Ge Long Hui·2025-12-31 12:01Core Viewpoint - *ST Changyao (300391.SZ) is undergoing a restructuring process, with recent developments indicating the withdrawal of restructuring investors and changes in management oversight [1] Group 1: Restructuring Developments - The company has received letters from restructuring investors, including Sichuan Jiadaobowen Ecological Technology Co., Ltd. and Hefei Dangge Changhong Venture Capital Partnership, requesting the termination of the restructuring investment agreement [1] - The temporary administrator has informed all relevant restructuring investors and the company about the intention to terminate the restructuring investment agreement and return the investment deposit as per the agreement [1] Group 2: Management Changes - On December 30, 2025, the company received a decision from the Intermediate People's Court of Shiyan City, Hubei Province, regarding the resignation of the original administrator, Shanghai Jintiancheng Law Firm [1] - The court has decided to relieve Shanghai Jintiancheng Law Firm of its duties as the administrator for the substantive merger restructuring case of Changjiangxing and seven other companies, appointing Beijing Tianda Gonghe (Wuhan) Law Firm as the new administrator, with Liu Jun as the responsible administrator [1]