棒杰股份总经理夏金强：围绕债务化解与经营改善推进预重整

Core Viewpoint - Zhejiang Bangjie Holdings Group Co., Ltd. (referred to as "Bangjie") has initiated a pre-restructuring process due to creditor applications, aiming to alleviate its debt pressure and attract potential investors [1][2]. Group 1: Pre-restructuring Process - Bangjie announced the initiation of public recruitment for restructuring investors and pre-restructuring debt claims on January 8, 2026, following the commencement of judicial procedures [1]. - The company has received inquiries from potential investors across various industries, with a focus on evaluating their financial strength and potential for industrial synergy [1][2]. - The local government has provided significant support to facilitate the debt resolution process, helping to stabilize expectations and create favorable conditions for the pre-restructuring work [1][2]. Group 2: Debt Pressure and Financial Situation - The primary goal for Bangjie is to resolve existing debt pressure, which imposes high requirements on the investment amounts from potential investors [1][2]. - As of the third quarter of 2025, the company's net assets were negative, which could lead to delisting risks if not addressed promptly [4]. - The financial pressure remains due to ongoing interest accrual on debts during the pre-restructuring phase [1]. Group 3: Business Operations and Challenges - The company faces significant operational pressure in its photovoltaic business, which is characterized by strong cyclicality and heavy asset investment, leading to increased operational risks [2][3]. - In contrast, Bangjie’s seamless garment business has shown stable development, with a relatively stable order structure in overseas markets [2][3]. - The company is exploring domestic sales channels and expanding its e-commerce presence, currently in the cultivation stage [3]. Group 4: Investor Considerations and Industry Synergy - Bangjie is particularly interested in investors who can provide support during the pre-restructuring phase to improve the company's financial situation [2]. - The company aims to attract investors that align with the local industrial structure, focusing on sectors such as e-commerce, automotive parts, and chips, while also exploring new production capabilities [3]. Group 5: Legal and Regulatory Framework - The transition from pre-restructuring to restructuring requires a series of legal preparations, including applying to the Supreme People's Court for a restructuring ruling [5]. - The restructuring plan must ensure fair protection of creditor rights and comply with regulatory requirements set by the China Securities Regulatory Commission [5]. - Local government and court support are crucial for the successful execution of the restructuring process, which is expected to accelerate once the Supreme People's Court approves the transition [5].