Zhong Guo Ji Jin Bao·2025-12-26 16:13Core Viewpoint - *ST Xin Yuan is seeking to avoid delisting risks through a combination of cash donations and debt waivers, as it faces severe financial challenges and operational disruptions [1][2]. Group 1: Financial Support Measures - The company announced that Beijing Sui Rui Xin Yuan Innovation Technology Center and Sui Rui Technology Group plan to donate up to 330 million yuan in cash to support the company in mitigating delisting risks and improving its financial structure [1][5]. - The actual controller, Zhu Yesheng, will waive debts owed by the subsidiary Ningxia Xin Yuan, amounting to no more than 50 million yuan, which is expected to alleviate the company's debt burden [1][5]. Group 2: Current Financial Status and Risks - As of September 30, 2025, the company's net assets attributable to shareholders were -55.02 million yuan, putting it at risk of delisting if the audited net assets remain negative at the end of the fiscal year [2]. - The company reported revenue of 68.43 million yuan for the first three quarters of 2025, and if the audited profit totals or net profits are negative, it could also trigger delisting conditions [2]. Group 3: Bankruptcy Restructuring Efforts - The company is currently undergoing a pre-restructuring process initiated by creditors due to its inability to repay debts, with a focus on finding a suitable investor for restructuring [3][4]. - On December 11, 2025, *ST Xin Yuan signed a restructuring investment agreement with Beijing Sui Rui Xin Yuan Innovation Technology Center, although the company emphasized that this does not guarantee successful delisting avoidance [3][4]. Group 4: Operational Recovery Initiatives - The company has initiated several self-rescue measures, including cash injections, debt waivers, and efforts to resume operations at its subsidiaries, which had been suspended [5][6]. - As of December 22, 2025, the two main subsidiaries have met conditions to resume production, which is expected to positively impact the company's financial indicators [5]. Group 5: Audit and Compliance Changes - Following an unfavorable audit opinion from its previous auditor, the company plans to change its auditing firm to Beijing Dehao International for the 2025 fiscal year, potentially seeking a more favorable audit outcome [6][7]. - The company is also planning to establish two new subsidiaries focused on innovative technology and low-carbon energy to enhance its operational capabilities [7].