BANGJIE SHARE(SZ:002634) Mei Ri Jing Ji Xin Wen·2025-12-05 15:16Core Viewpoint - The company Bangjie Co., Ltd. is facing severe financial difficulties, leading to a pre-restructuring application due to its inability to repay debts and a negative net asset situation [2][3]. Financial Situation - As of the announcement date, the company's total assets have decreased to 2.16 billion, while total liabilities have risen to 3 billion, resulting in a negative net asset of -607 million [3][5]. - For the first three quarters of the year, the company reported a revenue of 414 million, with a net loss of 1.06 billion, indicating a significant decline in its financial performance [3][5]. Restructuring Application - The creditor, Suzhou Huanshi Lake Zhuguang Enterprise Management Partnership, has submitted a pre-restructuring application to the Jinhua Intermediate People's Court, citing the company's inability to repay debts but recognizing its restructuring value [2][3]. - The company has not yet received any documents from the court regarding the acceptance of the pre-restructuring application, leading to uncertainty about its future restructuring process [2][3]. Legal and Operational Challenges - The company and its subsidiaries are involved in multiple lawsuits and arbitrations, with a total overdue or early-matured loan amounting to approximately 986 million, which has triggered several legal disputes [7][8]. - As of November 25, the company has had 66 frozen bank accounts, with a total of 14.57 million in frozen funds, and several subsidiaries have faced asset seizures, including machinery worth over 1 billion [7][8]. Implications of Restructuring - If the court accepts the restructuring application, it may help optimize the company's asset-liability structure and improve its operational sustainability [6]. - Conversely, if the restructuring fails, the company risks bankruptcy and potential delisting from the stock exchange [6].