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Core Viewpoint - China Zhongwang, once known as the "Aluminum King of Asia," will be delisted from the Hong Kong Stock Exchange on April 13, 2023, marking a significant decline from its previous status as a leading industrial aluminum manufacturer [2][3]. Group 1: Company Background - China Zhongwang was listed on the Hong Kong Stock Exchange in May 2009, raising nearly HKD 9.5 billion, setting a record for global financing since the 2008 financial crisis [3]. - The company specializes in the research, production, and sales of diversified high-quality industrial aluminum processing products, with core businesses in industrial aluminum extrusion, deep processing, and aluminum rolling [3]. - It was once the second-largest global and largest Asian manufacturer of industrial aluminum extrusion products, with applications in green construction, transportation, machinery, and electrical engineering [3]. Group 2: Financial and Operational Challenges - In August 2021, the company announced that it would not be able to release its financial results for the first half of 2021 by the expected date, leading to a suspension of trading [4]. - By October 2021, subsidiaries of China Zhongwang reported severe operational difficulties and significant losses, indicating a dire financial situation [5]. - In September 2022, the company faced bankruptcy restructuring applications from 14 subsidiaries, which hold most of its operations in China [5][6]. Group 3: Failed Restructuring Attempts - China Zhongwang attempted to split its subsidiary, Liaoning Zhongwang Group, to list on the A-share market through a backdoor listing with Zhongfang Co., but this effort ultimately failed [7][8]. - The company had multiple failed attempts at major asset restructuring, with the latest termination of a significant asset reorganization plan announced in August 2021 due to changing market conditions [8].