NBSS(SH:600884) Mei Ri Jing Ji Xin Wen·2025-10-26 10:21Core Viewpoint - The restructuring case of Sunwoda Group has encountered unexpected changes, particularly with the sudden request from a former investor, Saimico Advanced Materials Co., Ltd., to delay the creditor meeting scheduled for October 21, 2025, due to being excluded from the investor consortium [2][11]. Group 1: Restructuring Process - On March 20, 2025, the Ningbo Yinzhou District People's Court ruled to conduct substantive consolidation restructuring for Sunwoda Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd. [4] - After two rounds of selection, the restructuring investor consortium was finalized to include New Yangzi, Jiangsu New Yang Ship Investment Co., Ltd., China Orient Asset Management Co., Ltd. Shenzhen Branch, and Xiamen TCL Technology Industry Investment Partnership [4][6]. - The restructuring investment agreement was signed on September 29, 2025, and the creditor meeting is set to take place on October 21, 2025, with results expected to be disclosed on October 30, 2025 [6][11]. Group 2: Saimico's Claims - Saimico claims it was unjustly removed from the investor consortium after being part of the initial selection process, leading to a lawsuit to declare the restructuring investment agreement invalid [11][13]. - The company argues that its exclusion violates the agreement that required unanimous consent from consortium members for any changes [11][13]. - Saimico also highlights that it played a crucial role in the due diligence and future planning for Sunwoda Group, asserting that its exclusion significantly harms its interests [11][22]. Group 3: New Yangzi's Position - New Yangzi, initially a financial investor, has shifted its strategy to take control of Sunwoda Group and operate it long-term, which has led to tensions with Saimico [25][26]. - A mysterious organizer is believed to have influenced the restructuring process, initially bringing Saimico into the consortium but later shifting the focus to New Yangzi's control [25][27]. - New Yangzi's decision to change its role from a financial backer to a controlling entity reflects a strategic pivot towards long-term operational involvement in the industry [25][26].