NBSS(SH:600884) Xin Lang Cai Jing·2025-10-02 07:43Core Viewpoint - The restructuring of Singshan Group has made significant progress with the signing of a restructuring investment agreement, allowing a consortium of investors to gain control over Singshan Co., Ltd. through various acquisition methods [1][3]. Group 1: Restructuring Details - The restructuring investment agreement involves a consortium that includes Jiangsu Xinyangzi Trading Co., Jiangsu Xinyang Shipping Investment Co., Xiamen TCL Technology Industry Investment Partnership, and China Orient Asset Management Co., Ltd. [1][3]. - The consortium plans to acquire a total of 23.36% of Singshan Co., Ltd.'s shares, amounting to approximately 2.87 billion shares for a total consideration of about 3.284 billion yuan [3][4]. - Jiangsu Xinyangzi Trading will be the largest limited partner in the investment holding platform, contributing at least 40% of the capital [3]. Group 2: Company Background and Financials - Singshan Co., Ltd. is a leading domestic company engaged in the research and production of artificial graphite anode materials for lithium-ion batteries, with its main businesses including anode materials and polarizers [1][4]. - Jiangsu Xinyangzi Trading reported a revenue of 1.063 billion yuan in 2024, an increase of 86% year-on-year, with a net profit of 445 million yuan [4]. - TCL Technology, a participant in the restructuring, is a major supplier of polarizers for its semiconductor display business, indicating a strategic partnership that could enhance supply chain stability [5]. Group 3: Historical Context and Challenges - The Singshan Group, founded by Zheng Yonggang in 1989, has faced financial difficulties following his death in February 2023, leading to a tightening of the capital chain [6][7]. - The group has experienced a series of debt defaults, including a loan interest payment overdue of 19.6391 million yuan, which has contributed to its restructuring process [7][8]. - The restructuring is seen as a necessary step to stabilize market expectations and improve cash flow for Singshan Co., Ltd. [5].