banbao(SH:603398) Shang Hai Zheng Quan Bao·2025-11-20 19:19Core Viewpoint - Jiangxi Mubang High-tech Co., Ltd. has received a court decision to initiate a pre-restructuring process and appoint a temporary administrator, indicating significant financial distress and uncertainty regarding its future restructuring efforts [2][4][35]. Group 1: Court Decision and Pre-restructuring - The Nanchang Intermediate People's Court has decided to initiate pre-restructuring for Jiangxi Mubang High-tech Co., Ltd. and appointed Beijing Jindu (Shenzhen) Law Firm as the temporary administrator [2][4]. - The court's decision to start pre-restructuring does not equate to formally accepting the restructuring application, and there is significant uncertainty about whether the company will enter formal restructuring by December 31, 2025 [2][9][36]. - The company has not yet received any legal documents from the court regarding the acceptance of the restructuring application, indicating that the outcome remains uncertain [2][9][36]. Group 2: Financial Performance and Risks - As of the first three quarters of 2025, the company reported revenues of 226.82 million yuan and a net loss attributable to shareholders of 355.72 million yuan [10][30]. - The company’s stock has been under delisting risk since May 6, 2025, due to financial performance issues, including a projected annual revenue below 300 million yuan and negative net profits [2][10][29]. - The company is currently under investigation by the China Securities Regulatory Commission for alleged financial misconduct, which adds to the uncertainty surrounding its financial stability [3][31]. Group 3: Obligations During Pre-restructuring - During the pre-restructuring period, the company is required to maintain its assets, cooperate with the temporary administrator, and halt debt repayments unless necessary for ongoing operations [5][6][8]. - The temporary administrator is tasked with investigating the company's financial situation, supervising compliance with obligations, and facilitating negotiations with creditors and potential investors [7][18]. Group 4: Impact of Shareholder's Pre-restructuring - The pre-restructuring of the controlling shareholder, Jiangxi Mubang New Energy Holdings, may affect the company's equity structure, although the company maintains operational independence [13][19]. - The controlling shareholder holds 16.08% of the company's total shares, with a significant portion pledged and frozen, indicating potential implications for control and governance [13][20].