DYRS(SZ:002713) Zheng Quan Shi Bao Wang·2025-11-30 23:27Core Viewpoint - *ST Dongyi faces potential bankruptcy due to the failure of its restructuring process, which could lead to the termination of its stock listing if liquidation occurs [1] Group 1: Restructuring Process - The court has officially accepted *ST Dongyi's restructuring application, which aims to improve its asset-liability structure for sustainable development [1] - The restructuring process involves multiple stages, including drafting a restructuring plan, creditor meetings, and court rulings, where any obstruction could lead to failure [1] Group 2: Stock Price Volatility - Following the announcement of selecting restructuring investors on September 26, the stock price surged from around 5 yuan to over 18 yuan, marking an increase of nearly 260% [1] - The stock experienced significant volatility, with 24 trading days of price increases within 29 days, followed by a series of six consecutive trading days of price declines [1] Group 3: Investment and Asset Injection - The core driver of the stock price surge is the market's optimistic expectation regarding the restructuring and asset injection, particularly the donation of the Helinger Intelligent Computing Center [2] - Despite the signed investment agreement, there are risks related to the inability of restructuring investors to fulfill their obligations, and the potential for the agreement to be terminated or deemed ineffective [2] Group 4: Risks Associated with the Computing Center - The Helinger Intelligent Computing Center, which is yet to be completed, poses risks of insufficient future funding and extended construction timelines [3] - Increased market competition may lead to underutilization of the computing center's cabinets, potentially resulting in lower-than-expected profitability [3] - The ability to secure new orders and the overall profitability may be affected by the lack of qualifications of the listed company and the competitive market environment [3]