BANGJIE SHARE(SZ:002634) Shang Hai Zheng Quan Bao·2025-11-17 19:05Core Viewpoint - Zhejiang Bangjie Holdings Group Co., Ltd. is undergoing a pre-restructuring process for its subsidiary, Yangzhou Bangjie New Energy Technology Co., Ltd., due to financial difficulties and inability to repay debts, as initiated by a court ruling [1][2]. Group 1: Court Decision and Management - The court has accepted the pre-restructuring application for Yangzhou Bangjie, appointing a joint management team to oversee the process [2]. - The appointed management team includes Beijing Tianda Gonghe (Nanjing) Law Firm, Zhongrui Yuehua Tax Firm, Shanghai Zaiseng Law Firm, and Jiangsu Liansheng Law Firm [2]. - The management team is responsible for investigating the debtor's assets and liabilities, supervising the debtor's operations, and reporting to the court [2][3]. Group 2: Impact on the Company - The pre-restructuring process may lead to significant risks for the company, including potential obligations to fulfill guarantees amounting to approximately 630 million yuan [4][5]. - The company has invested 505 million yuan in Yangzhou Bangjie, which may not be recoverable if the restructuring fails [5]. - The company has provided financial support of about 650 million yuan to Yangzhou Bangjie, raising concerns about the recoverability of these receivables [6]. Group 3: Financial Status and Business Operations - As of September 30, 2025, the company's net assets attributable to shareholders were reported at -607.32 million yuan, indicating severe financial distress [8]. - The company’s main business includes seamless clothing and photovoltaic sectors, with seamless clothing generating 620 million yuan in revenue for 2024, accounting for 56.06% of total revenue [9]. - The photovoltaic business has underperformed, contributing only 40.86% of total revenue, which has raised concerns about the overall financial health of the company [9].