Zhong Guo Jing Ji Wang·2025-11-10 06:37Core Viewpoint - Tianyi New Materials (688033.SH) has announced that creditors have applied for pre-restructuring due to the company's inability to repay debts and lack of assets to cover all liabilities, leading to a court decision to initiate pre-restructuring procedures [1][2]. Group 1: Pre-restructuring Details - The Beijing First Intermediate People's Court has decided to initiate pre-restructuring for Tianyi New Materials, which does not guarantee that the court will ultimately accept the restructuring application [2]. - During the pre-restructuring period, the company is required to manage its assets properly, cooperate with the temporary administrator, and disclose information that may affect stakeholders' decisions regarding the restructuring plan [2]. - The pre-restructuring process allows for early initiation of debt claims, asset investigations, and communication with creditors and potential investors, which may enhance the success rate of the restructuring [3]. Group 2: Company Financials and History - Tianyi New Materials was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 22, 2019, issuing 47,880,000 shares at a price of 20.37 yuan per share, with a total fundraising amount of 975.32 million yuan [3][5]. - The company's stock price peaked at 64.80 yuan shortly after its listing but has since experienced a decline, currently trading below its initial offering price [3]. - The company has raised a total of 3.294 billion yuan through two fundraising rounds, with the funds allocated for various projects including the production of high-performance brake discs and automation projects [5].