Shang Hai Zheng Quan Bao·2025-10-08 19:49Core Viewpoint - TCL Technology Group is participating in the restructuring and investment of Shanshan Group, acquiring a stake in Ningbo Shanshan Co., Ltd. to enhance its supply chain resilience and efficiency in the semiconductor display and new energy photovoltaic sectors [1][2]. Group 1: Investment Details - TCL Xiamen Investment plans to invest up to RMB 500 million in the restructuring, acquiring 43,700,900 shares of Shanshan Co., representing 1.94% of its total share capital at a price of RMB 11.441411 per share [2][3]. - The total share capital of Shanshan Co. is 2,253,396,168 shares, with Shanshan Group and Ningbo Pengze holding 525,561,456 shares, making them the controlling shareholders [3][4]. Group 2: Restructuring Parties - The restructuring involves Shanshan Group and its wholly-owned subsidiary Ningbo Pengze, which were placed into restructuring due to insolvency issues [5][6]. - Other joint investors include New Yangzi Trading, New Yangzi Shipping Investment, and China Orient Shenzhen Branch, none of which have a related party relationship with TCL [7]. Group 3: Agreement Highlights - The restructuring investment agreement includes provisions for direct stock acquisition, with TCL Xiamen Investment required to pay a performance deposit and subsequent payments upon court approval of the restructuring plan [8][9]. - The agreement stipulates that voting rights for the acquired shares will be entrusted to the investment holding platform [8]. Group 4: Impact on Company - The investment is expected to strengthen the existing partnership with Shanshan Co., which is a key supplier of polarizers for TCL's semiconductor display business, thereby enhancing supply chain stability and collaboration in material development [10]. - The financial impact of this investment on TCL is anticipated to be minimal, subject to the results of the annual audit [10].