中国宝安入场，杉杉集团重整再迎新进展

Core Viewpoint - China Baoan Group has decided to participate in the bankruptcy reorganization of Shanshan Group, indicating a strategic move to expand its investment portfolio and influence in the high-tech industry [1][5]. Group 1: Company Overview - China Baoan Group, established in 1983, is a major enterprise group in Guangdong and Shenzhen, focusing on high-tech industries, equity investment, biotechnology, and urban operation development [4]. - The company owns multiple A-share listed enterprises and over twenty wholly-owned and controlled subsidiaries [4]. Group 2: Bankruptcy Reorganization Details - On December 12, 2025, China Baoan's board approved a proposal to participate in the substantive merger reorganization of Shanshan Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd. [5]. - The decision positions China Baoan as the lead investor in a consortium that includes its subsidiary, BTR New Materials Group Co., Ltd., and other potential investors [5]. - Shanshan Group's bankruptcy reorganization was accepted by the Ningbo Court on February 25, 2023, with a further ruling on March 20 for substantive merger reorganization [5]. Group 3: Competitive Landscape - In September 2023, TCL Technology planned to join a consortium to participate in the reorganization of Shanshan Group, but their proposal was not approved by the creditors' meeting in November [5][6]. - Following this, other companies, including Fangda Carbon and Hunan Salt Industry Group, expressed interest in participating as potential restructuring investors, highlighting the competitive interest in Shanshan Group's assets [6].