BANGJIE SHARE(SZ:002634) Shang Hai Zheng Quan Bao·2026-02-02 19:14Core Viewpoint - Zhejiang Bangjie Holdings Group Co., Ltd. and its subsidiary, Yangzhou Bangjie New Energy Technology Co., Ltd., are undergoing a pre-restructuring process due to financial difficulties, initiated by a creditor's application for bankruptcy restructuring [2][6]. Group 1: Bankruptcy Restructuring Process - On September 4, 2025, the company disclosed that Yangzhou Bangjie received a notice from the court regarding a creditor's application for pre-restructuring due to its inability to repay debts [2]. - The court accepted the pre-restructuring application on September 16, 2025, and appointed a management team for the restructuring process on November 18, 2025 [2][3]. - The court officially accepted the restructuring application on January 30, 2026, but has not yet appointed a manager for the process [3][6]. Group 2: Financial Obligations and Risks - Yangzhou Bangjie has a financial liability exposure of approximately 630 million yuan, with all financial liabilities guaranteed by the company, posing a risk of fulfilling these obligations [10]. - The company has invested 505 million yuan directly and indirectly in Yangzhou Bangjie, which may lead to risks of unrecoverable investments due to the restructuring [10]. - The company is also a significant creditor, having provided around 650 million yuan in financial support to Yangzhou Bangjie, which may result in risks of uncollectible receivables [11]. Group 3: Impact on Business Operations - Yangzhou Bangjie is a core subsidiary and an important operational platform for the company's photovoltaic business; successful restructuring could improve the company's financial structure [10]. - The ongoing restructuring process may negatively impact the company's seamless clothing business, which has historically generated significant revenue [14]. - The company is closely monitoring the restructuring developments and will disclose relevant information as required [14].