“驾校一哥”，启动预重整

Core Viewpoint - The company, Oriental Fashion Driving School Co., Ltd. (ST Dongshi), known as the "driving school leader," is facing potential delisting as it enters a pre-restructuring process initiated by the Beijing First Intermediate People's Court due to its inability to repay debts and lack of solvency [2][5]. Group 1: Pre-restructuring Process - The pre-restructuring process was initiated following an application from creditor Beijing Guofeng Jianye Construction Engineering Co., Ltd., citing ST Dongshi's inability to repay due debts and its lack of repayment capacity, although it possesses restructuring value [5]. - The court's agreement to the pre-restructuring does not equate to a formal restructuring process, and issues such as fund occupation by controlling shareholders must be resolved before entering formal restructuring [6][8]. - As of December 31, 2024, the controlling shareholder and its affiliates have occupied approximately 387 million yuan of company funds through non-operational means, with no repayments made to date [6][7]. Group 2: Delisting Risk - If ST Dongshi fails to recover the occupied funds within six months (by June 19, 2025), the Shanghai Stock Exchange will suspend trading of its stock and convertible bonds [10]. - Should the company not rectify the situation within two months post-suspension, it will face a delisting risk warning, and if unresolved within another two months, the stock will be terminated from trading [11]. - As of the last trading day before suspension, ST Dongshi's stock price was 2.95 yuan per share, with a total market capitalization of 2.109 billion yuan [12]. Group 3: Financial Performance and Investigations - ST Dongshi has reported continuous losses for three consecutive years, with revenues of 1 billion yuan, 1.042 billion yuan, and 807 million yuan from 2022 to 2024, and net losses of 60 million yuan, 362 million yuan, and 903 million yuan respectively [17]. - The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure, with no conclusive findings reported yet [17]. - Internal control issues have been highlighted, with the company receiving negative opinions on the effectiveness of its internal controls for the fiscal years 2023 and 2024 [17].