BANGJIE SHARE(SZ:002634) Xin Lang Cai Jing·2026-01-12 23:10Core 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 their financial strength and potential for industrial synergy [1][2]. - The local government has provided significant support for the debt risk resolution efforts, which is crucial for stabilizing expectations and facilitating the pre-restructuring process [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][5]. Group 3: Business Operations and Challenges - The company faces significant operational pressure in its photovoltaic business, which is cyclical and capital-intensive, leading to increased risks during industry downturns [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, which is currently in the cultivation stage [3]. Group 4: Investor Considerations and Future Directions - 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 like e-commerce, automotive parts, and chips [3]. - The restructuring process is legally distinct from bankruptcy liquidation, aiming to preserve the company's corporate identity and restore profitability [2].