Core Viewpoint - The restructuring plan of Sunwoda Group has faced setbacks as the creditor voting results indicate that the draft plan was not approved, leading to uncertainties in the group's financial recovery [1] Group 1: Restructuring Plan - The restructuring plan for Sunwoda Group and its wholly-owned subsidiary, Ningbo Pengze Trading, was not approved by creditors, marking a significant setback in their ongoing restructuring efforts [1] - The creditor voting took place on October 21, with the deadline for voting on October 30, resulting in the employee and tax creditor groups approving the plan, while the secured creditor, ordinary creditor, and investor groups did not [1][3] Group 2: Investment Agreement - On September 29, a restructuring investment agreement was signed by a consortium including Sunwoda Group and several investors, aiming to acquire 23.36% of Sunwoda shares for a total consideration of 3.284 billion yuan [2] - If the restructuring is successful, the control of Sunwoda will change, with the new controlling shareholder being Ren Yuanlin, founder of Yangtze River Shipbuilding [2] Group 3: Legal Issues - The failure of the restructuring plan may be linked to a lawsuit filed by Saimaike, which claims it was unfairly excluded from the restructuring investor selection process [2][3] - Saimaike's consortium had previously been selected from 17 interested parties but was later replaced by TCL Investment, leading to legal action to declare the restructuring plan invalid [3] Group 4: Company Performance - Sunwoda's performance has shown significant improvement, with a reported total revenue of 14.809 billion yuan for the first three quarters, representing a year-on-year increase of 11.48%, and a net profit of 284 million yuan, up 1121.72% year-on-year [4] - The stock price of Sunwoda has surged over 70% this year, driven by improved performance and expectations surrounding the restructuring [4]

Core Viewpoint - The restructuring plan of Suning Group has not been approved by creditors, indicating ongoing financial difficulties and uncertainty regarding the company's future [1][6]. Group 1: Restructuring Plan Details - On November 3, Suning Co., Ltd. announced that the restructuring plan draft for its controlling shareholder, Suning Group, and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd., failed to pass the vote [1]. - The court ruled for substantive consolidation restructuring of Suning Group and Pengze Trading on March 20, 2025, due to significant litigation related to debt issues [3]. - The voting results showed that the employee and tax creditor groups approved the restructuring plan, while the secured creditor, ordinary creditor, and investor groups did not approve it, leading to the plan's failure [3]. Group 2: Investment and Control Changes - Restructuring investors plan to acquire control of 23.36% of Suning Co., Ltd.'s shares through a combination of direct acquisition, partnership with service trusts, and delegation of voting rights [4]. - If the restructuring is successful, the controlling shareholder of Suning Co., Ltd. will change to the investment platform of the investors, with Ren Yuanlin becoming the actual controller [5]. Group 3: Future Outlook - Despite the rejection of the restructuring plan, the restructuring administrator will continue to advance the restructuring process according to relevant laws and regulations [6]. - There remains uncertainty regarding the success of the restructuring for Suning Group and Pengze Trading, which may lead to adjustments in shareholder equity and potential changes in company control [6].

Group 1 - The core viewpoint of the article is that TCL Technology Group is actively involved in the restructuring investment of Ningbo Shanshan Co., Ltd. and its subsidiaries, aiming for sustainable high-quality development in semiconductor display, new energy photovoltaic, and semiconductor materials [2][3] - TCL Technology, through its investment partnership, has joined forces with other investors to participate in the bankruptcy restructuring of Shanshan Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd. [2] - The restructuring investment agreement was signed on September 29, 2025, indicating a strategic move to enhance supply chain resilience and efficiency [2] Group 2 - Recently, the management notified that the draft restructuring plan was not approved in the third creditors' meeting held on October 21, 2025, and further actions will be taken according to relevant laws [3] - The company will continue to fulfill its information disclosure obligations based on the progress of the restructuring investment [6]

Core Viewpoint - The restructuring plan for Singshan Group, led by the private shipping king Ren Yuanlin, has been terminated due to failure to gain approval from key creditor groups [2][3][6] Restructuring Plan Details - The proposed restructuring plan aimed for a total acquisition price of 3.284 billion yuan to control 23.36% of Singshan shares through a combination of direct and indirect acquisitions and voting rights delegation [4] - The plan included direct stock purchases, with New Yangzi and New Yang Ship establishing a partnership to acquire 9.93% of Singshan shares for 2.555 billion yuan, while TCL Investment would acquire 1.94% for 500 million yuan [4] - Indirect acquisition was also part of the plan, with a subsidiary of New Yangzi set to form a partnership to acquire an additional 0.89% of shares [4] Voting Outcome - The third creditors' meeting was held online, with voting completed on October 30, requiring a majority agreement and over two-thirds of the monetary amount for approval [5] - The creditor groups representing secured debts, ordinary debts, and investors did not approve the proposed plan [6] Reasons for Rejection - The core reason for the rejection was dissatisfaction among creditors regarding the repayment ratio, with conflicting interests making negotiations difficult [7] Future of Restructuring - Following the rejection of the restructuring plan, Singshan Group's restructuring process may need to start over, as all major creditor groups failed to approve the proposal [8] - The management may negotiate with the disapproving groups for a revised vote, but the lack of approval from all three major groups complicates the situation [8] - Court intervention for a forced ruling on the restructuring plan is considered unlikely due to the potential impact on such a large enterprise [9] Complications from External Parties - The involvement of Saimico Advanced Materials Co., Ltd. has added complexity to the situation, as they claimed to have been sidelined during the restructuring process [10] - Allegations of miscommunication and hidden agendas have surfaced, indicating that New Yangzi was initially acting on behalf of a mysterious organizer [10][11]

Core Viewpoint - The restructuring plan for Singshan Group, led by private shipping tycoon Ren Yuanlin, has been halted due to the failure to gain approval from key creditor groups, indicating significant challenges in the restructuring process [1][4]. Restructuring Plan Details - The proposed restructuring plan aimed for a total acquisition price of 3.284 billion yuan to gain control of 23.36% of Singshan shares through a combination of direct and indirect acquisitions, as well as voting rights delegation [2][3]. - The plan included a direct stock purchase of 9.93% of Singshan shares for 2.555 billion yuan by a newly established investment platform, with TCL Investment acquiring an additional 1.94% for 500 million yuan [2][3]. Voting Outcome - The third creditors' meeting resulted in the rejection of the restructuring plan, primarily due to dissatisfaction among creditors regarding repayment ratios and conflicting interests among different creditor groups [4][5]. - The voting process required a majority agreement from each group, with financial stakes needing to exceed two-thirds for approval [3]. Future of Restructuring - Following the rejection, Singshan Group's restructuring process may need to start anew, as all three major creditor groups failed to approve the plan, complicating potential negotiations [5][6]. - The restructuring management will continue to advance the process according to bankruptcy laws, but the likelihood of a forced court ruling to approve the plan is considered low due to the company's size and complexity [6]. Complications from External Parties - The involvement of Saimaike Advanced Materials Co., which raised concerns before the creditors' meeting, has added complexity to the situation, with claims of being sidelined during the selection process [7][8]. - There are indications that a mysterious orchestrator initially involved in the restructuring may need to secure additional funding to continue participating in the process [8].

Core Points - The restructuring plan proposed by the controlling shareholder of Singshan Co., Ltd. was not approved by the creditors' meeting [1][2] - Major creditor groups, including secured creditors, ordinary creditors, and equity holders, voted against the restructuring plan, while only the employee and tax creditor groups approved it [1][2] - The court will continue to oversee the restructuring process according to the relevant laws, despite the rejection of the plan by the major creditor groups [1][3] Group 1: Restructuring Plan Details - Singshan Group and its subsidiary, Ningbo Pengze Trading Co., Ltd., were ordered to undergo substantive consolidation restructuring by the Ningbo Court [1] - A consortium led by Jiangsu New Yangzi Trading Co., Ltd. and others plans to acquire a 23.36% stake in Singshan Co. for a total consideration of 3.284 billion yuan [2] - The restructuring plan includes the establishment of a holding platform to directly acquire shares of Singshan Co. and involves multiple parties, including TCL Technology [2] Group 2: Legal and Procedural Aspects - Despite the rejection of the restructuring plan by major creditor groups, the court has the authority to approve the plan under specific conditions, even if it was not passed by the creditors [3] - The possibility of the court enforcing the plan is low due to the unanimous rejection by the three major creditor groups [3] - Legal interpretations indicate that any court approval must ensure fair treatment of the dissenting creditor groups, including adequate repayment ratios [3]

Core Viewpoint - The restructuring plan of Shanshan Co., Ltd. was not approved by the creditors' meeting, indicating significant challenges in the company's financial recovery process [1][2]. Group 1: Restructuring Plan Outcome - The restructuring draft was not approved as the major creditor groups, including secured creditors, ordinary creditors, and equity holders, voted against it, while only the employee and tax creditor groups supported it [1][2]. - The creditors' voting took place on October 21, 2025, and concluded on October 30, 2025, with the results showing a clear division among the creditor groups [1]. Group 2: Details of the Proposed Acquisition - A consortium led by Jiangsu Xinyang Shipping Co., Ltd. and TCL Technology Group proposed to acquire a 23.36% stake in Shanshan Co. for a total consideration of 3.284 billion yuan [2]. - The acquisition plan involves multiple entities, with specific share allocations and a holding platform being established for the transaction [2]. Group 3: Legal Challenges and Court Involvement - Following the announcement of the restructuring plan, a legal complaint was filed by a competing investor, claiming that their rights were undermined in the restructuring process [2][4]. - The court's decision on whether to enforce the restructuring plan remains pending, with the possibility of forced approval under specific conditions, although the likelihood is low given the unanimous rejection by major creditor groups [4].

Core Viewpoint - The restructuring plan of Shanshan Group has not been approved by the creditors' meeting, leading to uncertainties regarding its future [1] Group 1 - TCL Technology announced that the restructuring plan (draft) of Shanshan Group Co., Ltd. was not approved in the third creditors' meeting [1] - The management will continue to advance the restructuring work despite the lack of approval [1] - There is uncertainty about whether the restructuring plan will ultimately be approved by the creditors' meeting and the court [1] Group 2 - The restructuring investment still faces risks of termination due to failure to meet the conditions outlined in the restructuring investment agreement [1] - The completion of the restructuring remains uncertain [1]

Core Viewpoint - TCL Technology's participation in the restructuring plan of Shanshan Group has not been approved in the third creditors' meeting, leading to uncertainties regarding the plan's final approval and execution [1] Summary by Relevant Sections - **Restructuring Plan Status** - The restructuring plan draft proposed by Shanshan Group has not been approved by the creditors' meeting [1] - There is ongoing uncertainty about whether the plan will be approved by the creditors and subsequently by the court [1] - **Investment Risks** - The restructuring investment may face termination risks if the conditions outlined in the restructuring investment agreement are not met [1] - The completion of the restructuring remains uncertain [1]

Core Viewpoint - The restructuring plan for Shanshan Co., Ltd. was not approved by the creditors' meeting, indicating significant challenges in the company's financial recovery efforts [1] Group 1: Restructuring Plan Outcome - The restructuring draft proposed by Shanshan Group and its subsidiary was not approved by the creditors' meeting, with major creditor groups voting against it [1] - The employee and tax creditor groups approved the draft, but the secured creditor, general creditor, and investor groups, which hold larger claims, rejected it [1] Group 2: Future Steps and Legal Proceedings - The management will continue the restructuring process in accordance with the relevant laws and regulations of the People's Republic of China [1] - A consortium led by Jiangsu New Yangzi Trade Co., Ltd. plans to acquire a 23.36% stake in Shanshan Co. for 3.284 billion yuan, aiming to restructure Shanshan Group and its subsidiary [2] - A lawsuit has been filed by a competing investor, claiming that their rights were undermined in the restructuring process, which may complicate the approval of the new restructuring plan [2][3] Group 3: Court's Role and Potential Outcomes - The court has the authority to approve the restructuring plan even if it is rejected by creditor groups, but this is generally reserved for cases where only a few groups disapprove [3] - The likelihood of the court enforcing the plan is low given that all three major creditor groups voted against it, which raises concerns about the fairness and equity of the proposed adjustments [3]