a report by the Daily Economic News, citing a person close to the consortium center named Feng Yuan (pseudonym), the parties ultimately failed to reach an agreement due to "each having their own demands" and "irreconcilable contradictions." As for how the bankruptcy reorganization of Shanshan Group will proceed, Feng Yuan only stated, "Let it take its course." (jq)
