BANGJIE SHARE(SZ:002634) Shang Hai Zheng Quan Bao·2025-12-05 20:20Core Viewpoint - Zhejiang Bangjie Holdings Group Co., Ltd. is facing a pre-restructuring application from creditors due to its inability to repay debts and insufficient assets, but it is believed to have restructuring value [1][4]. Group 1: Pre-restructuring Application - On December 5, 2025, the company received a notice from creditor Suzhou Huanshuilake Zhuguang Enterprise Management Partnership (Limited Partnership) regarding the application for pre-restructuring due to the company's inability to repay due debts [1][4]. - As of the announcement date, the company has not received any documents from the court regarding the acceptance of the pre-restructuring application, leading to significant uncertainty about whether the application will be accepted [1][4]. Group 2: Financial Situation - As of September 30, 2025, the company's net assets attributable to shareholders were -607.3171 million yuan, indicating a negative net asset situation [2][5]. - The company’s main business segments include seamless clothing and photovoltaic sectors, with the seamless clothing business generating 620 million yuan in revenue for 2024, accounting for 56.06% of total revenue [3][15]. Group 3: Implications of Restructuring - If the court accepts the pre-restructuring application, it may lead to a restructuring process that could optimize the company's asset-liability structure and enhance its ongoing operational and profitability capabilities [2][10]. - The restructuring process aims to save the company from financial distress while maintaining its legal entity status and restoring profitability [3][15]. Group 4: Creditor Information - The creditor, Suzhou Huanshuilake Zhuguang, holds a principal debt of 300 million yuan against the company, which has not been repaid as of the notice date [5][6]. - The creditor's claim has been confirmed by a ruling from the Suzhou Arbitration Commission [5]. Group 5: Company Overview - Zhejiang Bangjie Holdings Group Co., Ltd. is registered in Yiwu, Zhejiang, with a registered capital of 459.352513 million yuan and operates in various sectors including clothing manufacturing and photovoltaic equipment [7][8].