辽宁首富入局，杉杉集团重整再迎新投资方

Core Viewpoint - The restructuring process of Shanshan Group has made new progress, with Fangda Carbon announcing its intention to participate in the substantive merger restructuring of Shanshan Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd. [1][4] Group 1: Shanshan Group Restructuring - Fangda Carbon's participation in the restructuring does not constitute a related transaction or major asset restructuring, and there remains uncertainty about whether it will become a formal restructuring investor [1][4] - Shanshan Co., Ltd. focuses on lithium battery anode materials and polarizers, achieving an operating revenue of 14.809 billion yuan, a year-on-year increase of 11.48%, and a net profit attributable to shareholders of 284 million yuan, a year-on-year increase of 1121.72% in the first three quarters of 2025 [4] - The core assets of the restructuring include a 23.32% stake in Shanshan Co., Ltd., most of which is pledged or judicially frozen, along with shares in Huishang Bank, Shanshan Medical Investment, real estate, and approximately 9.598 billion yuan in receivables [4] Group 2: Previous Investment Attempts - In September, TCL Technology planned to participate in the merger bankruptcy restructuring through a consortium but the restructuring plan proposed by the consortium was not approved by the creditors' meeting, leading to the termination of the investment agreement [4] - On November 7, the restructuring manager announced the termination of the original investment agreement and continued to publicly recruit interested investors [4] Group 3: Fangda Carbon's Strategy - Fangda Carbon, part of the "Fangda system," aims to participate in the restructuring as an industrial synergy partner to accelerate its anode industry layout, achieve integration of the industrial chain, stabilize the supply chain, and enhance its profitability and core competitiveness [5]