Core Viewpoint - The article discusses the recent developments regarding Fangda Carbon and its potential acquisition of Shanshan Co., highlighting the challenges faced in the restructuring process and the impact of leadership changes within Shanshan Co. [2][4][6] Group 1: Company Background - Fangda Carbon primarily engages in the production and sale of carbon products, while Shanshan Co. is a leading global supplier of lithium battery anode materials, indicating a significant synergy in the carbon-based materials sector [2]. - Fangda Carbon's controlling shareholder, Liaoning Fangda Group, has been actively expanding its presence in the capital market since 2002, including notable acquisitions and restructuring efforts [2]. Group 2: Recent Developments - On November 3, Shanshan Co. announced that its restructuring plan was rejected by the creditors' meeting, preventing "private shipping king" Ren Yuanlin from taking control [4]. - The restructuring plan failed to pass due to opposition from several creditor groups, including the general creditor group and the investor group [4]. Group 3: Leadership Changes - The fate of Shanshan Co. shifted dramatically following the sudden death of its founder, Zheng Yonggang, in 2023, leading to a power struggle over the company's control [6]. - Zheng Yonggang's son, Zheng Ju, was elected as chairman shortly after his father's death, but faced opposition from his stepmother, Zhou Ting, who claimed to be the actual controller of Shanshan Co. [6]. - Frequent management changes have impacted the company's operations, culminating in the freezing of shares held by the controlling shareholder and the initiation of restructuring proceedings for Shanshan Group in early 2025 [6].

格隆汇11月26日丨*ST亚太(000691.SZ)公布，公司召开第九届董事会第十九次会议，会议审议通过了 《关于接受重整投资人现金捐赠暨关联交易的议案》。本次重整投资人对公司的7,300万元现金捐赠属 于无偿、无条件且不可撤销地捐赠。本事项虽构成关联交易，但属于"上市公司单方面获得利益且不支 付对价、不附任何义务的交易"的情形，根据《深圳证券交易所股票上市规则》第6.3.10条相关规定，公 司已向深圳证券交易所申请豁免提交股东会审议，因此，本事项无需提交股东会审议。 ...

Core Viewpoint - The restructuring plan for Shanshan Co., Ltd. has faced obstacles, leading to the selection of a new investor, Fang Wei, the richest man in Liaoning, to participate in the restructuring process [1][5]. Group 1: Restructuring Developments - The restructuring plan initially proposed by "China's private shipping king" Ren Yuanlin was rejected, as it did not receive approval from the creditors' meeting [7]. - Fang Dacarbons, under the Fang Group, has agreed to participate as a substantial investor in the restructuring of Shanshan Group and its subsidiary Ningbo Pengze Trading Co., Ltd. [3][4]. - The restructuring investment agreement previously involved Ren Yuanlin's consortium aiming to acquire 23.36% of Shanshan Co.'s shares for a total price of 3.284 billion yuan [5][7]. Group 2: Company Background and Management Changes - Shanshan Group, founded by Zheng Yonggang in 1989, has evolved from a clothing business to a leading supplier of lithium battery anode materials [9]. - Following Zheng Yonggang's sudden death in 2023, a power struggle over share inheritance emerged between his son Zheng Ju and his widow Zhou Ting, leading to significant management instability [9]. - Frequent changes in management have impacted the company's operations, culminating in the freezing of shares held by the controlling shareholder and the subsequent application for restructuring [9].

*ST中装晚间公告，重整计划草案中，以截至2025年9月19日公司总股本9.6亿股（不含942,200股库存 股）为基数，按照每10股转增约10.31股的比例实施资本公积金转增股本，共计转增9.9亿股股票。转增 完成后，公司总股本增至19.5亿股（不含942,200股库存股）。其中，7.4亿股用于引入重整投资人，2.5 亿股用于清偿公司债务。重整投资人支付的现金对价将用于清偿各类债务及支付破产费用等全部现金支 出、补充重整后公司流动资金。 ...

证券代码：000697 证券简称：*ST炼石 公告编号：2025-060 炼石航空科技股份有限公司 关于公司股价向下除权的风险提示公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或者重大 遗漏。 特别提示： 四川省成都市中级人民法院（以下简称"法院"）于2025年11月12日裁定批准《炼石航空科技股份有限公 司重整计划》（以下简称"《重整计划》"），炼石航空科技股份有限公司（以下简称"公司"或"炼石航 空"）进入重整计划执行阶段。根据《重整计划》，结合公司初步测算情况，预计《重整计划》实施后 公司股价存在向下除权调整的风险，具体情况以公司后续公告为准。敬请投资者理性决策，注意投资风 险。 一、公司股价存在向下除权调整的风险 根据《重整计划》，炼石航空现有总股本为873,100,876股，以现有总股本作为资本公积转增基数，按照 每10股转增5.99股的比例实施资本公积转增，共计转增522,987,424股。转增后，炼石航空总股本将增至 1,396,088,300股（最终转增的准确股票数量以中国证券登记结算有限责任公司深圳分公司实际登记确认 的为准）。前述522,987,4 ...

Core Points - Hunan Jingfeng Pharmaceutical Co., Ltd. has received a court ruling accepting the reorganization application filed by creditors, which includes Peng Dongju and Shanghai Xinchuo Investment Management Co., Ltd. [1][10] - The court has appointed Beijing Zhonglun Law Firm as the administrator for the company's reorganization process [1][10] - The first creditors' meeting is scheduled for December 3, 2025, at 9 AM, where creditors must declare their claims by November 23, 2025 [2][12] Meeting Details - The creditors' meeting will be held at the Changde Intermediate People's Court [2] - Creditors attending the meeting must provide necessary documentation, including business licenses and identification [3] - A network meeting will also be available through the e破通 platform, allowing creditors to participate remotely [5][6] Agenda of the Meeting - The agenda includes reports from the administrator on reorganization progress, claims declaration, and the debtor's asset status [7][11] - Representatives from auditing and evaluation institutions will also present their findings [7] - The meeting will conclude with a Q&A session for creditors [7] Voting Procedures - Creditors can submit votes either in person at the meeting or through the online platform by 3 PM on December 3, 2025 [9] - Written voting opinions submitted by mail must be clearly marked to ensure proper processing [9] Reorganization Progress - The company is actively cooperating with the court and the administrator to advance the reorganization process [13] - The court has allowed the company to continue its operations during the reorganization period [13]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或者重大 遗漏。 一、公司重整情况概述 2025年9月23日，四川省成都市中级人民法院（以下简称"成都中院"或"法院"）依法裁定受理炼石航空 科技股份有限公司（以下简称"炼石航空"或"公司"）的重整申请，并于同日指定北京金杜（成都）律师 事务所担任公司管理人。相关具体内容详见公司披露的《关于法院裁定受理公司重整并指定管理人暨公 司股票交易将被实施退市风险警示的公告》（公告编号：2025-047）。 2025年10月11日，公司披露了《炼石航空科技股份有限公司重整计划（草案）》《炼石航空科技股份有 限公司重整计划（草案）之出资人权益调整方案》《炼石航空科技股份有限公司重整计划（草案）之经 营方案》。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000697 证券简称：*ST炼石 公告编号：2025-059 炼石航空科技股份有限公司 关于重整计划资本公积金转增股本除权事项的 公告 2025年10月27日，公司第一次债权人会议、出资人组会议分别审议通过《炼石航空科技股份有限公司重 整计划（草案）》及《炼石航空科技股份有 ...

Core Points - ST Ningke announced a capital increase plan for Ningke Biology, converting 931 million shares based on a ratio of 13.593 shares for every 10 shares held, resulting in a total share capital of 1,615,883,775 shares [1] - The newly issued shares will not be distributed to existing shareholders; 882,970,129 shares will be allocated to new restructuring investors, while 48,029,871 shares will be used to settle debts with creditors of Ningke Biology and its subsidiaries [1] - Following the restructuring, Shanghai Zhongneng's shareholding will remain unchanged, but its ownership percentage will decrease from 29.20% to 12.38% of the total share capital [1]

Core Viewpoint - The company, Jiangxi Mubang High-tech Co., Ltd., has experienced a significant stock price increase of 35.57% since October 30, 2025, with seven trading days hitting the daily limit, which raises concerns about the sustainability of this rise given the underlying fundamentals [1][2]. Group 1: Stock Performance and Risks - The company's stock price has surged significantly, with a cumulative increase of 35.57% since October 30, 2025, including seven trading days of hitting the daily limit [1]. - The company has warned investors about the risks associated with the rapid stock price increase, indicating a potential disconnect from its fundamental performance [1][2]. Group 2: Restructuring Uncertainty - There is a major uncertainty regarding the company's ability to enter the restructuring process by December 31, 2025, as it is currently addressing issues related to fund occupation by its controlling shareholders [2][3]. - The company is actively working to resolve the fund occupation issues but has not confirmed whether it will successfully enter pre-restructuring or restructuring procedures [2][3]. Group 3: Listing Risks - The company faces the risk of delisting due to a negative net profit for the fiscal year 2024 and insufficient operating revenue, which is projected to be below 300 million yuan [2]. - The company reported a revenue of 226.82 million yuan and a net loss of 355.72 million yuan for the first nine months of 2025, which could lead to delisting if certain financial thresholds are not met [2]. Group 4: Investigation Status - The company and its actual controller are currently under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations related to financial data misrepresentation [3]. - The actual controller, Mr. Liao Zhiyuan, is also under investigation for failing to disclose non-operational fund transactions as required [3]. Group 5: Fund Occupation Issues - The company has outstanding fund occupation issues, with significant amounts provided to controlling shareholders and related parties, which have not been repaid [4][5]. - As of the end of June 2025, the controlling shareholder had a non-operational fund occupation balance of 46.06 million yuan, and other related parties had a balance of 35.26 million yuan [5].

格隆汇11月19日丨步步高(002251.SZ)公布，根据《重整计划》，公司实施资本公积转增股本用以引进 重整投资人及偿还公司负债。对于公司普通债权人清偿方案为：每家债权人10万元以下（含本数）部分 全额现金清偿，在10万元以上部分的普通债权部分，以公司资本公积金转增股票按照9.69元/股的抵债 价格进行以股抵债。公司控股子公司在本次重整中作为大额普通债权人获得公司抵债股份共计153.7977 万股。上述股份已于2025年3月28日、4月30日、5月30日、6月30日、7月31日分别登记至控股子公司的 股票账户。根据《深圳证券交易所股票上市规则（2025年修订）》第3.4.15条"上市公司控股子公司不得 取得该上市公司发行的股份。确因特殊原因持有股份的，应当在一年内消除该情形，在消除前，上市公 司控股子公司不得对其持有的股份行使表决权。"的规定。公司于2025年11月18日召开第七届董事会第 八次会议，审议通过了《关于处置公司股票资产的议案》，公司董事会同意处置控股子公司持有的公司 股份，并授权控股子公司按照其公司章程约定履行相关程序。该事项在公司董事会授权范围内，无需提 交股东会批准。 截至本公告披露之日， ...