TCL TECH.(SZ:000100) Mei Ri Jing Ji Xin Wen·2025-10-27 14:16Core Viewpoint - The restructuring case of Sunwoda Group has encountered unexpected changes, particularly with the sudden request from Saimaco Advanced Materials Co., Ltd. to postpone the creditors' meeting scheduled for October 21, 2025, due to their exclusion from the investor consortium [1][5]. Group 1: Restructuring Process - On March 20, 2025, the Ningbo Yinzhou District People's Court ruled to conduct substantial consolidation restructuring for Sunwoda Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd. [2] - 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 [2][3]. - The consortium plans to control 23.36% of Sunwoda's shares through a three-step plan [2]. Group 2: Saimaco's Exclusion - Saimaco claims they were excluded from the consortium without proper communication, despite being part of the initial selection process [5][6]. - They filed a lawsuit to declare the restructuring agreement invalid, citing that their exclusion violated the agreement terms [5][6]. - Saimaco argues that their exclusion has severely impacted their rights to benefit from the rising stock price of Sunwoda [11]. Group 3: New Yangzi's Role - New Yangzi, initially a financial investor, has shifted to a controlling role in the restructuring process, indicating a strategic pivot towards long-term operational control [13][14]. - The restructuring process has been influenced by a mysterious organizer, believed to be linked to a local asset management company, who initially facilitated the involvement of Saimaco [14]. - New Yangzi's decision to take control reflects a broader strategy to transition from financial investment to operational management in the industry [13][14].