SNAT(SH:600841) Zheng Quan Zhi Xing·2025-07-20 16:10Core Viewpoint - The company Shanghai New Power Automotive Technology Co., Ltd. announced that its wholly-owned subsidiary, SAIC Hongyan, has entered a restructuring process following a bankruptcy application by creditors due to its inability to repay debts and insufficient assets, although it still possesses restructuring value and feasibility [1][2]. Group 1: Restructuring Process - On July 1, 2025, the Chongqing Fifth Intermediate People's Court accepted the bankruptcy restructuring application for SAIC Hongyan [2]. - The court's decision on July 18, 2025, confirmed that SAIC Hongyan would enter the restructuring process, but there are risks associated with the approval and execution of the restructuring plan [1][2]. Group 2: Financial and Operational Integrity - The company conducted a self-examination and found no non-operational fund occupation by its controlling shareholders, actual controllers, or other related parties [2][3]. - There were no violations regarding external guarantees identified during the self-examination [3]. Group 3: Commitment to Governance - The company has committed to maintaining the independence of SAIC Hongyan in terms of personnel, assets, finance, organization, and business operations, ensuring no conflicts of interest arise from its controlling position [16][17]. - The company will adhere to legal and regulatory requirements to protect the interests of SAIC Hongyan and its public shareholders, avoiding any interference in its management activities [18].