Core Viewpoint - TCL Technology, through its subsidiary TCL Xiamen Investment, has formed a joint investment group to participate in the bankruptcy reorganization of Shanshan Group and its wholly-owned subsidiary Ningbo Pengze, with an investment amount not exceeding 500 million RMB [1][4][8]. Group 1: Investment Details - The joint investment group includes TCL Xiamen Investment, Xinyangzi Trading, Xinyang Shipping Investment, and China Orient Shenzhen Branch [3][6]. - The investment will allow TCL Xiamen Investment to acquire 43,700,900 shares of Shanshan Co., representing 1.94% of the total share capital [4][5]. - The voting rights of these shares will be fully entrusted to the investment platform of the investors [4][6]. Group 2: Background of the Reorganization - Shanshan Group and Ningbo Pengze were placed into reorganization by the Ningbo Intermediate People's Court due to significant insolvency issues [6][7]. - The reorganization process was initiated on February 25, 2025, and a substantive merger reorganization was approved on March 20, 2025 [6][7]. Group 3: Strategic Importance - Shanshan Co. is a key supplier of polarizers, which are essential materials for TCL's semiconductor display business [8]. - The investment is expected to strengthen the existing partnership between TCL and Shanshan, enhancing supply chain stability and collaboration in material research and production [8].

Core Viewpoint - TCL Technology is participating in the bankruptcy reorganization of its major supplier, Shanshan Group, to strengthen supply chain stability and enhance collaboration in semiconductor display materials [1][2]. Group 1: Investment Details - TCL Technology, through its subsidiary TCL Xiamen Industrial Investment Partnership, is investing up to 500 million yuan in the reorganization of Shanshan Group and its subsidiary Ningbo Pengze Trading [1]. - After the reorganization, TCL Xiamen will acquire 43.7 million shares of Shanshan Co., representing 1.94% of its total share capital, at an approximate price of 11.44 yuan per share [1][2]. - The total investment by the consortium in Shanshan Co. is expected to be 2.23 billion shares, accounting for 9.93% of the total share capital, with a total payment of 2.555 billion yuan [2]. Group 2: Strategic Rationale - The investment is aimed at consolidating the existing partnership between TCL and Shanshan, which is a key supplier of polarizers for TCL's semiconductor display business [2]. - This move is expected to improve the stability of TCL's production supply chain and enhance the efficiency of collaboration in upstream material research and production [2]. Group 3: Financial Context - Shanshan Group was placed under reorganization by court order on February 25, 2023, with over 95% of its debts due within one year [2]. - As of January 15, 2025, Shanshan Group's total interest-bearing liabilities (excluding listed company Shanshan Co.) amounted to 12.621 billion yuan, with short-term debts due within one year totaling 12.037 billion yuan [2]. Group 4: Control Changes - The reorganization investors plan to acquire control of 23.36% of Shanshan Co. through a combination of direct purchases and trust arrangements, leading to a change in the company's controlling shareholder and actual controller [3].

Group 1 - Shanshan Group and a consortium of investors signed a restructuring investment agreement to advance the restructuring process of Shanshan Group and its subsidiary, Ningbo Pengze Trading Co., Ltd [2][3] - TCL Technology announced its participation in the restructuring through its subsidiary, investing up to 500 million yuan to acquire 1.94% of Shanshan shares at a price of 11.44 yuan per share [3] - Shanshan Holdings is a leading company in the global lithium battery anode material market, with significant partnerships with major panel manufacturers like BOE and TCL Huaxing [3][4] Group 2 - The restructuring is driven by the increasing demand for lithium battery materials, with the global market for anode materials expected to reach 42 billion yuan in 2024, with China accounting for 70% of global capacity [4] - The consortium aims to acquire a total of 23.36% of Shanshan's shares through various methods, including direct acquisition and trust agreements [4][5] - If the restructuring is successful, the actual controller of Shanshan will change to Ren Yuanlin, the actual controller of Xinyangzi Commerce, which is a major domestic investment platform [5] Group 3 - As of September 30, Shanshan's stock price was 15.9 yuan per share, representing a premium of approximately 39% over the restructuring pricing of 11.44 yuan per share [6]

Group 1 - The core point of the news is the change of control in Shanshan Co., Ltd. (杉杉股份) following the restructuring of its major shareholder, Shanshan Group (杉杉集团) [1][2] - Shanshan Group and its subsidiary Ningbo Pengze Trading Co., Ltd. are undergoing a substantial merger and restructuring process, with a consortium of investors led by Jiangsu Xinyangzi Trading Co., Ltd. signing a restructuring investment agreement [1][2] - The restructuring investors plan to acquire a total of 23.36% of Shanshan Co., Ltd.'s shares through direct purchase, partnership establishment, and voting rights delegation [1][2] Group 2 - Jiangsu Xinyangzi Trading Co., Ltd. will become the actual controller of Shanshan Co., Ltd. after the restructuring, with its actual controller Ren Yuanlin, who is the founder of Yangtze River Shipbuilding [2][3] - As of 2024, Jiangsu Xinyangzi Trading Co., Ltd. reported a revenue of 1.063 billion yuan, an increase of 86% year-on-year, and a net profit of 445 million yuan [3] - The crisis within the Shanshan system began to emerge after the death of its founder Zheng Yonggang in February 2023, leading to multiple instances of judicial freezes on shares [4]

如上述重整成功，公司的控制权将发生变更，公司控股股东将变更为投资人持股平台，公司实际控制人 将变更为任元林先生。 杉杉股份（600884）(600884.SH)发布公告，近日，公司控股股东杉杉集团有限公司(下称"杉杉集团")及 其全资子公司宁波朋泽贸易有限公司(下称"朋泽贸易")、杉杉集团管理人(系浙江省宁波市鄞州区人民法 院(下称"鄞州法院")指定的杉杉集团和朋泽贸易合并重整案管理人，下称"管理人")与江苏新扬子商贸有 限公司(下称"新扬子商贸")、江苏新扬船投资有限公司(下称"新扬船")、厦门TCL科技（000100）产业投 资合伙企业(有限合伙)(下称"TCL产投")和中国东方资产管理股份有限公司深圳市分公司(下称"东方资管 深圳分公司")等重整投资人组成的联合体签署了《江苏新扬子商贸有限公司、江苏新扬船投资有限公 司、厦门TCL科技产业投资合伙企业(有限合伙)、中国东方资产管理股份有限公司深圳市分公司与杉杉 集团有限公司管理人、杉杉集团有限公司和宁波朋泽贸易有限公司之重整投资协议》。重整投资人拟通 过"直接收购+与服务信托组建合伙企业收购+剩余保留股票表决权委托"三种方式合计取得杉杉集团、 朋泽贸易持 ...

智通财经APP讯，杉杉股份(600884.SH)发布公告，近日，公司控股股东杉杉集团有限公司(下称"杉杉集 团")及其全资子公司宁波朋泽贸易有限公司(下称"朋泽贸易")、杉杉集团管理人(系浙江省宁波市鄞州区 人民法院(下称"鄞州法院")指定的杉杉集团和朋泽贸易合并重整案管理人，下称"管理人")与江苏新扬子 商贸有限公司(下称"新扬子商贸")、江苏新扬船投资有限公司(下称"新扬船")、厦门TCL科技产业投资合 伙企业(有限合伙)(下称"TCL产投")和中国东方资产管理股份有限公司深圳市分公司(下称"东方资管深圳 分公司")等重整投资人组成的联合体签署了《江苏新扬子商贸有限公司、江苏新扬船投资有限公司、厦 门TCL科技产业投资合伙企业(有限合伙)、中国东方资产管理股份有限公司深圳市分公司与杉杉集团有 限公司管理人、杉杉集团有限公司和宁波朋泽贸易有限公司之重整投资协议》。重整投资人拟通过"直 接收购+与服务信托组建合伙企业收购+剩余保留股票表决权委托"三种方式合计取得杉杉集团、朋泽贸 易持有的杉杉股份23.36%股票的控制权。 如上述重整成功，公司的控制权将发生变更，公司控股股东将变更为投资人持股平台，公司实际控制 ...

证券代码：600884 证券简称：杉杉股份 公告编号：临 2025-073 宁波杉杉股份有限公司 关于控股股东及其子公司签署重整投资协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 近日，宁波杉杉股份有限公司（下称"公司"或"杉杉股份"）控股股东 杉杉集团有限公司（下称"杉杉集团"）及其全资子公司宁波朋泽贸易有限公司 （下称"朋泽贸易"）、杉杉集团管理人（系浙江省宁波市鄞州区人民法院（下称 "鄞州法院"）指定的杉杉集团和朋泽贸易合并重整案管理人，下称"管理人"） 与江苏新扬子商贸有限公司（下称"新扬子商贸"）、江苏新扬船投资有限公司（下 称"新扬船"）、厦门 TCL 科技产业投资合伙企业（有限合伙）（下称"TCL 产投"） 和中国东方资产管理股份有限公司深圳市分公司（下称"东方资管深圳分公司"） 等重整投资人组成的联合体签署了《江苏新扬子商贸有限公司、江苏新扬船投资 有限公司、厦门 TCL 科技产业投资合伙企业（有限合伙）、中国东方资产管理股 份有限公司深圳市分公司与杉杉集团有限公司管理人、杉杉集团有 ...

Core Viewpoint - TCL Technology focuses on the development of semiconductor displays and new energy photovoltaics, aiming for sustainable high-quality growth by enhancing supply chain resilience and efficiency [1] Group 1: Investment and Restructuring - TCL Technology, through its subsidiary TCL Xiamen Investment, has formed a joint investment group with New Yangzi Trading, New Yang Ship Investment, and China Orient Shenzhen to participate in the bankruptcy restructuring of Shanshan Group and its wholly-owned subsidiary Ningbo Pengze [1] - The joint investment group has been confirmed as the restructuring investor and signed a restructuring investment agreement on September 29, 2025 [1] - TCL Xiamen Investment's investment amount in this restructuring will not exceed RMB 500 million [1] Group 2: Share Acquisition - Upon completion of the restructuring, TCL Xiamen Investment will acquire 43,700,900 shares of Shanshan Co., representing 1.94% of the total share capital of Shanshan Co. [1] - The voting rights of these shares will be fully entrusted to the investment platform of the investors [1]

Group 1 - Investment Target: TCL Technology, through its subsidiary TCL Xiamen Investment, is participating in the restructuring of Shanshan Group by acquiring a portion of Shanshan Co., Ltd. (600884) shares [1] - Investment Amount: TCL Xiamen Investment will invest no more than 500 million RMB [1] - Acquisition Scale: The acquisition involves purchasing 43,700,900 shares of Shanshan Co., Ltd. at a price of 11.441411 RMB per share, representing 1.94% of the total share capital [1] Group 2 - Joint Investment Partners: TCL Xiamen Investment is collaborating with New Yangzi Trading, New Yangzi Shipping Investment, and China Orient Shenzhen Branch as part of a joint investment group [1] - Voting Rights Arrangement: The voting rights of the shares acquired by TCL Xiamen Investment will be fully entrusted to the investor holding platform [1] - Payment Method: The payment will be made in stages, including a performance deposit of approximately 100 million RMB, with the remaining amount to be paid based on the progress of the restructuring [1] Group 3 - Business Synergy: Shanshan Co., Ltd. is a major supplier for TCL Technology's semiconductor display business, and this investment is expected to enhance supply chain stability [1] - Main Risk: The restructuring plan requires approval from the creditors' meeting and the court, introducing uncertainty; the completion timeline is also uncertain [1]

Group 1 - As of September 30, the metal nickel concept increased by 3.25%, ranking fifth among concept sectors, with 30 stocks rising, including Shengtun Mining, Boqian New Materials, and China Metallurgical Group, which hit the daily limit [1] - Notable gainers in the nickel sector included Huayou Cobalt, which rose by 9.38%, Luoyang Molybdenum by 6.51%, and Shanshan Co. by 5.37% [1] - The stocks with the largest declines included Hailiang Co., YH Precision, and Xiamen Xinda, which fell by 1.89%, 1.26%, and 1.06% respectively [1] Group 2 - The metal nickel sector saw a net inflow of 1.093 billion yuan, with 15 stocks receiving net inflows, and 5 stocks exceeding 100 million yuan in net inflows [2] - Huayou Cobalt led the net inflow with 719 million yuan, followed by China Metallurgical Group with 438 million yuan, Shengtun Mining with 347 million yuan, and Luoyang Molybdenum with 240 million yuan [2] - The inflow ratios for China Metallurgical Group, Jinyuan Co., and China First Heavy Industries were 23.86%, 16.33%, and 7.79% respectively [3] Group 3 - The top performers in the nickel concept included Huayou Cobalt with a 9.38% increase and a turnover rate of 8.32%, and China Metallurgical Group with a 10.00% increase and a turnover rate of 2.74% [3] - Shengtun Mining and Luoyang Molybdenum also performed well, with increases of 10.02% and 6.51% respectively [3] - Stocks such as Hailiang Co. and Xiamen Xinda experienced declines, with Hailiang Co. down by 1.89% and Xiamen Xinda down by 1.06% [5]